MARVIN MANDEL, Governor

1951

OF HIS CONTRIBUTION UNTIL:

(1)     ALL LIABILITIES OF THE PARTNERSHIP,
EXCEPT LIABILITIES TO GENERAL PARTNERS AND TO LIMITED
PARTNERS ON ACCOUNT OF THEIR CONTRIBUTIONS, HAVE BEEN
PAID OR THERE REMAINS PROPERTY OF THE PARTNERSHIP
SUFFICIENT TO PAY THEM;

(2) THE CONSENT OF ALL MEMBERS IS HAD, UNLESS
THE RETURN OF THE CONTRIBUTION MAY BE RIGHTFULLY DEMANDED
UNDER THE PROVISIONS OF SUBSECTION (B) OF THIS SECTION;
AND

(3)    THE CERTIFICATE IS CANCELLED OR SO
AMENDED AS TO SET FORTH THE WITHDRAWAL OR REDUCTION.

(B)   SUBJECT TO THE PROVISIONS OF SUBSECTION (A) OF
THIS SECTION, A LIMITED PARTNER MAY RIGHTFULLY DEMAND THE
RETURN OF HIS CONTRIBUTION:

(1)   ON THE DISSOLUTION OF A PARTNERSHIP;

(2)     WHEN THE DATE SPECIFIED IN THE
CERTIFICATE FOR ITS RETURN HAS ARRIVED; OR

(3)   AFTER HE HAS GIVEN SIX MONTHS' NOTICE IN
WRITING TO ALL OTHER MEMBERS, IF NO TIME IS SPECIFIED IN
THE CERTIFICATE EITHER FOR THE RETURN OF THE CONTRIBUTION
OR FOR THE DISSOLUTION OF THE PARTNERSHIP.

(C)    IN THE ABSENCE OF ANY STATEMENT IN THE
CERTIFICATE TO THE CONTRARY OR THE CONSENT OF ALL
MEMBERS, A LIMITED PARTNER, IRRESPECTIVE OF THE NATURE OF
HIS CONTRIBUTION, HAS ONLY THE RIGHT TO DEMAND AND
RECEIVE CASH IN RETURN FOR HIS CONTRIBUTION.

(D)    A LIMITED PARTNER MAY HAVE THE PARTNERSHIP
DISSOLVED AND ITS AFFAIRS WOUND UP WHEN:

(1)   HE RIGHTFULLY BUT UNSUCCESSFULLY DEMANDS
THE RETURN OF HIS CONTRIBUTION; OR

(2)    THE OTHER LIABILITIES OF THE PARTNERSHIP
HAVE NOT BEEN PAID, OR THE PARTNERSHIP PROPERTY IS
INSUFFICIENT FOR THEIR PAYMENT AS REQUIRED BY SUBSECTION

(A) (1) OF THIS SECTION AND THE LIMITED PARTNER WOULD
OTHERWISE BE ENTITLED TO THE RETURN OF HIS CONTRIBUTION.

REVISOR'S NOTE: This section presently appears as
Art. 73, §16.

The only changes are in the internal
cross-references, punctuation, and style.