HomeMy WebLinkAbout1869 . . i
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Paxtner~h~n ~r th~ earlier dis~olution of tlie Partnership
as a result of the happening of any of the contingencies
set forth in ?~r~icle "5", unless the~ Partnership is con~
tinued as therein provided the General Partner., unless he
elects to ~ake ~istribution in kind to the extent and in
the manner herei.zafter p~rr:iitted in this Article, shall ~
proceed to liquidate the Partnership assets to ~he extent
' that thsX have not alrezdy been re3uced to cash, and such .
cash, if any, and.the proceeds of such liquidation shall .
be ~applied ~*~d distributedi~ the ~ folloc~ing order of priority : _
~ ~i) to the pavment of debts and liabil3.ties
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of the Pa,rtr.ership (other than any loans or ad-
. ~ vances that may have b~en made'by any of the ~
. Partners to the Partnership) and the exp~nses
of liauida ~ion; .
1- (i.i? to the setting up of any reserves
. which the C~eral Dartner may reasonably dee.~n
~ necessa~-y ror any ~ontiagent or unforeseen_lia-
bilities or obligations of the Partnershi.p or of
~ ' the G~r!eral Partn~r arising out of or in con-
- nection 'c:itn th~ tners:lip Said reserves may ~ -
~ br ~aid over by ths General Partner to any
attor: ey at laca as eseroc:~e, to be held and dis-
- burs~d by hi~ in ~a~-~?~nt of any o~ the afore-
mentioned contingzncies, and,_at thQ expiration
of such period-as the General Partner shall de~m
' advisa~le, to distribute the balance, if any,
~ ~ re.~aining u~ter s~.ch disburs~~nnt in the manr_er
herei.n~~ ~~r ~ro~Ti.~.ci ; .
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so~~ ~44 PACE187p #
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