§ 59‑48. Rulesdetermining rights and duties of partners.
The rights and duties of thepartners in relation to the partnership shall be determined, subject to anyagreement between them, by the following rules:
(1) Each partner shallbe repaid his contributions, whether by way of capital or advances to thepartnership property and share equally in the profits and surplus remainingafter all liabilities, including those to partners, are satisfied; and mustcontribute towards the losses, whether of capital or otherwise, sustained bythe partnership according to his share in the profits.
(2) The partnership mustindemnify every partner in respect of payments made and personal liabilitiesreasonably incurred by him in the ordinary and proper conduct of its business,or for the preservation of its business or property.
(3) A partner, who inaid of the partnership makes any payment or advance beyond the amount ofcapital which he agreed to contribute, shall be paid interest from the date ofthe payment or advance.
(4) A partner shallreceive interest on the capital contributed by him only from the date whenrepayment should be made.
(5) All partners haveequal rights in the management and conduct of the partnership business.
(6) No partner isentitled to remuneration for acting in the partnership business, except that asurviving partner is entitled to reasonable compensation for his services inwinding up the partnership affairs.
(7) No person can becomea member of a partnership without the consent of all the partners.
(8) Any differencearising as to ordinary matters connected with the partnership business may bedecided by a majority of the partners; but no act in contravention of anyagreement between the partners may be done rightfully without the consent ofall the partners. (1941, c. 374, s. 18.)
§ 59‑48. Rulesdetermining rights and duties of partners.
The rights and duties of thepartners in relation to the partnership shall be determined, subject to anyagreement between them, by the following rules:
(1) Each partner shallbe repaid his contributions, whether by way of capital or advances to thepartnership property and share equally in the profits and surplus remainingafter all liabilities, including those to partners, are satisfied; and mustcontribute towards the losses, whether of capital or otherwise, sustained bythe partnership according to his share in the profits.
(2) The partnership mustindemnify every partner in respect of payments made and personal liabilitiesreasonably incurred by him in the ordinary and proper conduct of its business,or for the preservation of its business or property.
(3) A partner, who inaid of the partnership makes any payment or advance beyond the amount ofcapital which he agreed to contribute, shall be paid interest from the date ofthe payment or advance.
(4) A partner shallreceive interest on the capital contributed by him only from the date whenrepayment should be made.
(5) All partners haveequal rights in the management and conduct of the partnership business.
(6) No partner isentitled to remuneration for acting in the partnership business, except that asurviving partner is entitled to reasonable compensation for his services inwinding up the partnership affairs.
(7) No person can becomea member of a partnership without the consent of all the partners.
(8) Any differencearising as to ordinary matters connected with the partnership business may bedecided by a majority of the partners; but no act in contravention of anyagreement between the partners may be done rightfully without the consent ofall the partners. (1941, c. 374, s. 18.)
§ 59‑48. Rulesdetermining rights and duties of partners.
The rights and duties of thepartners in relation to the partnership shall be determined, subject to anyagreement between them, by the following rules:
(1) Each partner shallbe repaid his contributions, whether by way of capital or advances to thepartnership property and share equally in the profits and surplus remainingafter all liabilities, including those to partners, are satisfied; and mustcontribute towards the losses, whether of capital or otherwise, sustained bythe partnership according to his share in the profits.
(2) The partnership mustindemnify every partner in respect of payments made and personal liabilitiesreasonably incurred by him in the ordinary and proper conduct of its business,or for the preservation of its business or property.
(3) A partner, who inaid of the partnership makes any payment or advance beyond the amount ofcapital which he agreed to contribute, shall be paid interest from the date ofthe payment or advance.
(4) A partner shallreceive interest on the capital contributed by him only from the date whenrepayment should be made.
(5) All partners haveequal rights in the management and conduct of the partnership business.
(6) No partner isentitled to remuneration for acting in the partnership business, except that asurviving partner is entitled to reasonable compensation for his services inwinding up the partnership affairs.
(7) No person can becomea member of a partnership without the consent of all the partners.
(8) Any differencearising as to ordinary matters connected with the partnership business may bedecided by a majority of the partners; but no act in contravention of anyagreement between the partners may be done rightfully without the consent ofall the partners. (1941, c. 374, s. 18.)
