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HomeMy WebLinkAbout2940 (c) Those mentioned in Paragraph VII. hereof. 1 i Upon the dissolution of the partnership, a statement shall be prepared ~ 4 1 i by the parrnership's then accountants and furnished to each of the partners ~ ~ within ninety (90) days after such dissolution setting forth the assets and liabilities of the partnership. XIX. Upon any dissolution and termination of the partnership, a statement shall be prepared setring forth the assets and liabilities of the partnership. 1fie assets shall be liquidated as promptly as possible and the proceeds thereof applied and distributed in the following order of priority: (a) To the payment of the debts and liabiliries (other than any loans that may have been made by the parrners to dle partnership) of the parrner- ship and the expenses of liquidation. ` (b) To the setting up of any reserves which may be deemed reason- ably necessary for any contingent or unforeseen liability or obligations of the partnership arising out of or in connection with the partnership. ; . ~ ~ ; (c} To the repayment of any loans that may have been made by any ~ ! of the partners to the parrnership, but if the amount available for such repayment 4 't f s shall be insufficient, then pro rata on account thereof. ~ a ~ (d) To the repayment of the capital account balances,_ i~ an3r, of the parrners, but if the amount available for such repayment shall be insufficient, t then pro rata among the partners in such manner that each parrner shall receive ~ 'on o the ital of the artnershi . ~ the same proportion of his original contribua t cap p p ~ (e) Any balance remaining shall be distributed among all parrners . ~ f ~ in proportion to their original contributions to the capital of the partnership. w - - ~ ~ ?€X. ~ Each of the partners hereto constitutes and appoints the other partners, ~ ~ ` ~ or any of them, the true and lawful attorney for the undersigned and in the name, ~ . - ~ place and stead of the undersigned, to make, exe~ute, aign and acknowledge such ~ ~ ~ ~ R . ~ ~OOJt~ P~CE~~O ~ . ,-s, _ sv ~ x ~~k ,~~s.~€~~~. L~s ~ ' ~ r~ ~ .vr _v- -a~' . ~ x . . . .