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AG 1997 12 15
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AG 1997 12 15
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Last modified
3/25/2002 6:32:25 PM
Creation date
11/27/2017 11:54:54 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/15/1997
Board
Board of Commissioners
Meeting Type
Regular
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KANNAPOLIS CHAMBER OF <br />COMMERCE, INC. <br /> <br />$12,500.00 <br /> <br /> The capital account shall be credited with the amount of <br />each such Partner's Capital Contribution and such Partner's share <br />of Net Profits, and it shall be charged with such Partner's share <br />of Net Losses and Distributions. The capital accounts of the <br />Partners, except as may be otherwise provided by the Partners and <br />except as otherwise provided in Section 3.3 of this Agreement, <br />shall be maintained at all times in proportion to their <br />Percentage Interests. <br /> <br /> 3.2 Interest. No Partner shall be entitled to interest on <br />a Partner's Capital Contribution or on any Net Profits retained <br />by the Partnership. <br /> <br />3.3 Additional Capital Contributions. <br /> <br /> 3.3.1 The Partners recognize that the cash flow, if any, <br />produced by the business operations of the Partnership may be <br />insufficient from time to time to fund capital improvements, to <br />establish and maintain appropriate Reserves and to pay the <br />operating costs of such business operations. If the Partners <br />decide that additional funds are required to fund such <br />improvements, to establish such Reserves or to pay such costs, <br />the Partners, in proportion to their Percentage Interests, shall <br />make the necessary additional Capital Contributions to the <br />Partnership. <br /> <br /> 3.4 Percentaqe Interests. The Percentage Interest of each <br />Partner in the Net Profits and Net Losses of the Partnership as <br />of a particular date shall be the percentage equal to a'fraction, <br />the numerator of which is the aggregate of the Partner's Capital <br />Contributions, and the denominator of which is the aggregate of <br />the capital Contributions of all of the Partners of the <br />Partnership. <br /> <br /> 3.5 Capital Accounts. A separate capital account (a <br />"Capital Account") shall be maintained for each Partner with <br />respect to this Partnership Interest, and the amount of such <br />Capital Account as of any particular date shall be the sum of the <br />following: <br /> <br /> (i) The Partner's Capital Contributions (including <br />additional Capital Contributions) as of such date, plus <br /> <br /> (ii) The cumulative amount of the Partnership's Net Profits <br />that has been ~llocated to such Partner pursuant to Article IV <br />hereof as of such date, minus <br /> <br /> (iii) The cumulative amount of the Partnership's Net Loss <br />that has been allocated to such Partner pursuant to Article IV <br /> <br /> <br />
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