Section 1083.- The contributions of the partners with limited liability must be in money or other properties.

 

Section 1084.- No dividend or interest may be distributed to the partners with limited liability except out of the profits made by the partnership.

If the capital of the partnership has been reduced by losses, no dividend or interest may be distributed to partners with limited liability until the said losses have been made good.

Provided that a partner with limited liability cannot be obliged to return the dividend or interest which he has received in good faith.

 

Section 1085.- If a partner with limited liability has, by letter, circular or otherwise, informed third persons that his contribution is greater than the registered amount, he becomes liable for such grater amount.

 

Section 1086.- Agreements entered into between partners for altering the nature or reducing the amount of the contribution of a partner with limited liability have no effect as regards third persons until registered.

When registered, they have effect only as to obligations incurred by the partnership after their registration.

 

Section 1087.- A limited partnership must be managed only by the partners with unlimited liability.

 

Section 1088.- If a partner with limited liability interferes with the management of the partnership, he becomes jointly and unlimitedly liable for all the obligations of the partnership.

Opinions and advice, votes given for the appointment or dismissal of managers in cases provided by the contract of partnership, are not considered as interference with the management of the partnership.

 

Section 1089.- A partner with limited liability may be appointed a liquidator of the partnership.

 

Section 1090.- Partners with limited liability may carry on any business, either on their own account or on the account of third persons, even if such business is of the same nature as that of the partnership.

 

Section 1091.- Partners with limited liability may transfer their shares without the consent of the other partners.

 

Section 1092.- Unless otherwise provided by the contract, a limited partnership is not dissolved by the death of one of the partners with limited liability or by his becoming bankrupt or incapacitated.

 

Section 1093.- If a partner with limited liability dies, his heirs become partners in his place, unless otherwise provided by the contract.

 

Section 1094.- If a partner with limited liability becomes bankrupt, his share in the partnership must be sold as an asset of the bankruptcy.