Clause 21

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

Upon such conversion, the private company, its shareholders, the limited liability partnership to which the private company has converted and the partners of that limited liability partnership shall be bound by the provisions of the Third Schedule that are applicable to them.

The Minister may, by order published in the Gazette, amend, add to or vary the provisions in the Third 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 private company converting to a limited liability partnership, means a transfer of the property, assets, interests, rights, privileges, liabilities, obligations and the undertaking of the private company to the limited liability partnership in accordance with the Third Schedule.