Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · Michigan · Chapter 449 — Partnerships

449.306 Partnership associations; division of profits, impairment of capital.

119 words·~1 min read·/mi/chapter-449/449-306

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

449.306 Partnership associations; division of profits, impairment of capital.
Sec. 6.
The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of the said association; and any one consenting to a dividend, which shall diminish or impair the capital, shall be liable to any person or persons interested or injured thereby to the amount of such diminution or impairment.
History: 1877, Act 191, Eff. Aug. 21, 1877 ;-- How. 2370 ;-- CL 1897, 6084 ;-- CL 1915, 7954 ;-- CL 1929, 9914 ;-- CL 1948, 449.306
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.