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jjlt is mutually understood that some members may devote more
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,~time and effort to the enterprise than others. There shall
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~'be compensation granted for any duties by any of the members
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~at the rate of $5.00 per hour; and for reimbursement of out
~~of pocket expenses involving the 3oint venture. -
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III. BANK ACCOUNTS • !
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All funds advanced by the parties to this agreement or
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~'borrowed for the account of the ,joint venture and all progress ~
.~~and final payment or other revenue received as the result of ~
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;!the performance of this contract shall be deposited to the .
i~account of the joint venture established at such bank or '
;~banks as all of the members may designate. All joint venturers ~
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;!will be advised as to any bank accounts established. All three
''members shall be authorized to sign on all bank accounts, however, ~
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~only two members must sign all checks. !
' IV. BOOKS OF ACCOUNT ~
Adequate books of accounts shall be maintained by the
;;senior in~mbers and such books of account may be examined by !
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;any of the members at all reasonable times. A periodic ;
;~audit of such books may be made any an independent £irm of
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"certified public accountants or by such individuals as may • ~
;:be mutually agreed upon by a majority of the members and a .
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~ like audit may be made upon completion. ~
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V. MEETINGS -
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~ ii i•i~etings may be held at such places and times as a majority of
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~ ~;the members may request. The senior members shall preside
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~ ;;over all such meetings and all business transacted shall
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~ ~~be with the apFroval of a majority of the members of the joint
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. BooK 310 ~E 551
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