Limited Partners’ Rights and Duties, Generally. Except as otherwise required by the Act, no Limited Partner shall be personally liable for any of the debts or obligations of the Partnership, and the liability of each Limited Partner to the Partnership shall be limited to the total Capital Contributions that the Limited Partner is required to make to the Partnership under Article V, and such liability shall be enforceable only by the Partnership and the Partners thereof and not by any creditors of the Partnership. The Limited Partners shall have such approval and consent rights as are specifically provided for in this Agreement or pursuant to the Act, but shall not participate in the management or control of the Partnership’s operations, business or affairs, transact any business for the Partnership or have the power to act for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. Limited Partners may exercise any such approval or consent rights at a meeting of the Partners or by written consent.
Appears in 7 contracts
Samples: Limited Partnership Agreement (Safeway Stores 42, Inc.), Limited Partnership Agreement (Safeway Stores 42, Inc.), Limited Partnership Agreement (Safeway Stores 42, Inc.)
