2010 Michigan Compiled Laws
Chapter 449 - PARTNERSHIPS
Act 191 of 1877 - PARTNERSHIP ASSOCIATIONS (449.301 - 449.316)
Section 449.306 - Partnership associations; division of profits, impairment of capital.
PARTNERSHIP ASSOCIATIONS (EXCERPT)Act 191 of 1877
449.306 Partnership associations; division of profits, impairment of capital.
Sec. 6.
The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of the said association; and any one consenting to a dividend, which shall diminish or impair the capital, shall be liable to any person or persons interested or injured thereby to the amount of such diminution or impairment.
History: 1877, Act 191, Eff. Aug. 21, 1877
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How. 2370
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CL 1897, 6084
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CL 1915, 7954
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CL 1929, 9914
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CL 1948, 449.306
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