Provisions for Existing Partnerships

(1)A limited partnership formed under any law of Guam prior to the adoption of this Title, may become a limited partnership under this Chapter by complying with the provisions of § 27201, provided the Certificate sets forth: COL120106 CH. 27 L IMITED PARTNERSHIPS

(a)The amount of the original contribution of each limited partner, and the time when the contribution was made, and

(b)That the property of the partnership exceeds the amount sufficient to discharge its liabilities to persons not claiming as general or limited partners by an amount greater than the sum of the contributions of its limited partners.

(2)A limited partnership formed under any law of Guam prior to the adoption of this Title, until or unless it becomes a limited partnership under this Chapter, shall continue to be governed by the provisions of law, as they existed prior to the repeal thereof, except that such partnership shall not be renewed unless so provided in the original agreement.