Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-07-19

ners in the same manner as if there were
no special partners.
Sec. Is. No part Of tho amount which
any special partner shall have contributed
10 the capital stock, shall be Withdrawn by
him, or paid or transferred to him in the
shape Of dividends, profits or otherwise, at
any time during the continuance ofthe part
nership; but any partner may annually re-
ceive lawful interest on the amount so con-
tributed by him, IL the payment of such in
terest shall not reduce tho original amount
of such capital, and il, after the payment Of
such interest, any profits shall remain TO be
divided, he may also receive his portion OF
such profits.
Sec. l6. II it shall appear, that by the
payment Of interest or profits to any spe-
cial partner, the original capital has been
reduced, the partner receiving the same
shall be bound to restore the amount neccs-
sary 10 make good his share Of capital with
interest.
Sec. IL. A special partner may from
time to time, examine into the progress Of
the partnership concerns, and may advise
as to their management but no shall no,
transact any business on account OF the
partnership, not be employed for that
purpose as agent, attorney or otherwise.
II he shall interfere, contrary TO these
p.ovisions, lie shall be deemed general
partner.
Sec. 10. The general partners shall
be liable 10 account to each other, and
to the special partners, for their manage
ment of the concern, both in law and equl-
~, as other partners now are by law.
+ Sec. 10. Every partner who shall be
guilty of any fraud in the affairs of the part.
nership, shall he Liable, civilly TO tho porty
injured, to the extent Of his damage; and
shall also be liable to an indictment for q
snisdemcanor, punishable by fine or impris.
onmcnt, or both, in the discretion of the
court by which he shall be tried.
Sec. 90. Every sale, assignment, OF
ansier of any ofthc property or effects Of
such partnership, made by such party when
insolvent, or in contemplation of inso!vency
or after or in contemplation Of the insolven
cy of any partner, with the intent of giving
preference to any creditor Of such part
nership or insolvent partner, over Other
creditors of such partnership, and every
judgment confessed, lien created, or security
given by such partnership, under the like
circumstances, aud with the like intent, shal
be void as against the creditors Of such
partnership.
Sec. %. Every such sale, assignment
sor transfer, Of any of the property or effect.
of a general or special partner, made by
such general or special partner, when insol
vent, or in contemplation of insolvency, oil
after or in contemplation of the insolvency
of the partnership, with the intent of giving
TO any creditor Of his own, or Of the part.
norship, preference over the creditors Of
the partnership; and every Judgment con.
fessed, lien created, or security given. by
any such partner, under the like circum.
stances, and with the like intent, shall
be void as against the creditors Of the part.
ne.ship.
Sec. %. Every special partner, who
shall violate any provision Of the two last
preceding sections, or who shall concur
in, or assent TO any such violation by
the partnership, or by any individual
partner, shall be as liable as general part.
ner.
Sec. %. In case Of the insolvency
or bankruptcy of the partnership, no spe-
cial partner shall under any circumstan-
ces, be allowed TO claim as q creditor, until
the claims Of all the other creditors Of the
partnership shall be satisfied.
Sec. "a. No dissolution of such partner
ship, by the acts of the partnership, shall
take place previous to the time specified in
the certificate of its formation, or in the
certificate of its renewal, until q notice of
such dissolution shall have been filed and
recorded in the clerks office in which the
original certificate was recorded and pub
lished, once in each week for four weeks,
in newspaper printed in each Of the
counties where the partnership may have
places of business, and in the state paper.
Approved March ls, 1887.
A true copy, KNITTING PRITcHErTE,
Secretary Of Stale.