General Partners definition
Examples of General Partners in a sentence
Within such ninety day period after the Notice has been given, the remaining General Partners (if any), or, if none, the Limited Partners, may meet to appoint and admit a successor General Partner.
In the event there is more than one General Partner, all such allocations to the General Partners shall be divided among them as they may agree.
Any such appointment and admission, and the terms of such appointment and admission, of a successor General Partner shall be approved by all of the remaining General Partners (if any) and a majority in interest of the Limited Partners, and such approval shall also designate and identify the date upon which such appointment and admission shall be first effective.
Provided the Partnership has one or more General Partners, any Partner may nominate one or more Persons for election as additional General Partners.
No General Partner may resign or withdraw from the Partnership, dispose of its General Partner Interest in a manner other than a Transfer, or dissolve or otherwise cease to serve as a General Partner (collectively, a “Withdrawal”), without providing ninety days prior written Notice of such Withdrawal to the remaining General Partners (if any) and the Limited Partners.