HomeMy WebLinkAbout1968 . individual income accounts as soon as praciicable after the close of each
~ . accounting year.
• 3. In the event there shall be no balance, or an insufficient balance
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- in the individual income accounts, then net iosses shall be debited to the
individual capital accounts; if the capital account of a Partner shall have been
depleted or impaired by the debiting of losses, then future profits of that
Partner shall not be credited to his income account until such depletion or
impairment shall have been made good, but shall be credited to his capital
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account, and only after such depletion or impairment of his capital account
~ shall have been made qood, shall his share of profits ~be credited to his income
account. - ~ - •
4. Upon the demand of any Partner, the capital accounts of the
Partnership shall be maintained at all times in the proportions in which the
Partners share in the profits and losses of the Partnership; and no interest or
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~ . additional share of profits shall inure to any Partner by rea son of his capital
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; account beinq proportionately in excess of the capital accounts of the others; ~
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~ provided, however, that this provision shall not apply in any instance in which (
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~ a Partner's capital account shall become larger than either of the other capital i
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~ accounts of his Partners through his individUal co~tributions to the capital
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~ of the Partnership which is not solicited by his Partners. ~ .
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~ ~ ~ Article V
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~ Management, Duties and Restrictions
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1. ~ HARRY REINHART shall be the General Manager of the Partnership .
Business, and shall perform all the functions of General Manager, includinq
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tj L;:..E+~M, W(KS
~ the supervision and operation of the business, ~the administration thereof, the
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