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Session Laws, 1975
Volume 716, Page 1948   View pdf image
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1948                                             LAWS OF MARYLAND                       [Ch. 311

CARRY ON THE ORDINARY BUSINESS OF THE PARTNERSHIP;

(3)   CONFESS A JUDGMENT AGAINST THE PARTNERSHIP;

(4)     POSSESS PARTNERSHIP PROPERTY, OR ASSIGN THEIR
RIGHTS IN SPECIFIC PARTNERSHIP PROPERTY, FOR OTHER THAN A
PARTNERSHIP PURPOSE;

(5)   ADMIT A PERSON AS A GENERAL PARTNER;

(6)   ADMIT A PERSON AS A LIMITED PARTNER, UNLESS THE
RIGHT SO TO DO IS GIVEN IN THE CERTIFICATE; OR

(7)   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.

REVISORY NOTE: This section presently appears as
Art. 73, §9.

The word "or" is added at the end of item (6).

The only other changes are technical changes
in punctuation.

10-109. RIGHTS OF A LIMITED PARTNER.

(A) A LIMITED PARTNER SHALL HAVE THE SAME RIGHTS
AS A GENERAL PARTNER TO:

(1)    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;

(2)    HAVE ON DEMAND TRUE AND FULL INFORMATION
OF ALL THINGS AFFECTING THE PARTNERSHIP, AND A FORMAL
ACCOUNT OF PARTNERSHIP AFFAIRS WHENEVER CIRCUMSTANCES
RENDER IT JUST AND REASONABLE; AND

(3)   HAVE DISSOLUTION AND WINDING UP BY DECREE
OF COURT.

(B) 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 §§ 10-114 AND 10-115 OF THIS TITLE.

REVISOR'S NOTE: This section presently appears as
Art. 73, §10. Cross—references are conformed.

The only other changes are technical changes
in punctuation.

 

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Session Laws, 1975
Volume 716, Page 1948   View pdf image
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