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act as Managing Par~ner, Hab H. Webb shall act as Managing
Partner 3.n his place until Ralph Davis can resume his duties.
The Managing Partner shall keep r~asonable books and records
recording the affairs of the partnership. .
6e Transfer€~ o~ Partnership Interes~s: During the life of
a partner, he may transfer a11 or any part of his partnership ~
interests by gift, sal~ ar other transfer, either in Trust or
~ autrigh~c, to or for the benefit of any of h3s descendants. Any
transferee shall become a partner with all the a.nterests, rights
~nd duti.~s previously held by the Transfaror Partner. During the
life of a Partner, he shall not pledge, cause a Iien to be placed
again~t or encumber his partnership interests in any way.
Upon the death of a partner, he may devise and bequeath his
partnership interests as he deems appropriate under his will.
After the death of a partnex, his estate or beneficiaries shall
become a partner or partners, a~ ~he case may be, with all the
interests, riqhts and duties previously held by the decedent.
Termination af the Partn~rship: The partnership may be
termina.ted atc any time deem~d appropri.ate by the Nianaging
Partner. Also, the partnership shall automatically be terminated
by th~ death of Ralph Dav~s.
B. Binding Effect: This agreement shall inure to the
benef.~t of and be binding upon the parties hereto, their heirs,
successors and assigns. This agreament shall be interpreted
ur~o~~ under, and governed by, Virginia law.
wo~oe~ aoo~s
~ 9. Gend~ra All references to "he" or "him" shall also
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mean the feminine versions of such words wherever appropxiate: ~
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