LD 1609
pg. 94
Page 93 of 146 PUBLIC Law Chapter 543 Page 95 of 146
Download Chapter Text
LR 1469
Item 1

 
2.__Event in partnership agreement.__An event agreed to in the
partnership agreement as causing the person's dissociation as a
general partner;

 
3. Expulsion pursuant to partnership agreement.__The person's
expulsion as a general partner pursuant to the partnership
agreement;

 
4.__Expulsion by unanimous consent.__The person's expulsion as
a general partner by the unanimous consent of the other partners
if:

 
A.__It is unlawful to carry on the limited partnership's
activities with the person as a general partner;

 
B.__There has been a transfer of all or substantially all of
the person's transferable interest in the limited
partnership, other than a transfer for security purposes, or
a court order charging the person's interest, that has not
been foreclosed;

 
C.__The person is a corporation and, within 90 days after
the limited partnership notifies the person that it will be
expelled as a general partner because it has filed a
certificate of dissolution or the equivalent, its charter
has been revoked or its right to conduct business has been
suspended by the jurisdiction of its incorporation, there is
no revocation of the certificate of dissolution or no
reinstatement of its charter or its right to conduct
business; or

 
D.__The person is a limited liability company or partnership
that has been dissolved and whose business is being wound
up;

 
5.__Expulsion upon judicial determination.__On application by
the limited partnership, the person's expulsion as a general
partner by judicial determination because:

 
A.__The person engaged in wrongful conduct that adversely
and materially affected the limited partnership's
activities;

 
B.__The person willfully or persistently committed a
material breach of the partnership agreement or of a duty
owed to the partnership or the other partners under section
1358; or

 
C.__The person engaged in conduct relating to the limited
partnership's activities which makes it not reasonably
practicable to carry on the activities of the limited
partnership with the person as a general partner;


Page 93 of 146 Top of Page Page 95 of 146
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer