Section 53-402 – EXPRESS AGREEMENT NOT NECESSARY.
53-402. EXPRESS AGREEMENT NOT NECESSARY. An express agreement to become partners or to share the profits and losses of mining is not necessary to the formation or existence of a mining partnership. The relation arises from the ownership of shares or interest in the mine and working the same for the purpose of extracting the […]
Section 53-403 – SHARING PROFITS AND LOSSES.
53-403. SHARING PROFITS AND LOSSES. A member of a mining partnership shares in the profits and losses thereof in the proportion which the interest or share he owns in the mine, bears to the whole partnership capital or whole number of shares. History: [(53-403)R.S., sec. 3302; reen. R.C. & C.L., sec. 3363; C.S., sec. 5858; […]