§ 8447. Standards of conduct for partners
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: February 21, 2017
Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part III. Partnerships and Limited Liability Companies (Refs & Annos)
Chapter 84. General Partnerships (Refs & Annos)
Subchapter D. Relations of Partners to Each Other and to Partnership (Refs & Annos)
Effective: February 21, 2017
15 Pa.C.S.A. § 8447
Formerly cited as PA ST 15 Pa.C.S.A. § 8334
§ 8447. Standards of conduct for partners
(h) Rights and obligations in approved transaction.--If a partner enters into a transaction with the partnership which otherwise would be prohibited under subsection (b)(2), but the transaction is authorized or ratified as provided under subsection (f) or the partnership agreement, the partner's rights and obligations arising from the transaction are the same as those of a person that is not a partner.
(i) Exoneration.--The partnership agreement may provide that a partner shall not be personally liable for monetary damages to the partnership or the other partners for a breach of subsection (c), except that a partner may not be exonerated for an act that constitutes recklessness, willful misconduct or a knowing violation of law.
Credits
2016, Nov. 21, P.L. 1328, No. 170, § 25, effective in 90 days [Feb. 21, 2017].
15 Pa.C.S.A. § 8447, PA ST 15 Pa.C.S.A. § 8447
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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