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The Maryland Code Public General Laws, 1904
Volume 393, Page 1616   View pdf image (33K)
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1616 PARTNERSHIPS—LIMITED. [ART. 73

only shall transact the business; and if a special partner shall
interfere, contrary to this provision, he shall be deemed a gen-
eral partner; but he may from time to time examine into the
state and progress of the partnership concerns and advise as
to their management; but if the word "limited" be used as
part of the firm name and if said word "limited" together
with the name of the special partner and his designation a
"special partner," be placed upon all signs used by the part-
nership and be printed upon the bills, notes, checks, letters and
other papers ordinarily used by the partnership in the course
of its business, the special partner may take part in transacting
the business of the partnership without being deemed on this
account a general partner.

1888, art. 73, sec. 13. 1860, art. 72, sec. 13. 1836, ch. 97, sec. 12.

13. No part of the sum which any special partner shall
have contributed to the capital stock shall be withdrawn by
him or paid or transferred to him in the shape of dividends,
profits or otherwise during the continuance of the partnership,
but any partner may annually receive lawful interest on the
sum so contributed by him if the payment of such interest
shall not reduce the original amount of such capital, and if,
after payment of such interest, any profits shall remain to be
divided, he may also receive his portion of such profits.

Lineweaver v. Slagle, 64 Md. 465.

Ibid sec. 14. 1860, art. 72, sec. 14. 1836, ch. 97, sec. 13.

14. If it shall appear that by the payment of interest or
profits to any special partner the original capital has been
reduced, the partner receiving the same shall be bound to
restore the amount necessary to make good his share of capital
with interest.
Ibid.

Ibid, sec 15. 1860, art. 72, sec. 15. 1836, ch. 97, sec. 15.

15. Every sale, assignment or transfer of any property or
effects of such partnership made by such partnership when
insolvent or in contemplation of insolvency or after or in con-
templation of the insolvency of any partner, with the intent of
giving a preference to any creditor of such partnership or
insolvent partner, and every judgment confessed, lien created
or security given by such partnership under the like circum-
stances and with the like intent shall be void as against the
creditors of such partnership.

Ibid


 

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The Maryland Code Public General Laws, 1904
Volume 393, Page 1616   View pdf image (33K)
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