A person who has contributed to the capital of a business conducted by a person or partnership erroneously believing that he has become a limited partner in a limited partnership, is not, by reason of his exercise of the right of a limited partner, a general partner with the person or in the partnership carrying on the business, or bound by the obligations of such person or partnership; provided that on ascertaining the mistake he promptly renounces his interest in the profits of the business, or other compensation by way of income.

Laws 1951, HB 356, p. 146, § 12, emerg. eff. May 29, 1951.

Laws 2008, SB 1708, c. 382, § 317 provides that this section is repealed. Section 319 of Laws 2008, SB 1708, c. 382 provides that the § 317 repeal shall become effective November 1, 2008. Section 320 of Laws 2008, SB 1708, c. 382 provides that the § 317 repeal shall become effective January 1, 2010. Weddington v. Henry, 2008 OK 102, 202 P.3d 143 holds that Laws 2008, SB 1708, c. 382 is entirely unconstitutional and void.