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30. Conversion from private company to limited liability partnership
(1) A private company may convert to a limited liability partnership 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 is to be converted comprises all the shareholders of the private company and no one else.
(2) in this Part, "convert" , in relation to a private company converting to a limited liability partnership, means a transfer of the properties, interests, rights, privileges, liabilities, obligations and the undertaking of the private company to the limited liability partnership.
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