Designated Partners. The designated partners shall be nominated, elected and appointed by the partners from time to time as they may deem fit and proper in accordance with the provisions of the LLP Act, 2008 and Rules made there under. The following shall be first Designated Partners of the LLP: A new partner may be introduced with the consent of all the partners on such terms and conditions as the partners may agree with the person to be introduced as a partner in the LLP. However, the terms and conditions on which the new partner(s) is/are introduced shall be in accordance with the provisions of the Act and Rules made thereunder and if the same are different from the provisions of this Agreement, then this agreement shall be revised accordingly to incorporate the changed terms and conditions. Change in Designated Partner The LLP may appoint or remove a Designated Partner with the approval of majority of its Partners. In any decision concerning the removal of a Designated Partner, the Concerned Designated Partner shall also be a party and shall be entitled to vote.
Appears in 4 contracts
Samples: Limited Liability Partnership Agreement, Limited Liability Partnership Agreement, Limited Liability Partnership Agreement
