Common use of Removal of Managing Partner Clause in Contracts

Removal of Managing Partner. The Managing Partner may be removed as Managing Partner hereunder by Extraordinary Resolution of the Partners, which removal shall be effective on the appointment by the Partners of a replacement Managing Partner who will assume all of the responsibilities and obligations of the Managing Partner hereunder.

Removal of Managing Partner. (a) The Managing Partner may be removed as Managing Partner hereunder a managing partner of the Partnership at any time by Extraordinary a Special Resolution of the Partners, which removal shall be effective on Ordinary Partners provided that any such Special Resolution may also by its provisions appoint a new managing partner of the appointment by Partnership to replace the Partners of a replacement Managing Partner who will assume all of and to fulfill its obligations hereunder and the responsibilities and obligations removal of the Managing Partner hereundershall be effective upon the passing of such Special Resolution.