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Housing for the Elderly (Monroe); Clinton Housing for the Elderly
(Clinton); Rocky Mount Housing for the Elderly (Rocky Mount); and
Charlotte Housing for the Elderly (Charlotte), collectively
referred to the housing partnerships.
For each of the housing partnerships, Fred Jr. was
permanently established as the managing partner. The partnership
agreements for the housing projects contained the following
provisions:
Section 2.02 Management of Partnership. The
overall management and control of the business and
affairs of the Partnership shall be vested in the
managing Partner (the “Managing Partner”) designated
herein, provided, however, no act shall be taken or sum
expended or obligation incurred by the Partnership, or
any Partner, with respect to a matter within the scope
of any major decision (“major decision”) affecting the
Partnership, unless such major decision has been
approved by Partners holding collectively a 75%
interest in the Partnership. * * *
“Major decisions” included the acquisition and sale of land
or partnership property, financing, expenditures in excess of
$2,500, entering into major contracts, or any other decision or
action “which materially affects the Partnership or the assets or
operation thereof.”
Section 2.03 Day to Day Management.
(a) Subject to the limitations set forth in this
Article II, the day to day management of the
Partnership’s business shall be conducted by the
Managing Partner, Fred D. Godley, Jr., and his agents
and designees. Such Managing Partner subject to the
limitation set forth in Section 2.02 above shall
implement the major decisions of the Partners. * * *
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Last modified: May 25, 2011