Agenda - Council - 06/11/1985 - Special

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I I I I I I I I I I I I I i I I I i I N.C., Inc. Elizabeth Raudio (70.0~) (30.0~) SECTION 7.2 Each Partner shall make additional contributions to capital in such amount as may from time to time be agreed upon by all Partners. Such additional contributions of capital shall be in the same proportions as the intitial contributions to capital as set forth in Section 7.1. ARTICLE VIii. .Capital Accounts and Drawing Accounts SECTION 8.1 An individual capital account shall be maintained for each Partner. The capital of each Partner shall consist of his original contribution~ increased by (a) additional capital contributions, and (b) his share of Partnership profits transferred to capital, and decreased by (a) distributions or withdrawals in reduction of Partnership capital, and (b) his share of Partnership losses, if charged to capital. SECTION 8.;) No value for good will shall be included in Partnership capital. SECTION 8.3 After the close of each year, the Partners shall agree upon the total amount of Partnership capital to be maintained during the succeeding year. Each Partner shall be obligated to make contributions to such capital in proportion to his existing capital interest in the Partnership. Adjustments shall be made on the books of the Partnership to reflect transfers from a Partner's income account to his capital account, or vice versa, in order to satisfy his capital account obligation. In the absence of specific allocation to capital, undistributed or undrawn profits of the Partnership shall not constitute or be deemed to be part of the Partnership capital. No Partner's capital account shall bear interest in his favor. SECTION 8.4 No Partner shall withdraw any part of his capital account except by agreement of all Partners, or upon liquidation of the -4-