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Where securities are transferred or liquidated, the partnership shall select securities to transfer or liquidate equal to the value of the capital account or a portion of the capital account being withdrawn. Securities shall be transferred as of the date of the club's valuation statement prepared to determine the value of that partner's capital account in the partnership. The Club's broker shall be advised that ownership of the securities has been transferred to the partner as of the valuation date used for the withdrawal. Any fees associated with such transfer and/or necessary liquidation of securities shall be fully borne by the withdrawing partner
22. Forbidden Acts: No partner shall:
(a) Have the right or authority to bind or obligate the partnership to any extent whatsoever with regard to any matter outside the scope of the partnership purpose.
(b) Except as provided in paragraph 17A, without the unanimous consent of all the other partners, assign, transfer, pledge, mortgage or sell all or part of his interest in the partnership to any other partner or other person whomsoever, or enter into any agreement as the result of which any person or persons not a partner shall become interested with him in the partnership.
(c) Purchase an investment for the partnership where less than the full purchase price is paid for same.
(d) Use the partnership name, credit or property for other than partnership purposes.
(e) Do any act detrimental to the interests of the partnership or which would make it impossible to carry on the business or affairs of the partnership.
23. Amendments. The partnership may, at any time, amend this partnership agreement by a 2/3 majority vote of the partners, with the exception of this section (23), which will require a unanimous vote.
This Agreement of Partnership shall be binding upon the respective heirs, executors, administrators and personal representatives of the partners.
The partners have caused this Agreement of Partnership to be executed on the dates indicated below, effective as of the date indicated above.
P B I C
P.B. Investment Club
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