American watchman and Delaware advertiser., 1826-03-07
baltimore, February %.

|ject it.
i Baltimore, February %.
] USELESS LEGISLATION.-We published
yesterday the law recently passed by the Legislature
Of this State authorizing limited copartnerships for
the transaction Of any business except banking and
insurance. This law, from the strange provisions
and restrictions contained in it, will necessarily re-
main dead letter, entirely useless, as no prudent
capitalist however desirous he may be OF encourag-
ing talent and enterprise, will place his funds IN a
situation to be subjected to all kinds OF risk without
the possibility of deriving any advantage from them
until the expiration OF the time for which the part
nership is continues and after all claims against il
shall be satisfied. GnSette.
An Act authorize Limited Partnerships within this State
Sect. BE enacted 6v the General assembly Of Mary
aad That it shall and may hereafter be lawful to form
limited copatnershps for the transaction OF business with
in this state according the provisions of this act Proi
ded That nothing herein contained shall be construed
as authorize such partnerships for any banking purpose
whatsoever for any business or concern connected with
insurance.
Sec q 4ad be Il enacted That partnerships be formed
under this act shall consist OF one partners,
rally and jointly responsible the may be, according
to the existing laws and rules of law that subject, who
shall be called general partners and more partners
who furnish certain funds for capital in the common stock,
whose liability shall not extend further than the fund which
he they have furnished TO the partnership stock, and
shall be called special partners.
Sec 8. qna 5eu enacted, That such partnership shall
be conducted under firm, consisting of all the
names of all partners interested excepting special partners
Sec A. md be enacted That special partner shall
transact any business account of the partnership be
employed for that purpose, agent attorney, other
wise under the penalty OF being abeas general partner
Provided That this section shall not be construed to pre-
vent the special partners from examining into the state and
progress of the partnership concern and advising as to its
management.
Sec S. And be enacted That before any partnership
under this act, shall be carried into effect the
firm under which the same is be conducted and the
Df all he tapdsn ed
therein, distinguished separately, together with their pa
of residence, shall be registered in book to be kept
for that purpose at all times open to the public Inspections
the office Of the clerk Of the county court of the county
in which the principal business of the partnership shall be
carried on and the partnership have at tme places
of business, situated in different counties OF the sate the
names and title of the firm, shall be registered in the like
manner in every such county
Sec g. 4nd be ii enacted That the said registry shall
also designate the Of the capital furnished by every
special partner and the period which the partnership is
to commence and terminate and all renewals contnu
ance OF partnerships shall be registered in like Manner
and all dissouons and alterations Of the partnership pr-
or to the originally proposed continuance OF the same, shall
also be registered as aforesaid
Sec z And be enacted That shall be the duty of one
or of the general partners at the time of regsterng
as aforesaid, to file affidavit OF the actual bonaie,
advances or payment of the sum or sums by the general
partners according to the registry OF the amount OF the
same and that capital shall be advanced to the
stock partnership but cash payments, by the special
partners and such affidavit shall be made by
of the general partners, who authorized by the partner
ship to transact and manage their and if any
son shall be guilty of any false swearing i'll the premises,
he shall be deemed TO have committed perjury, and shall
be punished accordingly and it shall be the duty of all the
partners interested in any such partnership, TO that
the requirements of the fifth, sixth, and seventh sections
this complied with and it shall be the duty of each
special partner to make and file in the manner,
affidavit of the amount of money advanced and actually
paid into said partnership fund by himself.
Sec. 8. md enacted, That it shall not be lawful for
any such partnership any member thereof in contem-
plation of bankruptcy, otherwise, to mako any SALE
veyance gift, transfer, assignment OF his or their prop
erty effects confess judgment any lien
whatsoever upon his their property effects, with the
INTENT for the purpose of paying or securing any
more OF his their creditors partners others and
cry such sale, conveyance, gift transfer, assignment
and every such judgment other lien shall be- and the
is hereby declared utterly void and the partner
patners, so contessing executing the knowing
and consentng thereto shall be liable general partners
Sec g. 2nd be enacted That the general partners in
y every such partnership shall be held liable to
each other for ther management of their joint concerns
and to the special partners either law equity
ding to the law of partnership subssng; and Il
any of the partners shall be guilty of fraud the affairs
the partnership, besides making good the party injured
dollars upon conviction thereof any person who will
for the half tohs use, and the other half
e the use of the state
Sec 10. .qnd be enacted That part of the capital
furnished by special partners, profits made to them by
said partnership, shall be withdrawn either the
dividends purchase, otherwise any time within the
PERIOD during which the partnership shall be continued
nor until the debts OF said partnership shall have been paid
nor Shall any special partner under circumstances be
considered or allowed claim creditor, of the
insolvency or bankruptcy of the partnership.
Sec H. fd be H enacted That the registry required by
this act shall not be made by the clerk of the county,
be considered Valid unless all the pares general and
special associated together in every such partnership, shall
make and sgna certificate declarations before of the
Judges of the judicial districts of this state, which the
principal business Of the copartnesp shall be carried on