Michigan § 449.306 Partnership associations; division of profits, impairment of capital.

Michigan Statutes

§ 449.306 — Partnership associations; division of profits, impairment of capital.

Michigan § 449.306

Ch. 449PARTNERSHIPS

Act 191 of 1877PARTNERSHIP ASSOCIATIONS (449.301-449.316)

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Bluebook

Mich. Comp. Laws § 449.306 (2026).

Text

PARTNERSHIP ASSOCIATIONS (EXCERPT) Act 191 of 1877 449.306 Partnership associations; division of profits, impairment of capital. Sec.

6.The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of the said association; and any one consenting to a dividend, which shall diminish or impair the capital, shall be liable to any person or persons interested or injured thereby to the amount of such diminution or impairment.

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PARTNERSHIP ASSOCIATIONS (EXCERPT) Act 191 of 1877 449.306 Partnership associations; division of profits, impairment of capital. Sec. 6. The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of the said association; and any one consenting to a dividend, which shall diminish or impair the capital, shall be liable to any person or persons interested or injured thereby to the amount of such diminution or impairment.