(1)
Limited partnerships may be formed in the manner and subject to the conditions set out in this Part.
(2)
A limited partnership shall not consist of more than 20 persons.
(3)
A limited partnership shall consist of one or more persons called general partners, who shall be liable for all debts and obligations of the firm, and one or more persons called limited partners.
(4)
Each limited partner shall at the time of entering into the partnership contribute, or agree to contribute, thereto a sum or sums as capital or property valued at a stated amount and shall not be liable for the debts of obligations of the firm, beyond the amount so contributed or agreed to be contributed : Provided that a limited partner is not under obligation to contribute any capital or property to the partnership where the partners have so agreed in writing.
(5)
Unless otherwise agreed in writing by the partners, a limited partner shall not, during the continuance of the partnership, either directly or indirectly, draw out or receive back any part of his contribution and if he draws, out or receives back any such part, is liable for the debts and obligations of the partnership up to the amount so drawn out or received back.