Participation in Management. The Partners have elected to delegate to the Managing Partner authority to manage, control, administer and operate the property and business of the Partnership. Each Partner agrees that no Partner other than the Managing Partner shall have the right to act as an agent of the Partnership or to execute documents on behalf of the Partnership. Further, each Partner agrees that no Partner or group of Partners (including General Partners) shall have the right to act (other than as specifically provided in this Agreement) to cause the Managing Partner on behalf of the Partnership to take any action binding on the Partnership. Still further, each Partner agrees that no Partner or group of Partners may cause a Partner to be authorized to act on behalf of the Partnership without such Partner having become the duly elected and appointed Managing Partner. Any Partner who takes action contravening this Section agrees to indemnify the Partnership and all other Partners from any loss, liability or expense caused by such action.
Appears in 3 contracts
Sources: Agreement of Limited Partnership (White River Energy Corp.), Limited Partnership Agreement (White River Energy Corp.), Agreement of Limited Partnership (White River Energy Corp.)