Okla. Stat. tit. 54, § 54-500-406A
This is the official text of Okla. Stat. tit. 54, § 54-500-406A, 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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Management rights of general partner
Official statutory text
MANAGEMENT RIGHTS OF GENERAL PARTNER.
(a) Each general partner has equal rights in the management and
conduct of the limited partnership’s activities. Except as
expressly provided in the Uniform Limited Partnership Act of 2010,
any matter relating to the activities of the limited partnership may
Oklahoma Statutes - Title 54. Partnership Page 107
be exclusively decided by the general partner or, if there is more
than one general partner, by a majority of the general partners.
(b) The consent of each partner is necessary to:
(1) amend the partnership agreement;
(2) amend the certificate of limited partnership to add or,
subject to Section 97 of this act, delete a statement that the
limited partnership is a limited liability limited partnership; and
(3) sell, lease, exchange, or otherwise dispose of all, or
substantially all, of the limited partnership’s property, with or
without the good will, other than in the usual and regular course of
the limited partnership’s activities.
(c) A limited partnership shall reimburse a general partner for
payments made and indemnify a general partner for liabilities
incurred by the general partner in the ordinary course of the
activities of the partnership or for the preservation of its
activities or property.
(d) A limited partnership shall reimburse a general partner for
an advance to the limited partnership beyond the amount of capital
the general partner agreed to contribute.
(e) A payment or advance made by a general partner which gives
rise to an obligation of the limited partnership under subsection
(c) or (d) of this section constitutes a loan to the limited
partnership which accrues interest from the date of the payment or
advance.
(f) A general partner is not entitled to remuneration for
services performed for the partnership.
(a) Each general partner has equal rights in the management and
conduct of the limited partnership’s activities. Except as
expressly provided in the Uniform Limited Partnership Act of 2010,
any matter relating to the activities of the limited partnership may
Oklahoma Statutes - Title 54. Partnership Page 107
be exclusively decided by the general partner or, if there is more
than one general partner, by a majority of the general partners.
(b) The consent of each partner is necessary to:
(1) amend the partnership agreement;
(2) amend the certificate of limited partnership to add or,
subject to Section 97 of this act, delete a statement that the
limited partnership is a limited liability limited partnership; and
(3) sell, lease, exchange, or otherwise dispose of all, or
substantially all, of the limited partnership’s property, with or
without the good will, other than in the usual and regular course of
the limited partnership’s activities.
(c) A limited partnership shall reimburse a general partner for
payments made and indemnify a general partner for liabilities
incurred by the general partner in the ordinary course of the
activities of the partnership or for the preservation of its
activities or property.
(d) A limited partnership shall reimburse a general partner for
an advance to the limited partnership beyond the amount of capital
the general partner agreed to contribute.
(e) A payment or advance made by a general partner which gives
rise to an obligation of the limited partnership under subsection
(c) or (d) of this section constitutes a loan to the limited
partnership which accrues interest from the date of the payment or
advance.
(f) A general partner is not entitled to remuneration for
services performed for the partnership.
Status: in_force · Read it on the official government site
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