Decisions by the Partners Clause Samples

Decisions by the Partners. (a) Other than the General Partner, the Partners shall take no part in the management or control of the Partnership or its business and shall transact no business for the Partnership and shall have no power to act for or to bind the Partnership or to assume any obligation or responsibility on behalf of the Partnership or any other Partner; provided that the Partnership may engage any Partner or principal, partner, equityholder or other interest holder thereof as an employee, independent contractor or consultant to the Partnership, in which event the duties and liabilities of such individual or firm with respect to the Partnership as an employee, independent contractor, consultant or other agent, as applicable, shall be governed by the terms of such engagement with the Partnership. (a) Except as otherwise expressly provided in this Agreement, the Partners shall not have the power or authority to vote, approve or consent to any matter or action taken by the Partnership. Except as otherwise expressly provided in this Agreement, any proposed matter or action that is subject to the vote, approval or consent of the Partners shall require the approval of a majority in interest of the Partners or such class of Partners, as the case may be (by (x) resolution at a duly convened meeting of the Partners or (y) written consent of the Partners). Except as otherwise expressly provided in this Agreement, all Partners shall vote together as a single class on any matter that is subject to the vote, approval or consent of the Partners. In the case of any such approval, a majority in interest of the Partners may call a meeting of the Partners at such time and place or by means of telephone or other communications facility that permits all persons participating in such meeting to hear and speak to each other for the purpose of a vote thereon. Notice of any such meeting shall be required, which notice shall include a brief description of the action or actions to be considered by the Partners. Unless waived by any such Partner in writing, notice of any such meeting shall be given to each Partner at least four days prior thereto. Attendance or participation of a Partner at a meeting shall constitute a waiver of notice of such meeting, except when such Partner attends or participates in the meeting for the express purpose of objecting at the beginning thereof to the transaction of any business because the meeting is not properly called or convened. Any action required or permitted...

Decisions by the Partners. (a) Other than the General Partner, the Partners shall take no part in the management or control of the Partnership or its business and shall transact no business for the Partnership and shall have no power to act for or to bind the Partnership or to assume any obligation or responsibility on behalf of the Partnership or any other Partner; provided that the Partnership may engage any Partner or principal, partner, equityholder or other interest holder thereof as an employee, independent contractor or consultant to the Partnership, in which event the duties and liabilities of such individual or firm with respect to the Partnership as an employee, independent contractor, consultant or other agent, as applicable, shall be governed by the terms of such engagement with the Partnership.

Decisions by the Partners. Except as otherwise provided by law or in this Agreement, whenever an action is to be taken by the Partnership or whenever this Agreement refers to an action to be taken by the Managing General Partner or the Limited Partner, such action shall be taken with the agreement of a majority in interest of the Partners, the General Partners, or the Limited Partners, as the case may be, then owning interests in the Partnership.