“qualifying investor” means a member of a partnership or foreign partnership or a beneficiary of a trust if the liability of the member or beneficiary to any creditor of the partnership, trust or foreign partnership is limited to the amount that the member or beneficiary has contributed or undertaken to contribute to the partnership, trust or foreign partnership, unless that member or beneficiary-

(a)     participates in the effective management of the trade or business of the partnership, trust or foreign partnership;

(b)        has the authority to act on behalf of-

(i)         the partnership or foreign partnership;

(ii)        the members of the partnership or foreign partnership; or

(iii)       the trust; or

(c)     renders any services to or on behalf of the partnership, trust or foreign partnership;