Md. Code, Corporations and Associations § 9A-603
This is the official text of Md. Code, Corporations and Associations § 9A-603, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§9A–603.
Official statutory text
(a) If a partner’s dissociation results in a dissolution and winding up of the partnership business, Subtitle 8 of this title applies; otherwise, Subtitle 7 of this title applies.
(b) Upon a partner’s dissociation:
(1) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 9A–803 of this title;
(2) The partner’s duty of loyalty under § 9A–404(b)(3) of this title terminates; and
(3) The partner’s duty of loyalty under § 9A–404(b)(1) and (2) of this title and duty of care under § 9A–404(c) of this title continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to § 9A–803 of this title.
(b) Upon a partner’s dissociation:
(1) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 9A–803 of this title;
(2) The partner’s duty of loyalty under § 9A–404(b)(3) of this title terminates; and
(3) The partner’s duty of loyalty under § 9A–404(b)(1) and (2) of this title and duty of care under § 9A–404(c) of this title continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to § 9A–803 of this title.
Status: in_force · Read it on the official government site
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