Reference
BD12
Title
Articles of Partnership.
(i) Talbot Barnard of The Hoo, Kempston, esq.
(ii) Thos. Barnard of Cople, esq.
(iii) Thos. Twining Wing of Grays Inn, gent.
(Rec. that (i) & (ii) have been carrying on business
as 'Thos. Barnard & Sons' and have agreed to take in
(iii) as a partner. That the mess. in which business
is carried on belongs to (i) alone, and that he has
agreed to lease it to a trustee.)
- - (1) Partnership for 14 yrs.
(2) Joint stock of £22,000, and partners to have 6%
interest on their share of profits.
(3) (iii) can bring in up to £10,000 capital, with
interest on at the rate allowed by Messrs.
Overend & Co. of Lombard St.
(4) Capital exclusively for the business.
(5) Additional capital, if nec., to be contributed in
equal shares. If partner cannot bring in his full
share, another p. may advance it.
(6) Business to be carried on at same place.
(7) (i) to grant a lease of sd. mess. to Rev. Ric.
FitzPatrick of Bedford for 14yrs. at £100, to
be pd. out of Joint Stock.
(8) Wages & overheads to be pd. out of profits of the
business.
(9) Partners to share profits equally and annually,
provided that if (iii)'s share is less than
£1,000 p.a. it is to be augmented.
(10) Each partner may take up to £1,200 p.a. and up
to £100 per month out of the business for his own
purposes, in anticipation of share, & must
refund if they take more than their share.
(11) Accounts to be kept at house of business, or where
partners agree.
(12) (iii) to manage the business, (i) & (ii) may
attend as they think proper.
(13) No partner to engage in any other business.
(14) No partner to borrow joint stock without others'
consent.
(15) As in (5) in no.1, except that only the ammount
of money transferred (not twice the value) is to
be pd. to the other partners.
(16) No partner to become bound etc. or subscribe an
insurance policy, or in any way pledge the stock
of the firm.
(17) All notes etc. to be signed by all the partners,
otherwise payable out of the separate account of
the partner signing.
(18) As in (11) in no.1.
(19) No clerk to be apptd. & none of the present clerks
dismissed, without mutual consent, but any partner
dismiss clerks subsequently apptd.
(20) Annual account to be made on 31 Dec. To be written
in 3 bks. To be altered only if an error of up-
wards of £50 be found.
(21) Nett profits to be applied as follows :-
(a) Dividend to partners.
(b) 5% of profits to be put into separate account
called 'The Contingent Fund'.
(c) Surplus to be shared.
(22) Money in the Contingent Fund to be applied from time
to time as partners think fit.
(23) A general account is to be made at the end of the
p'ship. This is to be held conclusive, unless there
is a manifest error of £100 & upwards, which must
be notified to p'.s in 12 months. After debts &
liabilities have been met, the rest to be shared.
(24) If (i) or (ii) die, the survivor of them to have
option of succeeding to the other's share, giving
notice within 3 months.
(25) Payment to the exors of the deceased :-
(a) If he dies in 1st yr. of p'ship, the amount
he brought into the business.
(b) If after 1st yr., the ammt. due at last
annual account, with (in either case) 6%
interest. To be pd. over 2yrs.
(26) If both (i) & (ii) die, (iii) to pay exors. in same way.
(27) If (iii) dies, payment in same way to exors., but
must be not less than a proportionate sum calculated
after the rate of £1,000 p.a. to be pd. in 1yr.
(28) Disputes to be referred to 2 referees, chosen by pties.
or to an umpire chosen by the referees. If either
pty. fails to name a referee within 1 month, or if his
referee neglects his duty, the other ref. may act
alone. Referees can award a dissolution of the p'ship
or resignation of one of the pties.
(29) Referees or umpire can take advice from accountants
or counsel. The award to be made in writing within
6 months (which may be extended to 2 yrs.) They may
examine the pties. & order the deposit of docts. Costs
to be assessed as between attorney & client and not
as between pty. & pty. Awards may be made a rule of
H.M. Courts.
Witn. : R. Du Cane, Hen. Vincent Wing.
3 applied seals (conv.)
Date free text
1 Oct. 1857
Production date
From: 1857 To: 1857
Exent
No. of pieces: 1
Level of description
item