Investment Limited Partnerships Act , 1994

66.In this Chapter "migrating partnership" and "exiting partnership" have the meaning given, respectively, to them byChapters 1and2.]

67. F125[Statutory declaration as to solvency

67.(1) Where an application is made underChapter 1or2, the general partner of the migrating partnership or the exiting partnership, as the case may be, who makes the application shall make a statutory declaration, in such form as may be specified by the Bank, stating that he or she has made a full inquiry into that partnership’s affairs and has formed the opinion that the migrating partnership or exiting partnership, as appropriate, is able to pay its debts as they fall due.

(2) A declaration undersubsection (1)shall have no effect for the purposes of this Chapter unless—

(a) it is made not more than 28 days before the date on which the application is made to the Bank,

(b) it contains a statement of the migrating partnership’s or exiting partnership’s assets and liabilities as at the latest practicable date before the date of the making of the declaration and in any event at a date not more than 3 months before the date of that making, and

(c) a report made by an independent person undersubsection (3)is attached to the declaration, along with a statement by the independent person that he or she has given and has not withdrawn consent to the making of the declaration with the report attached to it.

(3) The report mentioned insubsection (2)(c)shall state whether, in the independent person’s opinion, based on the information and explanations given to him or her, the opinion of the general partner mentioned insubsection (1)and the statement of the migrating partnership’s or exiting partnership’s assets and liabilities referred to insubsection (2)(b), are reasonable.

(4) For the purposes ofsubsection (3), the independent person shall be a person who, at the time the report is made, is—

(a) in the case of an application underChapter 1, qualified to be the auditor of the migrating partnership under the laws of the relevant jurisdiction, and

(b) in the case of an application underChapter 2, qualified to be the auditor of the exiting partnership.

(5) A general partner who makes a declaration under this section without having reasonable grounds for the opinion that the migrating partnership or exiting partnership, as appropriate, is able to pay its debts as they fall due shall be guilty of an offence.

(6) Where the migrating partnership or exiting partnership is wound up within 1 year after the date on which the application is made to the Bank underChapter 1or2and its debts are not paid or provided for in full within that year, it shall be presumed, unless the contrary is shown, that the general partner referred to insubsection (1)did not have reasonable grounds for his or her opinion.]