Anthony v. Binscarth Holdings GP Inc.
Section 11(1) of the Limited Partnerships Act grants limited partners a right to a share of profits but does not impose a statutory duty to pay those profits on an annual basis; the LPA's clause granting the general partner sole discretion to make distributions is valid and not displaced by s.11(1); the Accumulations Act does not apply to this commercial partnership; accordingly the application seeking declarations of mandatory annual cash distributions was dismissed and the appeal was dismissed.
Source excerpt
- Statutory interpretation
- Distribution of partnership profits
- Rights of limited partners
- Accumulations of income
- Contractual freedom