Delectus Personae legal definition of 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.
DELECTUS PERSONAE. This phrase, which literally signifies the choice of a
person, is applied to show that partners have the right to select their
copartners; and that no set of partners can take another person into the
partnership, without the consent of each of the partners. Story on Partn. 6
Colly. on Partn. 4; 1 Swanst. 508; 2 Bouv. Inst. n. 1443.
References in periodicals archive
to ensure the right of delectus personae of the shareholders of UAB which means that partners (shareholders) have the possibility to choose other partners and that neither group of partners can take another person as a partner without the consent of each and every partner (Law Dictionary 2015).
Although Article 2(4) of the LoC provides that the maximum number of UAB shareholders can be 249 persons, in practice it is difficult to find cases when more than 10 shareholders operate UAB; this once again highlights the need to limit changes in the participants due to close links between them and delectus personae legal guarantees.
under the doctrine of delectus personae
, a partner's rights are generally not transferable without the consent of all the partners.