HomeMy WebLinkAbout1971 reviewed by the Partners periodically to dotermine whether increases are
. ~ , warranted; and if during any year the salary paid to the said HARRY REI;~1H11RT
~ shall exceed the net income of the Partnership, computed without the deduction
' of such salary, the excess shall be treated as a loss to the Partnership, to
~ be borne by the Partners in the proportions set forth in Article III, Paragraph 2
. ' of this Agreement; ARTFiUR C. MILLER and WILLIAM H. MILLER shall receive
• ~ such salaries as all the Partners shall from time to time agree; and notwith-
standinq anythinq else contained in this Agreement; no depletion of the
Partners' capital accounts occasioned by the salaries paid to the Partners, or ~
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any Partner, shall be occasion for the demand of any Partner that all or any
~ ' Par.tner in the Partnership increase their capital accounts to the sum of
Seven Thousand Five Hundred ($7, 500.00) Dollars as hereinbefore provided. (
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Z. The Partners may draw out of the Partnership in anticipation of
and against future profits, such sums as all of the Partners shall from time to
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. time aqree, and in the 'event the amount of such drawings in any year shall •be
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; ~ found to be in excess of the respective shares of the profits, then such excess ~
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amount so drawn shall upon such findinq, be immediately repaid to the ~
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~ Partnership. .
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Article VII
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~ . Books and Bankina . ~
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~ ~ 1. All funds of the Partnership shall be deposited in its name, in an ~
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~ . account or accounts in such Bank or Banks as may be. agreed upon by the ~
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~ Partners, and funds ma be drawn therefrom for Partnershi
Y p purposes only,
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~ upon the siqnatures of any Partner.
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o..K~. 2. Proper and complete books of account shall be kept and maintairiedE
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~ `"""u" at the principal office of the Partnership, and .shall be open to inspection by
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- N e4N7M MAlU ~TwIQ • - . . .
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=:":i ~ . ~ . - ~ ~ 4 P,,vE ~970 -
- 22.
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