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Section 3

Eligibility for conversion . —A —A company may apply to convert into a limited liability partnership in accordance with the provisions of this Schedule if and only if—

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3. Eligibility for conversion . —A —A company may apply to convert into a limited liability partnership in accordance with the provisions of this Schedule if and only if— (a) there is no security interest in its assets subsisting or in force at the time of application; and (b) the partners of the limited liability partnership to which it converts comprise all the shareholders of the company and no one else.