79-14-305 - Information. - Mississippi Statutes

§ 79-14-305. Information.
 

(a)  Each limited partner has the right to: 

(1) Inspect and copy any of the partnership records required to be maintained by Section 79-14-105; and 

(2) Subject to such reasonable standards as may be set forth in writing in the partnership agreement, obtain from the general partners from time to time upon reasonable demand for any purpose reasonably related to the limited partner's interest as a limited partner: 

(i) True and full information regarding the state of the business and financial condition of the limited partnership; 

(ii) Promptly after becoming available, a copy of the limited partnership's federal, state, and local income tax returns for each year; and 

(iii) Other information regarding the affairs of the limited partnership as is just and reasonable. 

(b)  In addition to any other remedies, a court of competent jurisdiction may enforce the duty of making available the information and financial statements required by this section. 

(c)  In any action under this section, if the court finds that the limited partnership has failed to comply with the requirements of this section, the court may award an amount sufficient to reimburse the partners bringing the action for the reasonable expenses incurred by the partners, including attorneys' fees, in connection with the action or proceeding. 

(d)  Any waiver by a partner of the rights provided in this section shall be unenforceable. 
 

Sources: Laws,  1987, ch. 488, § 305, eff from and after January 1, 1988.