Section 10-8-43

(Repealed effective January 1, 2001) Rights and duties of partners.

The rights and duties of the partners in relation to the partnership shall be determined, except as modified by any agreement between them, by the following rules:

(1) Each partner shall be repaid his contributions, whether by way of capital or advances to the partnership property, and share equally in the profits and surplus remaining after all liabilities, including those to partners, are satisfied, and he must contribute toward the losses, whether of capital or otherwise, sustained by the partnership according to his share in the profits.

(2) The partnership must indemnify every partner in respect of payments made and personal liabilities reasonably incurred by him in the ordinary and proper conduct of its business or for the preservation of its business or property.

(3) A partner, who in aid of the partnership makes any loan, payment or advance beyond the amount of capital which he agreed to contribute, shall be paid interest at the legal rate from the date of the loan, payment or advance.

(4) A partner shall receive interest at the legal rate on the capital contributed by him only from the date when repayment should be made.

(5) All partners have equal rights in the conduct of the partnership business and to participate in its management.

(6) No partner is entitled to remuneration for acting in the partnership business; except, that a surviving partner is entitled to reasonable compensation for his services in winding up the partnership affairs.

(7) No person can become a member of a partnership without the consent of all the partners.

(8) Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners; but no act in contravention of any agreement between the partners may be done rightfully without the consent of all the partners.

(Acts 1971, No. 1513, p. 2609, §18.)