clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
Session Laws, 1916
Volume 534, Page 315   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

EMERSON C. HARRINGTON, GOVERNOR. 315

(a) Each partner shall be repaid his contributions, whether
by way of capital or advances to the partnership property and
share equally in the profits and surplus remaining after all lia-
bilities, including those to partners, are satisfied; and must
contribute towards the losses, whether of capital or otherwise,
sustained by the partnership according to his share in the
profits.

(b) The partnership must indemnify every partner in re-
spect of payments made and personal liabilities reasonably in-
curred by him in the ordinary and proper conduct of its busi-,
ness, or for the preservation of its business or property.

(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 contrib-
uted by him only from the date when repayment should be
made.

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

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

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

(h) Any differences arising as to ordinary matters con-
nected with the partnership business may be decided by a ma-
jority of the partners; but no act in contravention of any agree-
ment between the partners may be done rightfully without the
consent of all the partners.

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

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

 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Session Laws, 1916
Volume 534, Page 315   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  October 10, 2023
Maryland State Archives