Agri-Cal Venture Associates, Frederick H. Behrens, Tax Matters Partner, et al. - Page 23




                                       - 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

Last modified: May 25, 2011