§ 23-16-5-5 — Classes or groups of general partners; rights, powers, and duties; voting

Indiana § 23-16-5-5

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 16: LIMITED PARTNERSHIPS
• Ch. 5: General Partners

Text

(a) A partnership agreement may provide for
classes or groups of general partners having such relative rights,
powers, and duties as the partnership agreement may provide, and may
make provision for the future creation, in the manner provided in the
partnership agreement, of additional classes or groups of general
partners having such relative rights, powers, and duties as may from
time to time be established (including rights, powers, and duties senior
to existing classes and groups of general partners).
(b) The partnership agreement may grant to all the general partners,
or to certain identified general partners, or to a specified class or group
of general partners, the right to vote (on a per capita or any other basis),
separately or with all or any class or group of the limited partners on
any matter.
(c) A partnership agreement that grants a right to vote may set forth
provisions relating to the following:
(1) Notice of the time, place, or purpose of any meeting at which
any matter is to be voted on by any general partners.
(2) Waiver of the notice described in subdivision (1).
(3) Action by written consent without a meeting.
(4) The establishment of a record date.
(5) Quorum requirements.
(6) Voting in person or by proxy.
(7) Any other matter concerning the exercise of a right to vote
under the partnership agreement.

Legislative History

As added by P.L.147-1988, SEC.1.