California Public Resources Code 3941 – An express agreement to become partners or to share the profits and …
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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 interests in a mine and working it for the purpose of extracting the minerals therefrom.
(Added by Stats. 1988, Ch. 259, Sec. 11.)
Terms Used In California Public Resources Code 3941
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.