Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-01-01
Laws of Vermont
REVISED STA Tu Z ?
CHAPTER LXXV.
1,u,TED PARTNERSHIPS.

terms. aud subject 1.-The conditions and
liabilities, prescribed in,lhis chapter, but
nothing contained in this chapter shall
authorize such partnerships for the pur-
pose of banking or insurance.
2 Such partnerships may consist of
one or more persons, who shall be called
general partners, and shall be jointly and
severally responsible, as general partners
now are by law, and of one or more per-
sons, who shall contribute to the common
stock a specific sum, in actual cash pay
ment, as capital, and who shall be called
anecial mariners, and shall not Do person
aily liable for any debts of the partner
ship, except in the cases hereinafter speci-
fed.
8. The persons forming auch parner-
ships, shall make, and severally sign a |
Certificate, which shall contain the name
or firm under which such partnership is |
10 be conducted. the names and the res
pective places of residence OF all the gen.
eral and special partners, Distinguishing
who are general and who are special part
ners, the amount of capital, which each
special partner has contributed 10 the COM
mon stock, the general nature of the bu-
siness to be transacted, and the time when
the partnership is to commence, and when
II is to terminate.
4. No such partnerships shall be deem
ed to have been formed, until Certificate,
made as aforesaid, shall be acknowledged
by all the partners, before Justice of the
peace and recorded in the town clerks of
fee in the town in which the principal
place of the business is situated, in book
TO be kept for that purpose, open to public
inspection; and if the partnerships shall
have places of bushes situated in differ
ent towns, the certificate aforesaid shall be
recorded in each of such towns; and if
any false statements shall be made in any
such certificate, all the persons interested
IN the partnership shall be liable as gener-
al partners, for all The engagements there
Of
5. The partners shall, for six success
i've weeks immediately after such certificate
shall be recorded, publish copy thereof
in a newspaper printed In the county
where their principal place of business is
situated, and if no such paper be there
printed, then in a newspaper printed in an
adjoining county in this state; and in case
such publication be not so made, the part
nership shall be deemed general.
6. Upon every renewal or continuation
Of limited partnership, beyond the time
originally agreed upon for its duration, a
certificate thereof shall be made, acknwl-
edged, recorded and published, in the like
manner as is provided in this chapter for
the original formation of limited partner
ships, and every such partnership which
shall not be renewed in conformity with
the provisions ofthis section shall be deem
ed general partnership.
T. The business of the partnership
shall be conducted under firm, in which
the names Of the general partners only
shall be inserted, without the addition OIL
the word company, or any other general
term: and the general partners only shall
transact the business and if the name oil
any special partner shall be used in such
firm, with his consent or privity, or if ht
shall personally make any contract res
pecting the concerns of the partnership
with any person except the general part
ners, he shall be deemed and treated as &
general partner.
8. During the continuance of any part
nership, under the provisions of this chap
ter, no part of the capital stock thereo
shall be Withdrawn, nor any division O
interests or profits be made. so as to re
duce such capital stock below the sun
stated in the certificate before mentioned
and If at any time during the continuance
or at the termination of the partnership,
the property or assets shall not be stuff
cient to pay the partnership debts, the
the special partners shall be severally bel
responsible for all sums by them in an
way Withdrawn, or divided, with in,ere.
thereon from the time they were so will
drawn respectively.
g. No general assignment by such par
nership in case of insolvency. or whel
their goods and estate are insufficient f
the payment of oil their debts, shall be v;
lid, unless il shall provide for distribu
ton OF the partnership property among a
the creditors, in proportion to the amou
Of their several claims, excepting tax
,ngainst the firm, and claims of the 90
ernmeLt of the United States, arising fro
bonds for duties. which are first 10 be pa
or secured. s2.s
10. 10 case of an assignment, as pr
vlded Tor IN the preceding section, The a
sent Of the creditors shall, be presume
unless they shall within sixty days aft
notice thereof, dissent. ether expressly
by some act clearly implying such disse
and no such assignment shall de val
unless noli:e thereof shall be given
some newspaper. printed in the cour
where the principal place of business
tbs party making u is situated, and if
newspaper be printed in such county. til
IN some neWsnaner nrinted 10 the ado