Page:United States Statutes at Large Volume 14.djvu/467

 THIRTY-NINTH CONGRESS.- Sess. II. Ch. 161. 1867. 437 contract or engagement of the partnership, or to enforce any liability of In suitsngaipst the same, the general partner or partners whose name or names shall be  ¥’”;;‘:‘fl:l’t_ used in said tirm or business shall be the only necessary defendants; and ,.6,-sgguiy mph, any judgment or decree recovered against said defendant or defendants ¤¤<=¢¤¤¤¤’ deshall have the same legal eifect and operation, and execution thereon shall f°"d°°°’ be enforced and have like effect against the partnership assets as if the EH`¤¤t of5H6s- judgment or decree had been recovered against the general partners. '”°“*“‘ . Sec. 11. And be it fwrther enacted, That if the name of any special _ Gcncrslpnrtpartner shall be used in the firm with his privity, he shall be deemed a xgsbzlgxswt general partner, and the general partners only shall transact the business; swam pm, and if a special partner shall interfere, contrary to this provision, he shall ners to be name, be deemed a general partner, but he may from time to time examine into lf- &°· the state and progress of the partnership concerns and advise as to their management. Sec. 12. And be it further enacted, That no part. of the sum which sums comm. any special partner shall have contributed to the capital stock shall be Med by ¤s>¢¤i¤l withdrawn by him or paid or transferred to him in the shape of dividends, §:";,'§‘;;i,,?,Q°,E,;? profits, or otherwise, during the continuance of the partnership, but any &c. partner may annually receive lawful interest on the sum so contributed Interest and by him if the payment of such interest shall not reduce the original P¤<>€*S· amount of such capital; and if] after payment of such interest, any profits shall remain to be divided, he may also receive his portion of such profits. _ _ Sec. 13. And be it further enacted, That if it shall appear that, by the d E£‘c‘*"l;“"°‘ payment of interest or profits to any special partner, the original capital mint t0},;,,!:,,}" has been reduced, the partner receiving the same shall be bound to restore cial partner, he the amount necessary to make good his share of capital, with interest, on mlafgzgm being notified thereofl ` Sec. 14. And be it further enacted, That every sale, assignment, or $¤l¢¤J¤‘}*¤S· transfer of any property or effects of such partnership, or of any general ;;°§gh¥,,$,,p;{t' partner, made by such partnership or general partner when insolvent or ty, cr, src. bein contemplation of insolvency, or after or in contemplation of the insol- g‘;‘;::6i£:c"'°"• vency of any general partner, with the intent of giving a preference to 0,-wgm KQ;. any creditor of such partnership or insolvent partner, and every judgment §r§¤<><·>. wg? confessed, lien created, or security given by such partnership or general g;’£i°,:r:F“‘°‘° partner under the like circumstances and with the like intent, shall be void as against the creditors of such partnership. Sec. 15. And be it fzmhcr enacted, That every special partner who Sp¤¤i¤lP=¤‘¤- shall violate any of the provisions of the last two sections, or who shall §;'§;°,_;°°;$,’;',;,, concur in or assent to any such violation by the partnership or by any in- partners ii; &c. dividual partner, shall be liable as a general partner. SHG. 16. And be it further enacted, That in case of the insolvency or Inc,,,,,; m- bankruptcy of the partnership no special partner shall, under any circum- $°lV°¤°Y» 5pm3i stances, be allowed to claim as a creditor until the claims of all the other £§,Ez°;; Qfgdzr creditors of the partnership shall be satisfied. ors, until, Src. Sec. 17. And be it further enacted, That all suits respecting the busi- _ Suits respectness of the partnership shall be brought by and against the general part- {xiii;:;;":;?:? ners only, except in those cases in which provision is hereinbefore made bmugbt by and that special partners shall be deemed general partners and special partner- ¤g¤i¤¤¢ g<=¤¤¤‘¤\ ships general partnerships, when all persons so becoming general partners §:c‘;°"°“°’°‘°°P°* may be joined with those originally general partners in any suit brought agen; such partnerships, and except, also, the case provided for in section num r ten. Sec. 18. And be it further enacted, That if} in any case or suit brought l’r¤c¤¤51i¤gsi¤ against general and special partners, and at the trial of the cause, it shall ;';:;;f'::;°sP°_ appear that the special partners cr any of them are not liable to the writ cial pmncre, of the plaintiff, the court may proceed to judgment or decree against the '*h°¤ ¤P°°i¤l partners who may appear to be liable, in the same manner as if such party £:{°:,°'f,il°,PQj2: ners were the only parties defendant to the writ, excepting that the partners who may be deemed not liable shall recover their legal costs vox.. xxv. Prm.—33