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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 2312   View pdf image (33K)
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2312 AETIOLE 73.

An. Code, sec. 8. 1918, ch. 280, sec. 8.

8. (ADMISSION OF ADDITIONAL LIMITED PARTNERS.) After the for-
mation of a limited partnership, additional limited partners may be ad-
mitted upon filing an amendment to the original certificate in accordance
with the requirements of Section 25.

An. Code, sec. 9. 1918, ch. 280, sec. 9.

9. (RIGHTS, POWERS AND LIABILITIES OF A GENERAL PAETNER.)
(1) A general partner shall have all the rights and powers and be sub-
ject to all the restrictions and liabilities of a partner in a partnership
without limited partners, except that without the written consent or rati-
fication of the specific act by all the limited partners, a general partner or
all of the general partners have no authority to

(a) Do any act in contravention of the certificate,

(b) Do any act which would make it impossible to carry on the ordi-
nary business of the partnership,

(c) Confess a judgment against the partnership,

(d) Possess partnership property, or assign their rights in specific part-
nership property, for other than a partnership purpose,

(e) Admit a person as a general partner,

(f) Admit a person as a limited partner, unless the right so to do is
given in the certificate,

(g) Continue the business with partnership property on the death, re-
tirement or insanity of a general partner, unless the right so to do is given
in the certificate.

Increase in special partner's contribution from $5,000 to $10,000 makes the partner-
ship in legal contemplation a new one, and not a renewal of old one. Lineweaver v.
Slagle, 64 Md. 481.

An. Code, sec. 10. 1918, ch. 280, sec. 10.

10. (RIGHTS OF A LIMITED PARTNEE.) (1) A limited partner shall
have the same rights as a general partner to

(a) Have the partnership books kept at the principal place of business
of the partnership, and at all times to inspect and copy any of them.

(b) Have on demand true and full information of all things affecting
the partnership, and a formal account of partnership affairs whenever cir-
cumstances render it just and reasonable, and

(c) Have dissolution and winding up by decree of court.

(2) A limited partner shall have the right to receive a share of the
profits or other compensation by. way of income, and to the return of his
contribution as provided in Sections 15 and 16.
See note to sec. 9.

An. Code, sec. 11. 1918, ch. 280, sec. 11.

11. (STATUS OF PERSON ERRONEOUSLY BELIEVING HIMSELF A LIM-
ITED PARTNER.) A person who has contributed to the capital of a busi-
ness 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 rights of a limited partner, a general partner with

 

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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 2312   View pdf image (33K)
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