Okla. Stat. tit. 54, § 54-1-103
This is the official text of Okla. Stat. tit. 54, § 54-1-103, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.
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Effect of Partnership Agreement; Nonwaivable Provisions
Official statutory text
Effect of Partnership Agreement; Nonwaivable Provisions. (a)
Except as otherwise provided in subsection (b) of this section,
relations among the partners and between the partners and the
partnership are governed by the partnership agreement. To the
extent the partnership agreement does not otherwise provide, this
act governs relations among the partners and between the partners
and the partnership.
(b) The partnership agreement may not:
(1) vary the rights and duties under Section 6 of this act
except to eliminate the duty to provide copies of statements to all
of the partners;
(2) unreasonably restrict the right of access to books and
records under subsection (b) of Section 24 of this act;
(3) eliminate the duty of loyalty under subsection (b) of
Section 25 of this act or paragraph (3) of subsection (b) of Section
34 of this act, but:
(i) the partnership agreement may identify specific types
or categories of activities that do not violate the
duty of loyalty, if not manifestly unreasonable; or
(ii) all of the partners or a number or percentage
specified in the partnership agreement may authorize
Oklahoma Statutes - Title 54. Partnership Page 13
or ratify, after full disclosure of all material
facts, a specific act or transaction that otherwise
would violate the duty of loyalty;
(4) unreasonably reduce the duty of care under subsection (c)
of Section 25 of this act or paragraph (3) of subsection (b) of
Section 34 of this act;
(5) eliminate the obligation of good faith and fair dealing
under subsection (d) of Section 25 of this act, but the partnership
agreement may prescribe the standards by which the performance of
the obligation is to be measured, if the standards are not
manifestly unreasonable;
(6) vary the power to dissociate as a partner under subsection
(a) of Section 33 of this act, except to require the notice under
paragraph (1) of Section 32 of this act to be in writing;
(7) vary the right of a court to expel a partner in the events
specified in paragraph (5) of Section 32 of this act;
(8) vary the requirement to wind up the partnership business in
cases specified in paragraphs (4), (5), or (6) of Section 40 of this
act; or
(9) vary the law applicable to a limited liability partnership
under subsection (b) of Section 7 of this act; or
(10) restrict rights of third parties under this act.
Except as otherwise provided in subsection (b) of this section,
relations among the partners and between the partners and the
partnership are governed by the partnership agreement. To the
extent the partnership agreement does not otherwise provide, this
act governs relations among the partners and between the partners
and the partnership.
(b) The partnership agreement may not:
(1) vary the rights and duties under Section 6 of this act
except to eliminate the duty to provide copies of statements to all
of the partners;
(2) unreasonably restrict the right of access to books and
records under subsection (b) of Section 24 of this act;
(3) eliminate the duty of loyalty under subsection (b) of
Section 25 of this act or paragraph (3) of subsection (b) of Section
34 of this act, but:
(i) the partnership agreement may identify specific types
or categories of activities that do not violate the
duty of loyalty, if not manifestly unreasonable; or
(ii) all of the partners or a number or percentage
specified in the partnership agreement may authorize
Oklahoma Statutes - Title 54. Partnership Page 13
or ratify, after full disclosure of all material
facts, a specific act or transaction that otherwise
would violate the duty of loyalty;
(4) unreasonably reduce the duty of care under subsection (c)
of Section 25 of this act or paragraph (3) of subsection (b) of
Section 34 of this act;
(5) eliminate the obligation of good faith and fair dealing
under subsection (d) of Section 25 of this act, but the partnership
agreement may prescribe the standards by which the performance of
the obligation is to be measured, if the standards are not
manifestly unreasonable;
(6) vary the power to dissociate as a partner under subsection
(a) of Section 33 of this act, except to require the notice under
paragraph (1) of Section 32 of this act to be in writing;
(7) vary the right of a court to expel a partner in the events
specified in paragraph (5) of Section 32 of this act;
(8) vary the requirement to wind up the partnership business in
cases specified in paragraphs (4), (5), or (6) of Section 40 of this
act; or
(9) vary the law applicable to a limited liability partnership
under subsection (b) of Section 7 of this act; or
(10) restrict rights of third parties under this act.
Status: in_force · Read it on the official government site
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