General Partnership Agreement Template1 - Free Download | Page 6
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ARTICLE 4 – MANAGEMENT
Final authority, management and control of the business and affairs of the Partnership
shall be vested in the Partners.
4.2 Action of the Partners.
The powers of the Partners may be exercised by resolution passed at a meeting of the
Partners or by resolution consented to by the signatures of the Partners.
4.3 Delegation of Authority.
The Partners may at any time and from time to time by resolution passed at a meeting of
the Partners delegate any power or authority relating to the management of the business and
affairs of the Partnership to any Partner and the exercise of any such authority or authority by
such Partner shall be valid and binding upon all Partners until such power or authority has been
rescinded by resolution.
4.4 Place of Meeting.
Meetings of the Partners shall be held at the principal office of the Partnership, or, at
such other place as the Partners may, by unanimous agreement, determine.
4.5 Calling of Meetings.
Meetings of the Partners shall be held from time to time at such time and on such day
without notice as any Partner may determine.
4.6 Power of Attorney.
Each Partner grants to the other Partner for such time as he remains a Partner to this
Agreement, an irrevocable power of attorney for the purposes of filing any notices or
registrations as may be required by law in connection with the existence or carrying on of the
business of the Partnership.
4.7 Fiscal Year.
Until changed with the unanimous approval of the Partners, the Fiscal Year shall be the
fiscal year of the Partnership.
4.8 Banking Arrangements.
The Partners agree that the Partnership shall enter into banking arrangements with any
bank or banks or other financial institutions as the Partners shall agree on. All cheques, drafts
and other instruments and documents on behalf of the Partnership may be signed by any one of
the Partners alone, unless otherwise agreed between the parties. All Partnership money shall,
when received from time to time, be paid and deposited with the bankers of the Partnership to the
credit of the Partnership account.