PARTNERSHIPS.
CHAPTER 65.
AN ACT TO REGULATE LIMITED PARTNERSHIPS.
Be it enacted by the Legislative Assembly of the Territory of Dakota:
Section 1. Limited partnerships, for the transaction of mercantile, mechanical, or manufacturing business within this territory, may be formed by two or more persons, upon the terms, with the rights and powers, and subject to the conditions and liabilities herein prescribed; but the provisions of this act shall not be construed to authorize any such partnership for the purpose of banking or making insurance.
Sect. 2. Such partnership may consist of one or more persons, who shall be called general partners, and who shall be jointly and severally responsible as general partners now are by law; and one or more persons, who shall contribute their liability in actual cash payments, a specific sum as capital to the common stock, who shall be called special partners, and who shall not be liable for the debts of the partnership beyond the fund so contributed by him or them to the capital.
Sect. 3. The general partners only shall be authorized to transact business and sign for the partnership and to bind the same.
Sect. 4. The persons desirous of forming such partnership shall make and severally sign a certificate, which shall contain: 1. The name or firm under which such partnership is to be conducted. 2. The general nature of the business to be transacted. 3. The names of all the general and special partners interested therein, distinguishing which are general and which are special partners, and their respective places of residence. 4. The amount of capital which each special partner shall have contributed to the common stock. 5. The period at which the partnership is to commence, and the period at which it is to terminate.
