Section 2: Interpretation

2. Interpretation In this Act— “accounting period”, in relation to a limited partnership, means the period in respect of which the financial statements of the limited partnership are made up, whether that period is a year or not; “annual return”— (a) means the annual return required to be submitted under section 53; (b) includes any document attached to or intended to be read with the return; “Commission” means the Financial Services Commission deemed to have been established under the Financial Services Act; “Court” means the Bankruptcy Division of the Supreme Court; “document” includes— (a) any writing on any material; (b) a book, graph or drawing; (c) any information recorded or stored by any electronic or other technological means and capable, with or without the aid of any equipment, of being reproduced; “executive”, in relation to a limited partnership, means an employee who has been given responsibility for one section of activities of the limited partnership; “foreign limited partnership” means a partnership— (a) constituted under the law of a country outside Mauritius; and (b) in which one or more partners has limited liability in respect of partnership obligations as a result of the registration of the partnership in that country; “general partner” means a person who is admitted as such in a limited partnership in accordance with the partnership agreement; “Global Business Licence” means a Category 1 Global Business Licence issued under the Financial Services Act; “insolvent”, in relation to a limited partnership, means unable to discharge its debts and obligations, other than liabilities to partners in respect of their partnership interests, as they become due, out of the assets of the partnership without recourse to the separate assets of a general partner who has not contributed to the limited partnership; “International Accounting Standards” has the same meaning as in the Companies Act; L15A – 3 [Issue 5] Limited Partnerships Act “International Standards on Auditing” has the same meaning as in the Companies Act; “legal incapacity” means the status of a person declared to be an incapacitated person under an enactment; “limited partner” means a person who is admitted as such in a limited partnership in accordance with the partnership agreement; “limited partnership” means a limited partnership formed under this Act; “liquidator” means the liquidator of a limited partnership appointed by the Court under section 56 (2) or 57 (3); “management company” has the same meaning as in the Financial Services Act; “Minister” means the Minister to whom responsibility for the subject of finance is assigned; “officer” means a partner, secretary, executive, trustee or other person holding a similar function or person purporting to act in any such capacity; “partner” means a limited partner or general partner; “partnership agreement” means a written agreement between the partners which determines— (a) the conduct of the affairs of the limited partnership; (b) the mutual rights and duties of the partners and their rights and duties in relation to the limited partnership; “partnership interest” means the interest of a partner in a limited partnership in respect of the profit, capital, voting and other rights, benefits or obligations to which he is entitled or subject under this Act or the partnership agreement; “partnership obligation” includes any debt and any other liability of the limited partnership; “partnership property” means any proper hip; (b) the mutual rights and duties of the partners and their rights and duties in relation to the limited partnership; “partnership interest” means the interest of a partner in a limited partnership in respect of the profit, capital, voting and other rights, benefits or obligations to which he is entitled or subject under this Act or the partnership agreement; “partnership obligation” includes any debt and any other liability of the limited partnership; “partnership property” means any property and right or interest in a limited partnership— (a) originally brought into the partnership; (b) created or acquired by, or created or acquired on behalf of, the limited partnership; or (c) contributed to the limited partnership as capital; “property” means movable or immovable property; “records” means the records and documents required to be kept by a limited partnership under section 39; [Issue 5] L15A – 4 Revised Laws of Mauritius “Register” means the Register of Limited Partnerships established under section 21; “registered agent” means— (a) an individual who is resident in Mauritius and has his business office in Mauritius; (b) a body corporate or an unincorporated body, formed or registered with or without liability in Mauritius; or (c) a management company, where the limited partnership holds a Global Business Licence; “Registrar” means the Registrar of Limited Partnerships. [S. 2 amended by s. 15 (a) of Act 27 of 2012 w.e.f. 22 December 2012.]