Clause 20

A firm may convert to a limited liability partnership by complying with the requirements as to the conversion set out in the Second Schedule.

Upon such conversion, the partners of the firm, the limited liability partnership to which the firm has converted and the partners of that limited liability partnership shall be bound by the provisions of the Second Schedule that are applicable to them.

The Minister may, by order published in the Gazette, amend, add to or vary the provisions in the Second Schedule.

Any order made under subsection (3) shall be presented to Parliament as soon as possible after publication in the Gazette.

In this section, “convert”, in relation to a firm converting to a limited liability partnership, means a transfer of the property, assets, interests, rights, privileges, liabilities, obligations and the undertaking of the firm to the limited liability partnership in accordance with the Second Schedule.