2014 Pennsylvania Consolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 85 - Limited Partnerships
Section 8535 - Classes of general partners

§ 8535. Classes of general partners.

(a) General rule.--A partnership agreement may provide for:

(1) classes or groups of general partners having such relative rights, powers and duties as the partnership agreement may provide;

(2) the future creation in the manner provided in the partnership agreement of additional classes or groups of general partners having such relative rights, powers and duties as may from time to time be established, including, without limitation, rights, powers and duties senior to existing classes and groups of general partners; and

(3) the taking of an action, including, without limitation, amendment of the partnership agreement or creation under the provisions of the partnership agreement of a class or group of partnership interests that was not previously outstanding, without the vote or approval of any general partner or class or group of general partners.

(b) Class voting.--The partnership agreement may grant to all or certain identified general partners or a specified class or group of general partners the right to vote (on a per capita or any other basis), separately or with all or any class or group of the limited partners or the general partners, on any matter.

(c) Notice, record date, etc.--A partnership agreement that grants a right to vote may set forth provisions relating to notice of the time, place or purpose of any meeting at which any matter is to be voted on by any general partner, waiver of any such notice, action by consent without a meeting, the establishment of a record date, quorum requirements, voting in person or by proxy, or any other matter with respect to the exercise of any such right to vote.