Section 34Part 1 — Exempted Limited Partnership Act
Return of contributions
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If a limited partner receives a payment represen ting a return of any part of that person’s contribution or is released from any outstand ing obligation in respect of that person’s commitment and at the time that the payment was made or the release effected —
the exempted limited partnership is insolvent including where the payment or release causes the insolvency; and
the limited partner has actual knowledge of the insolvency of the exempted limited partnership, then for a period of six months commencing on the date of that payment or release but not thereafter, the limited partner shall be liable to the exempted limited partnership for the amount of the payment or the due performance of the relea sed obligation in respect of that person’s commitment in each case to the extent that the repayment or performance of the released obligation is necessary to discharge a debt or obligation of the exempted limited partnership incurred during the period that the contribution or commitment represented an asset of the exempted limit ed partnership.
Any amount required to be repaid pursuant to this section shall, unless the partnership agreement specifies otherwise, bear simple interest at the rate of ten per cent per annum, calculated on a daily basis.
The partnership agreemen t may specify —
that no interest shall apply;
that a different rate of interest, including a compound rate shall apply; or
a different basis for calculating interest payable.