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The Annotated Code of the Public General Laws of Maryland, 1939
Volume 379, Page 2769   View pdf image (33K)
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PARTNERSHIP 2769

(c) A partner, who in aid of the partnership makes any payment or
advance beyond the amount of capital which he agreed to contribute, shall
be paid interest from the date of the payment or advance.

(d) A partner shall receive interest on the capital contributed by him
only from the date when repayment should be made.

(e) All partners have equal rights in the management and conduct of
the partnership business.

(f) No partner is entitled to remuneration for acting in the partner-
ship business, except that a surviving partner is entitled to reasonable
compensation for his services iri winding up the partnership affairs.

(g) No person can become a member of a partnership without the con-
sent of all the partners.

(h) Any differences arising as to ordinary matters connected with the
partnership business may be decided by a majority of the partners; but
no act in contravention of any agreement between the partners may be
done rightfully without the consent of all the partners.

Where partnership has been terminated and later discovery by one partner that
other partner has failed to account for his share of profits and has refused access to
books, the aggrieved partner has right to discovery and relief in equity. Seeley v.
Dunlop, 157 Md. 382.

This section referred to in construing art. 45, sec. 5. David v. David, 161 Md. 538.

Cited but not construed in McLane v. State Tax Commn., 156 Md. 145; Caughy v.
Hearn, 158 Md. 602; Ottaviano v. Lorenzo, 169 Md. 61.

An. Code, 1924, sec. 19. 1912, sec. 19. 1916, ch. 175, sec. 19.

19. (Partnership Books.) The partnership books shall be kept, sub-
ject to any agreement between the partners, at the principal place of busi-
ness of the partnership, and every partner shall at all times have access to
and may inspect and copy any of them.

See notes to sec. 18.

An. Code, 1924, sec. 20. 1912, sec. 20. 1916, ch. 175, sec. 20.

20. (Duty of Partners to Render Information.) Partners shall render
on demand true and full information of all things affecting the partner-
ship to any partner or the legal representative of any deceased partner
or partner under legal disability.

See notes to sec. 18.

Cited in Noel v. Noel, 173 Md. 160.

An. Code, 1924, sec. 21. 1912, sec. 21. 1916, ch. 175, sec. 21.

21. (Partner Accountable as a Fiduciary.) (1) Every partner must
account to the partnership for any benefit, and hold as trustee for it any
profits derived by him without the consent of the other partners from any
transaction connected with the formation, conduct, or liquidation of the
partnership or from any use by him of its property.

(2) This section applies also to the representatives of a deceased part-
ner engaged in the liquidation of the affairs of the partnership as the per-
sonal representatives of the last surviving partner.

An. Code, 1924, sec. 22. 1912, sec. 22. 1916, ch. 175, sec. 22.

22. (Right to an Account.) Any partner shall have the right to a
formal account as to partnership affairs:

(a) If he is wrongfully excluded from the partnership business or pos-
session of its property by his co-partners,


 

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The Annotated Code of the Public General Laws of Maryland, 1939
Volume 379, Page 2769   View pdf image (33K)
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