- 23 - believe that AMCOR was not admitted to the partnership as co- general partner until after February 1, 1985. We find some additional support for that conclusion in the AVA limited partnership agreement, which, although it is silent on how the initial general partners are to exercise their authority to admit a person as a co-general partner, specifically addresses how additional partners are to become signatories to the agreement. Section 22.1 of the agreement, see supra section III.A.2, requires a prospective partner to execute the agreement “and such other instrument or instruments * * * as the General Partners shall determine” in order to become a signatory to the agreement. Moreover, the second sentence of section 22.1 states: “By so signing, each [new partner] shall be considered to have adopted, and to have agreed to be bound by all the provisions of this Agreement”. See also section 22.4 of the agreement (amendment of agreement to reflect designation of a new general partner shall be signed by such new general partner). AVA has failed to show that an officer of AMCOR executed the agreement or any other required instrument on or before February 1, 1985. While we do not conclude that such executions are a precondition to a person’s being admitted as a partner, we think that the absence of such executions supports our conclusion that AMCOR was not admitted as a partner on or before February 1, 1985.Page: Previous 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Next
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