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Session Laws, 1918 Session
Volume 486, Page 668   View pdf image (33K)
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668 LAWS OF MARYLAND. [CH. 280

SEC. 8. (Admission of Additional Limited Partners.)
After the formation of a limited partnership, additional limited
partners may be admitted upon filing an amendment to the
original certificate in accordance with the requirements of
Section 22C.

SEC. 9. (Rights, Powers and Liabilities of a General
Partner.) (1) A general partner shall have all the rights and
powers and be subject to all the restrictions and liabilities of
a partner in a partnership without limited partners, except
that without the written consent or ratification 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 ordinary business of the partnership,

(c) Confess a judgment against the partnership,

(d) Possess partnership property, or assign their rights
in specific partnership 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, retirement or insanity of a general partner, unless
the right so to do is given in the certificate.

SEC. 10. (Rights of a Limited Partner.) (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 part-
nership affairs whenever cicumstances 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.

SEC. 11. (Status of Person Erroneously Believing Him-
self a Limited Partner.) A person who has contributed to the
capital of a business conducted by a person or partnership

 

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Session Laws, 1918 Session
Volume 486, Page 668   View pdf image (33K)
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