Section 14-9-301. Admission of limited partners

   (a) Subject to subsection (b) of this Code section, a person may become a limited partner in a limited partnership:

   (1) In the case of a person acquiring a partnership interest directly from the limited partnership, upon compliance with the partnership agreement or, if the partnership agreement does not so provide in writing, upon the written consent of all partners; and

   (2) In the case of an assignee of a partnership interest, as provided in Code Section 14-9-704.

(b) The effective time of admission of a limited partner to a limited partnership shall be the later of:

   (1) The date the limited partnership is formed; or

   (2) The time provided in the partnership agreement, or if no such time is provided therein, then when the person's admission is reflected in the records of the limited partnership.

Code 1981, § 14-9-301, enacted by Ga. L. 1988, p. 1016, § 1.