Management of Partnership Business. The General Partners shall be responsible for managing and conducting the ordinary and usual business and affairs of the Partnership; provided, however, if there is more than one (1) General Partner within a Family Group, the General Partners within that Family Group shall, by the vote of General Partners owning a majority of the General Partnership Interests held by such General Partners, designate one (1) representative for that Family Group (the “GP Representative”). The GP Representative for a Family Group shall be delegated all management, right, power and authority of the General Partners that comprise that Family Group and shall attend the meetings of the General Partners. The intention of the concept of GP Representatives is to create a structure so that each Family Group has a single representative for the General Partners within that Family Group so that there can be efficiency in the management of the Partnership. A GP Representative may invite an observer to each meeting of the General Partners. The observer may be a different person at each meeting. The General Partners within a Family Group may remove the GP Representative for that Family Group at any time and for any reason or no reason by the vote of the General Partners owning a majority of the General Partnership Interests held by such General Partners, and designate a new GP Representative by the same voting requirement. Unless otherwise required by law or provided in this Agreement, all actions, approvals and consents to be taken or given by the General Partners require the affirmative vote or written consent of the General Partners owning at least a majority of the General Partnership Interests.
Management of Partnership Business. The General Partner shall have the sole right to manage the business and affairs of the Partnership, and shall have and enjoy all of the rights and powers of a general partner of a partnership with limited partners except as otherwise provided by the Act or this Agreement.
Management of Partnership Business. The Partners will have the following management powers and responsibilities: [ ] The Partners will have equal management powers and responsibilities. [ ] The Partners will share management powers and responsibilities as follows:
Management of Partnership Business. The business and affairs of the Partnership shall be managed by the General Partner who shall devote such of its time and services as the General Partner in its absolute discretion deems necessary. To the extent permitted by the applicable law of the State of Maryland, the General Partner shall possess and enjoy all the rights and powers of partners in a partnership without limited partners. Each of the partners hereby agrees that any Partner may engage in and/or possess an interest in other business ventures of every nature and description, independently or with others, including, but not limited to, the ownership, financing, leasing, operation, management and development of real property. The General Partner shall be reimbursed by the Partnership for all expenses incurred by it in connection with the business of the Partnership.
Management of Partnership Business. The Managing Partner shall be responsible for managing and conducting the ordinary and usual business and affairs of the Partnership, and by the vote of a majority of the Board of Directors of the Managing Partner shall make all management decisions on behalf of the Partnership, including, without limitation (except as expressly provided elsewhere in this Agreement):
(a) the voting of any stock, partnership interest, or interest in a limited liability company with respect to which the Partnership owns more than five percent (5%) of the total voting power;
(b) the borrowing of any funds for or by the Partnership in excess of $200,000 (whether secured or unsecured), the collateralization of any such borrowing with any Partnership Property, or the prepayment of any such borrowing;
(c) the approval of Partnership budgets;
(d) the approval of any contracts between the Partnership and any Partner or any shareholder, beneficiary, spouse, descendant, or spouse or descendant of a shareholder or beneficiary of one of the Partners;
(e) the retention or termination of an investment manager;
(f) except as provided in Section 7.2 or elsewhere in this Agreement, the admission of new Partners to the Partnership; and
(g) the exercise by the Partnership of the Call Option pursuant to Section 7.5.
Management of Partnership Business. POWERS AND DUTIES OF THE ADMINISTERING GENERAL PARTNER 3.1 Management and Control...............................................
Management of Partnership Business. The business affairs of the Partnership shall be managed by the General Partner. The General Partner shall devote such amount of its time and services, and the time and services of its employees and agents, as, in its discretion, it deems necessary to the proper conduct of such business affairs. Any party may rely on any action taken by the General Partner as having been a duly-authorized act of the Partnership.
Management of Partnership Business. (a) Partnership Managed by General Partner. The management of the Partnership's business shall be vested solely in the General Partner who shall devote such time and attention to the business of the Partnership as may be appropriate. The General Partner shall manage the affairs of the Partnership to the best of the General Partner's ability and shall use its best efforts to carry out its responsibilities as set forth herein. The General Partner shall have full power to carry out the purposes and objectives of the Partnership through the exercise of the authority conferred upon the Partnership under paragraph 4 hereof, and the General Partner shall possess and may enjoy and exercise all of the rights and powers of general partners as more particularly provided by the Act, except to the extent any of such rights may be limited or restricted by the express provisions of this Agreement.
Management of Partnership Business. (a) Subject to the provisions of this Agreement, the General Partner, acting through its Board of Directors, shall have the exclusive right to manage, control and conduct, and shall be solely responsible for the management, control and conduct of, the Partnership’s Business and affairs and for compliance with all applicable laws, and shall have all rights and powers generally conferred by law or necessary, advisable or incidental in connection therewith. The Limited Partners hereby consent to the exercise by the General Partner of the powers conferred on it by this Agreement.
(b) Except as otherwise provided or contemplated herein or by law, no Limited Partner (except one who may also be a General Partner or a contractor, employee, officer or agent of the Partnership or an employee, officer, director, stockholder or agent of the General Partner, and then only in such capacity) shall participate or take part in the management or control of the business of the Partnership or have any right or authority to act for or bind the Partnership.
Management of Partnership Business. (a) The General Partners (i) shall have the exclusive right and full power and authority to manage and control the business and affairs of the Partnership and to take any action deemed necessary or desirable by them in connection with the business of the Partnership, and (ii) except as otherwise provided in this Agreement, may take any action, including without limitation the amendment of this Agreement, without the approval of the Limited Partners. References in this Agreement to the "General Partners" shall be deemed to be references to the "General Partner" if there is only one General Partner.
(b) If there is more than one General Partner, the General Partners shall have equal rights, power and authority in the management and control of the business and affairs of the Partnership, and each of them shall have the rights, power and authority of the General Partners specified in Section 10.1(a); provided, however, that any difference arising as to any
