Section 51: Meaning of “balance sheet date”

51. Meaning of “balance sheet date” (1) In this Act, the term “balance sheet date”, in relation to a limited partnership, means such date as the general partners of the limited partnership have adopted as the balance sheet date of the limited partnership and notified to the Registrar under subsection (7). (2) Subject to subsections (3) and (4), a limited partnership shall have a balance sheet date in each calendar year. (3) A limited partnership may not have a balance sheet date in the calendar year in which it is registered where its first balance sheet date is in the following calendar year and is not later than 18 months after the date of its formation or registration under this Act. L15A – 31 [Issue 5] Limited Partnerships Act (4) Where a limited partnership changes its balance sheet date, it may not have a balance sheet date in a calendar year if— (a) the period between any 2 balance sheet dates does not exceed 18 months; and (b) the Registrar approves the change of balance sheet date before it is made. (5) The Registrar may approve a change of balance sheet date for the purposes of subsection (4) with or without conditions. (6) Where a limited partnership changes its balance sheet date, the period between any 2 balance sheet dates shall not exceed 18 months. (7) Where a limited partnership adopts a balance sheet date other than 31 December, or changes its balance sheet date, it shall forthwith give notice of the balance sheet date of the limited partnership to the Registrar and upon receipt of that notice by the Registrar, the adoption or change of the balance sheet date shall have effect. [S. 51 amended by s. 15 (c) of Act 27 of 2012 w.e.f. 22 December 2012.]