STATE OF ________)
COUNTY OF _______)
The undersigned, herewith agree to engage in operating a computer telecommunications service (also known as a computer bulletin board) as a not for profit association, hereby form an association.
The name of the association shall be the County Teacher's Association. The principal office of the association will be located at:
County School Board Building
and no rental shall be charged for occupation of the premises. Additional or substitute offices may be agreed upon from time to time by the parties.
The association's existence shall commence on [Date] and it shall continue until dissolved either by mutual agreement or by operation of law.
The associates will contribute as follows:
see attached list
No associate shall have the right to demand repayment of their capital contribution unless the same is through a dissolution of the partnership and a winding up of its affairs.
Decisions by the association shall be made by majority vote.
Books of account of the transactions of the association shall be kept at the principal place of business of the partnership. The books of account of the association shall be available for inspection by all times by the partners. Each associate shall be required to report all transactions related to associate business promptly and accurately.
The associates shall determine the net operating results of the association. The associates may by majority vote, agree to distribute any surplus to any charitable organization.
Each associate shall have the right to manage the affairs of the association in the ordinary course of the partnership's business.
However, no association shall have the authority to:
a) confess judgment against the association;
b) convey substantially all of the partnership assets
without prior approval by majority vote.
This association shall terminate upon the death, bankruptcy or incompetency of any associate. Thereupon the remaining associates shall act as trustees for the association and shall promptly wind up the affairs of the association unless the remaining partners agree that they will continue the association. No associate shall personally profit from the operations of the association.