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' • • � � - z - <br /> herein referred to as managing partner, or such other managing <br /> ( �' partner as from time to time may be appointed by majority vote of <br /> the partners . The managing partner shall : <br /> A. Establish and maintain a partnership bank account <br /> and such other financial deposits and accounts as may be <br /> necessary for the transaction of partnership business . <br /> B. Prepare and file tax returns required for the <br /> partnership. <br /> C . Incur routine annual farm expenses and disburse <br /> partnership funds in payment thereof . For this purpose a <br /> reserve account may be maintained in which partnership <br /> funds are retained. � <br /> D. In behalf of the partnership , execute purchase <br /> or sale contracts , mortgages and such other legal documents <br /> as may be required to effect business transactions approved <br />���� by a majority of the partners . <br /> E. Accumulate partnership funds for the payment of <br /> long term indebtedness , and to pay the same in full or in <br /> installments . <br /> F. Annually distribute all profits , except profits <br /> retained for operating expenses and reduction of long <br /> term indebtedness . <br /> 8 . The initial capital of the partnership sha11 consist <br /> of the property contributed by the said partners as will be shown <br /> by a balance sheet which sha11 be attached to this agreement . <br /> The signatures to this agreement and approval of this balance <br /> sheet sha11 constitute a transfer of said property to the partnership . <br /> 9 . A capital account shail be maintained showing the <br /> o�ership interests of each partner . The capital account of each <br />