Powers Rights and Duties of the General Partner. The LPA will set out the rights and duties of the general partner and authorise the general partner to do everything necessary to operate the partnership, including appointing an investment manager and representing the partnership in its dealings with the manager. The framework within which the general partner must operate may include restrictions on what investments the partnership can make (for example, restricting investments to certain geographical regions) and on the maximum size of an investment (often expressed as a percentage of the total funds raised) in order to ensure the agreed spread of investments. The general partner will need to be properly authorised by regulatory authorities to carry out its duties within the jurisdictions in which it operates, or will need to appoint an authorised investment manager to carry out those functions on its behalf.
Appears in 2 contracts
Sources: Limited Partnership Agreement, Limited Partnership Agreement