18 Guam Code Ann. § 27307
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Terms Used In 18 Guam Code Ann. § 27307
- Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) A general partner shall have all the rights and powers and be subject to all the restrictions and liabilities of a partner in a partnership without limited partners, except that without the written consent or ratification of the specific act by all the limited partners, a general partner or all of the general partners have no authority to —
(a) Do any act in contravention of the certificate,
(b) Do any act which would make it impossible to carry on the ordinary business of the partnership,
(c) Confess a judgement against the partnership,
(d) Possess partnership property, or assign their rights in specific partnership property, for other than a partnership purpose,
(e) Admit a person as a general partner,
(f) Admit a person as a limited partner, unless the right so to do is given in the certificate,
(g) Continue the business with partnership property on the death, retirement, or insanity of a general partner, unless the right so to do is given in the certificate.
SOURCE: CC § 2485.