Okla. Stat. tit. 54, § 54-500-604A
This is the official text of Okla. Stat. tit. 54, § 54-500-604A, 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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Person's power to dissociate as general partner -
Official statutory text
Wrongful dissociation.
PERSON’S POWER TO DISSOCIATE AS GENERAL PARTNER; WRONGFUL
DISSOCIATION.
(a) A person has the power to dissociate as a general partner
at any time, rightfully or wrongfully, by express will pursuant to
paragraph (1) of Section 54 of this act.
(b) A person’s dissociation as a general partner is wrongful
only if:
(1) it is in breach of an express provision of the partnership
agreement; or
(2) it occurs before the cessation of the limited partnership,
and:
Oklahoma Statutes - Title 54. Partnership Page 119
(A) the person withdraws as a general partner by express
will;
(B) the person is expelled as a general partner by
judicial determination under paragraph (5) of Section
54 of this act;
(C) the person is dissociated as a general partner by
becoming a debtor in bankruptcy; or
(D) in the case of a person that is not an individual,
trust other than a business trust, or estate, the
person is expelled or otherwise dissociated as a
general partner because it willfully dissolved or
terminated.
(c) A person that wrongfully dissociates as a general partner
is liable to the limited partnership and, subject to Section 83 of
this act, to the other partners for damages caused by the
dissociation. The liability is in addition to any other obligation
of the general partner to the limited partnership or to the other
partners.
PERSON’S POWER TO DISSOCIATE AS GENERAL PARTNER; WRONGFUL
DISSOCIATION.
(a) A person has the power to dissociate as a general partner
at any time, rightfully or wrongfully, by express will pursuant to
paragraph (1) of Section 54 of this act.
(b) A person’s dissociation as a general partner is wrongful
only if:
(1) it is in breach of an express provision of the partnership
agreement; or
(2) it occurs before the cessation of the limited partnership,
and:
Oklahoma Statutes - Title 54. Partnership Page 119
(A) the person withdraws as a general partner by express
will;
(B) the person is expelled as a general partner by
judicial determination under paragraph (5) of Section
54 of this act;
(C) the person is dissociated as a general partner by
becoming a debtor in bankruptcy; or
(D) in the case of a person that is not an individual,
trust other than a business trust, or estate, the
person is expelled or otherwise dissociated as a
general partner because it willfully dissolved or
terminated.
(c) A person that wrongfully dissociates as a general partner
is liable to the limited partnership and, subject to Section 83 of
this act, to the other partners for damages caused by the
dissociation. The liability is in addition to any other obligation
of the general partner to the limited partnership or to the other
partners.
Status: in_force · Read it on the official government site
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