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The Partnership Agreement of Ovine Genetic Technology
Syndicate 1987-1, J.V. (OGT 87) states that the partnership was
formed in 1987 as a general partnership under the laws of the
State of California pursuant to the provisions of the Uniform
Partnership Act. The agreement states that the Uniform
Partnership Act of the State of California at the time of the
partnership’s formation or as may be thereafter amended shall
govern the partnership. Jay Hoyt and Management were designated
the managing partners, and the individual investors were
collectively designated as the investing partners. All the
investing partners were general partners of the partnership.
The record does not contain any partnership agreements for
RCR #7 or Ovine Genetic Technology 1990 (OGT 90). However, other
documents in the record indicate that RCR #7 is a Nevada general
partnership governed by the Uniform Partnership Act of the State
of Nevada, and OGT 90 is a California general partnership
governed by the Uniform Partnership Act of the State of
California.
From the time each Hoyt sheep partnership was formed through
1998, Jay Hoyt was the general partner responsible for all the
management, operation, and promotion functions. He maintained
power of attorney to manage and conduct partnership business.
Jay Hoyt oversaw the entire Hoyt operation and made all major
decisions.
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