Public Limited Partnership Agreement
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Description
The Limited Partnership Agreement is the legal instrument which evidences the operation in which persons, known as limited partners, agree to supply funds to a another person, known as the general partner, which the latter will use in the performance of an activity, whether commercial or otherwise, in order to generate profits.
Use
When the limited partnership is the right form for a business project, but the latter requires a large amount of capital, it may be necessary to raise funds via a public offering. In this case, document A04.300 suggests an outline on how to organize such a partnership. As abuses have occurred in the past in such partnerships, this document incorporates many provisions intended to protect the limited partners.
Table of Contents
PREAMBLE
0.00 INTERPRETATION
0.01 Terminology
0.01.01 Advisory Board
0.01.02 Agreement
0.01.03 Commercial Exploitation
0.01.04 Contributions
0.01.05 Contribution of a Special Partner
0.01.06 Declaration
0.01.07 Effective Gross Profit
0.01.08 Immovable
0.01.09 Legal Representatives
0.01.10 Ordinary Resolution
0.01.11 Partners
0.01.12 Partnership
0.01.13 Percentage Shares
0.01.14 Preferred Rate
0.01.15 Shares
0.01.16 Special Partner
0.01.17 Special Resolution
0.02 Precedence
0.03 Jurisdiction
0.03.01 Governing Law
0.03.02 Presumption
0.03.03 Adaptation
0.03.04 Continuation or Rescission
0.04 Miscellaneous
0.04.01 Computation of Time
0.04.02 Cumulative Rights
0.04.03 Canadian Currency
0.04.04 Gender and Number
0.04.05 Headings
1.00 FORMATION OF THE PARTNERSHIP
1.01 The Partnership's Name
1.02 Declaration
1.03 Objective
1.04 Proxy
1.05 Capital of the Partnership
1.06 Head Office
1.07 Financial Year
2.00 THE CAPACITY AND POWERS OF THE PARTNERSHIP
2.01 General Partner
2.01.01 Role
2.01.02 Description of Tasks
a) Management of the Partnership
b) Management of the Immovable
2.01.03 Informing of the Quebec Securities Commission
2.01.04 Informing of THE SPECIAL PARTNERS
2.01.05 Remuneration of THE SPECIAL PARTNER
c) The Management of the Immovable
d) Management of the Partnership
e) Additional Fees
2.01.06 Advances made to the Partnership
2.01.07 Advances made by the Partnership
2.01.08 Working Capital
2.01.09 Insurance
2.01.10 Evaluation of the Immovable
2.02 Advisory Board
2.02.01 Formation and Role
2.02.02 Composition
2.02.03 Nomination
2.02.04 Term of Mandate
2.02.05 Resignation
2.02.06 Dismissal
2.02.07 Duties
a) Overseeing and Recommendation
b) Information
2.02.08 Performance of its Duties
a) Notices and Consultations
b) Quorum
c) Creation of Sub-committees
d) Meetings
2.02.09 Allocation
2.02.10 Financing of the Activities
2.03 THE SPECIAL PARTNER'S Meetings
2.03.01 Annual Meeting
2.03.02 Special Meeting
a) Convened by THE GENERAL PARTNER
b) Convened by the Advisory Board
2.03.03 Location of Meetings
2.03.04 Notice of Meeting
2.03.05 Waiver of Right to Notification
2.03.06 Incomplete Notification
2.03.07 Failure to Transmit Notice
2.03.08 Adjournment
2.03.09 Quorum
2.03.10 The Right to Vote
2.03.11 Exercising of the Right to Vote
2.03.12 Proxies
2.03.13 Registration of Proxies
2.03.14 Presiding Officer
2.03.15 Procedure
2.04 Sharing in the Profits and Losses of the Partnership
2.04.01 Accounting
2.04.02 Taxation
2.04.03 Surplus
2.05 New Issue of Shares
2.06 Banking Matters
2.06.01 Bank Accounts
2.06.02 Confusion Between the Accounts
2.06.03 Loans
2.06.04 The Use of the Contributions
2.07 Books, Registers, and Certificates
2.07.01 Custody and Upkeep
2.07.02 Capital Account
2.07.03 Access
2.07.04 Certificates
2.08 Auditors
2.09 Financial Statements
2.09.01 Reports
2.09.02 Authority of the Financial Statements
2.09.03 Tax Deductions
2.09.04 Production
2.10 Internal By-laws
3.00 OBLIGATIONS OF THE GENERAL PARTNER
3.01 Loyalty and Integrity
3.02 Notices and Counsel of the Advisory Board
3.03 Liability
3.03.01 With Regard to Third Parties
3.03.02 With Regard to SPECIAL PARTNERS
3.04 Indemnification
3.04.01 Of the SPECIAL PARTNERS AND THE ADVISORY BOARD
3.04.02 Of the Partnership
3.05 Conflicts of Interest
3.05.01 Declaration of THE GENERAL PARTNER
3.05.02 Rendering of Accounts
3.05.03 Services to the Partnership
3.05.04 Transactions with the Partnership
3.05.05 Other Transactions
3.06 Attestations
4.00 OBLIGATIONS OF THE SPECIAL PARTNERS
4.01 Contributions
4.01.01 Additional Contributions
4.01.02 Default of Payment
4.01.03 Transfers
4.02 Liability
4.03 Rights and Legal authority
4.04 Attestations
4.05 Sanctions
5.00 THE WITHDRAWAL OF A PARTNER
5.01 Withdrawal of THE GENERAL PARTNER
5.01.01 Resignation
5.01.02 Dismissal
5.01.03 Transition
5.01.04 Liberation and Indemnification
5.02 Withdrawal of a Special Partner
5.02.01 Notice of Sale of Shares
5.02.02 Notice of Purchase of Shares
5.02.03 Treatment of Notices
5.02.04 Purchase by the Partnership
5.02.05 Sale of Shares by THE GENERAL PARTNER
5.02.06 Sale to Third Parties
5.02.07 Methods of Payment
5.03 Conditions Pertaining to Any Sale
5.04 Pre-authorized Transfer
6.00 GENERAL PROVISIONS
6.01 Arbitration
6.02 Notice
6.03 Choice of Venue
6.04 Copies
6.05 Amendments
6.06 No-Waiver
7.00 EFFECTIVE DATE AND TERM OF THE AGREEMENT
8.00 END OF AGREEMENT
8.01 Dissolution of the Agreement
8.02 Liquidation of the Partnership
8.02.01 Liquidator
8.02.02 Functions
8.02.03 Remuneration
8.02.04 Obligations of the Liquidator
9.00 SCOPE OF AGREEMENT
9.01 Previous Agreement
9.02 Transmission
SCHEDULE A - EXTRACT OF A RESOLUTION
SCHEDULE B - CADASTRAL DESCRIPTION OF THE IMMOVABLE
SCHEDULE C - DECLARATION OF LIMITED PARTNERSHIP
SCHEDULE D - LIST OF SPECIAL PARTNERS AND CAPITAL SUBSCRIBED
SCHEDULE E - SUBSCRIPTION AND PROXY FORM
SCHEDULE F - NOTICE OF SALE ACCORDING TO SECTION 5.02.01
SCHEDULE G - LIST OF SHARES FOR SALE
SCHEDULE H - NOTICE OF SALE ACCORDING TO SECTION 5.02.02
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