Examples of Mxxxxxxx Islands Act in a sentence
Except as expressly provided to the contrary in this Agreement, the rights, duties (including fiduciary duties), liabilities and obligations of the Partners and the administration, dissolution and termination of the Partnership shall be governed by the Mxxxxxxx Islands Act.
The Limited Partners shall have no liability under this Agreement except as expressly provided in this Agreement or the Mxxxxxxx Islands Act.
No Limited Partner, in its capacity as such, shall participate in the operation, management or control (within the meaning of the Mxxxxxxx Islands Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership.
The existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate of Limited Partnership as provided in the Mxxxxxxx Islands Act.
The term of the Partnership commenced upon the filing of the Certificate of Limited Partnership in accordance with the Mxxxxxxx Islands Act and shall continue in existence until the dissolution of the Partnership in accordance with the provisions of Article XII.
Pursuant to Section 20(2) of the Mxxxxxxx Islands Act, an agreement of merger or consolidation approved in accordance with Section 20(2) of the Mxxxxxxx Islands Act may (a) effect any amendment to this Agreement or (b) effect the adoption of a new partnership agreement for a limited partnership if it is the Surviving Business Entity.
Limited Partners shall not vote on matters that would cause the Limited Partners to be deemed to be taking part in the management and control of the business and affairs of the Partnership so as to jeopardize the Limited Partners’ limited liability under the Mxxxxxxx Islands Act or the law of any other jurisdiction in which the Partnership is qualified to do business.
The Board of Directors may change the name of the Partnership at any time and from time to time in compliance with the requirements of the Mxxxxxxx Islands Act and shall notify the General Partner and the Limited Partners of such change in the next regular communication to the Limited Partners.
Upon the required approval by the Board of Directors, the General Partner and the Unitholders of a Merger Agreement or Plan of Conversion, as the case may be, a certificate of merger or conversion, as applicable, shall be executed and filed in conformity with the requirements of the Mxxxxxxx Islands Act.
To effect the admission to the Partnership of any Partner, the Board of Directors shall take all steps necessary or appropriate under the Mxxxxxxx Islands Act to amend the records of the Partnership to reflect such admission and, if necessary, to prepare as soon as practicable an amendment to this Agreement and, if required by law, the Board of Directors shall prepare and file an amendment to the Certificate of Limited Partnership.