Section 2
. Subs. by s. 2, ibid., for "the Companies Act, 1956 (1 of 1956) " (w.e.f. 1-4-2022).
2 . Subs. by s. 2, ibid., for "the Companies Act, 1956 (1 of 1956) " (w.e.f. 1-4-2022).
Explanation . — For the purposes of this section, the term "resident in India" means a person who has stayed in India for a period of not less than one hundred and 1 [twenty days during the financial year] .
(2) Subject to the provisions of sub-section (1),—
(i) if the incorporation document—
(a) specifies who are to be designated partners, such persons shall be designated partners on incorporation; or
(b) states that each of the partners from time to time of limited liability partnership is to be designated partner, every such partner shall be a designated partner;
(ii) any partner may become a designated partner by and in accordance with the limited liability partnership agreement and a partner may cease to be a designated partner in accordance with limited liability partnership agreement.
(3) An individual shall not become a designated partner in any limited liability partnership unless he has given his prior consent to act as such to the limited liability partnership in such form and manner as may be prescribed .
(4) Every limited liability partnership shall file with the registrar the particulars of every individual who has given his consent to act as designated partner in such form and manner as may be prescribed within thirty days of his appointment.
(5) An individual eligible to be a designated partner shall satisfy such conditions and requirements as may be prescribed.
(6) Every designated partner of a limited liability partnership shall obtain a Designated Partner Identification Number (DPIN) from the Central Government and the provisions of 2 [sections 153 to 159] (both inclusive) of 3 [the Companies Act, 2013 (18 of 2013)] shall apply mutatis mutandis for the said purpose.
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