AG 1997 12 15 - Laserfiche WebLink

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distribution may be deposited invested in federal, state, maturing within one year. in interest bearing or municipal debt accounts or obligations 5.4 Annual Reports. As of the end of each fiscal year of the Partnership, commencing with the fiscal year ending December 31, 1991, a full, true and accurate written annual report shall be prepared by the Partnership Account. Such annual report shall include a statement of assets, liabilities and equity, a profit and loss statement, and a statement showing distributions to the Partners and allocations to the Partners of Partnership taxable income, gains, losses, deductions and credits. All such statements shall be prepared in accordance with the accounting method used for federal income tax reporting purposes by the Partnership. A copy of the annual report shall be distributed to each Partner on or before the date of the annual meeting next following the close of the preceding fiscal year. Further, any Partner may at any time, with or without the consent of any of the other Partners, request audited financial statements to be prepared by the Partnership Accountant. If such request by a Partner is not approved by a majority of the other Partners, then the cost thereof shall be borne by the requesting Partner. In the event such request is approved, then the cost of such statements shall be an expense of the Partnership. ARTICLE VI MANAGEMENT AND OPERATION OF PARTNERSHIP BUSINESS 6.1 Partnership Business and Voting Procedures. The business and affairs of the Partnership shall be managed by the Partners. Each Partner shall have that number of votes in the management and conduct of the Partnership business as is equal to each Partner's Percentage Interest at the time of the vote, which votes may be cast in person or by written proxy. All matters shall be decided by the vote of a majority of Percentage Interests in the Partnership, whether or not votes are cast in person or represented by proxy, except as otherwise specifically provided in this Agreement. 6.2 Partnership Meetinqs. 6.2.1 Place of Meeting: All meetings of Partners shall be held at the principal office of the Partnership, or at such other place, either within or without the State of North Carolina, as shall be designated in the notice of the meeting. 6.2.2 Annual Meetings: The annual meeting .of Partners shall be held at 2 o'clock p.m. on the last Monday in March of each year, if not a legal holiday, but if a legal holiday, then on the next secular day following which is not a legal holiday.