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Delectus Personae

[Latin, Choice of the person.] By this term is understood the right of partners to exercise their choice and preference as to the admission of any new members to the partnership, and as to the persons to be so admitted, if any. The doctrine is equally applicable to close and family corporations and is exemplified in the use of restrictions for the transfer of shares of stock.

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Law Library - American Law and Legal InformationFree Legal Encyclopedia: Deed of covenant to Direct Tax