|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 507
|
|
|
|
|
LAWS OF MARYLAND
|
|
|
|
|
|
1548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) (1) Except as provided in the certificate, a LIMITED
partner is obligated to the limited partnership to perform any
promise set forth in the certificate to contribute cash or
property or to perform services, even if he is unable to perform
because of death, disability, or any other reason;
(2) If a LIMITED partner does not make the required
contribution of property or services, he is obligated at the
option of the limited partnership to contribute cash equal to
that portion of the value (as stated in the certificate) of the
stated contribution that has not been made.
(b) (1) The obligation of a LIMITED partner to make a
contribution or return money or other property paid or
distributed in violation of this title may be compromised only
upon compliance with the [partnership agreement] CERTIFICATE or,
if the [partnership agreement] CERTIFICATE does not so provide,
with the consent of all partners;
(2) Any compromise does not affect the rights to
enforce the original obligation of any creditor of a limited
partnership who extends credit, or whose claim arises, after the
filing of the certificate which reflects the obligation, but
before the filing of the certificate of amendment or certificate
of cancellation which reflects the compromise.
10-503.
The profits and losses of a limited partnership shall be
allocated among the partners, and among classes of partners, in
the manner provided in the partnership agreement. If the
partnership agreement does not so provide, profits and losses
shall be allocated on the basis of the value[, as stated in the
certificate,] of the contributions of each partner.
10-601.
Except as otherwise provided in this subtitle:
(1) To the extent set forth in the partnership
agreement, a partner is entitled to receive distributions from a
limited partnership before his withdrawal and before the
dissolution and winding up of the limited partnership; and
(2) To the extent set forth in the certificate, a
LIMITED partner is entitled to receive distributions which
constitute a return of any part of that LIMITED partner's
contribution before his withdrawal and before the winding up of
the limited partnership.
10-608.
(a) (1) If a LIMITED partner has received the return of any
part of his contribution without violation of the certificate,
partnership agreement, or this title, he is liable to the limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
