__________, herewith form a general partnership to be known as the ______ Investment Club.
The partnership shall commence on _____________________ and shall continue for a period of five years, and then thereafter year for year, unless earlier terminated by this agreement.
Each partner shall on or before _____________________ make an initial capital contribution of Rs._____ (____________________& __/100 rupees).
Partners shall be entitled to make additional capital contributions of at least Rs.____ (____________________& ___/100 Rupees) at any regular meeting of the partnership, provided, however, that the no partners capital contribution shall at any time exceed _______ percent of the total capital of the partnership. Profits and losses shall be allocated to each partner in the same proportion as their capital account bears to the total capital of the partnership.
Books of account shall be created and maintained of all transactions of the partnership. A yearly report shall be presented to members of the results of the operation of the partnership. The books shall be open to examination by partners at all reasonable times. Upon a vote of the partners, an accounting firm may be appointed to perform bookkeeping or other services. It shall not be necessary for the affairs of the partnership to be audited; however, upon the vote of the majority of the partners an audit may be commissioned.
The partners shall by vote designate an official depository for funds. Withdrawals shall be made by the signature of partners.
The partnership shall hold regular meetings at least quarterly. The time and place for the holding of meetings shall be determined by vote of the partners. At the first regular meeting of the partners, the partners by majority vote shall elect a presiding officer who shall act as the Chairman of meetings. Meetings shall be held following Robert’s Rules of Order to the extent that the same are appropriate. Thereafter, each year, a new Chairman shall be elected. Partners may appoint any other partner, and only another partner, to act as their proxy at any meeting which proxy shall be required to be in writing. Voting shall be by percentage of capital. No quorum shall be required for regular business; however, the following business shall require a quorum of the members, determined by percentage of capital at the beginning of the meeting:
(a) dissolution or other termination of the partnership;
(b) changes in the partnership agreement
All business of the partnership shall be determined by a simple majority of the partners present, except for dissolution or changes in the partnership, which shall require a 2/3 majority.
Upon the vote of a majority of the partners, a special meeting may be held upon 10 days prior notice….
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