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~oint venture. He~shall be au~horized to make contracts ~
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pertaining to the joint venture and to pay out of the joint
~venture funds all indebtedness incurred for the benefit of
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~~the joint venture. All expenditures of ~oint venture funds f
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l~exceeding Y1,000.00 shall be approved by 2/3 of the ~oint
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~~venturers. Walter Krone, Senior member, shall be a co-
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~'trustee of all property, real and personal and shall hold
~said property for the benefit of all members of the joint
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i~venture. In addition, he shall be authorized to be a co-
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;jsignatory on all bank accounts of the joint venture and to
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i!pay out of the joint venture funds all indebtedness incurred
'`for the benefit of the joint venture. All expenditures of
;;the joint venture funds exceeding $1,000.00 shall be approved
~'by 2/3 of the joint venturers.
Jacob F. Vander Maten, shall be a co-signatory on all bank I
accounts.
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LIMITATIONS ON MEMBERS
No member without the consent of all other members shall:
(a) Borrow money or utilitze collateral owned by the
joint venture as security for such loans;
(b) Assign. transfer, pledge, compromise, or release
~~any of the claims or debts due to the joint venture except on
' ~payment in full or arbitrate or consent to the arbitration of any
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i~dispute or controversy of the joint venture.
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~ (c) r4ake, execute or deliver:
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; ~ ~ P.ny assignment for the benetit of creditors;
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~ Any bond, confession of judgment, guaranty, indeninity
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~ jlbond, or surety _
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~ 'i Any contract to sell, bill of sale, deed, mortgage, relat ng
~ i~to any substantial part of the joint venture 3ssets or his
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~ i~interest therein.
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