Reference
BD17
Title
Articles of Partnership.
(i) Thos. Barnard.
(ii) Fred. Stanley Carpenter of Moorland, Kempston.
(iii) Edw. Owen Carpenter of Kempston.
- - - (1) P'ship for 14 yrs., from 1 July 1885. Subject
to provs. for adm. of (i)'s son.
(2) Old partnership to be taken over as a going
concern, subject to provs. re goodwill.
Balance of 'The Rest' to be dealt with by
partners in the old firm.
(3) As in (6) in no.12.
(4) Capital of £80,000, to be prov. in following
proportions :- (i) £74,000, (ii) £6000. The
latter to stand to acct. of (ii) & (iii) as
they may arrange. Additional capital to be
brought in by (i). (ii) & (iii) may bring in
up to £4,000, when (i) may withdraw an equiv-
alent ammt. 6% interest on capital, which may
be drawn out at pleasure.
(5) Wages & Overheads, to be pd. (a) out of gross
profits, (b) out of 'The Rest', (c) by
partners in proportion.
(6) Nett profits: 5/8 to (i), 1/8 to (ii), 1/4 to (iii).
(7) (i) to devote his whole time to the business,
(ii) & (iii) may attend as they wish.
(8) Notes etc. to be signed by all partners.
(9) As in (8) in no. 16.
(10) As in (9) in no. 16.
(11) As in (10) in no. 16.
(12) As in (14) in no. 16, with addn. of 'or dismiss'.
(13) As in (11) in no. 16, with addn. of 'or subscribe
insurance policy'.
(14) As in (6) in no. 16.
(15) Annual acct. to be drawn up on 30 June; no change
to be made unless (unspecified) error be found
within 12 months.
(16) 13% of the nett profits to go into 'The Rest'
as a fund to provide against depreciation of
securities and other contingencies. To be
applied in proportions in which partners share
profits.
(17) Goodwill the sole property of (i), except if nec.
to sell the business at end of p'ship, when it
is to be sold & proceeds divided proportion-
ately.
(18) At end of p'ship (i) has option to carry on alone
paying the others their shares within 1 yr.
If he declines, goodwill to be sold & proceeds
divided as above.
(19) If (i) dies before end of p'ship, his exors.
have option to continue as sleeping partners,
with no control, but with liberty to inspect
accts. & with same rights as (i) would have
at end of p'ship. If they decline, business
to be wound up. Exors can subsequently decline
after having opted to continue.
(20) If (ii) or (iii) die, their shares to accrue
to (i), paying their exors. capital, interest,
and an allowance in lieu of profits of current
yr. on basis of average nett profits in past
3 yrs. If (i) is not living at time of
their death, his exors. may succeed to their
share, on same terms as above.
(21) Surviving partners empowered to execute the
nec. deeds, if any of the above events occur.
(22) (i) may introduce his son Thos. Henry B. into
the firm to learn the business, & on his att-
aining the age of 21, (i) may adm. him as a
partner for part or all of his share in the
capital, or can nominate him to succeed by will.
Son to execute a deed of Accession. To have same
rights as (i).
(23) Except as in (22), no partner may take in
another partner or assign his share, without
consent of others.
(24) Disputes : to be settled by 2 referees or an
umpire; awards to be made an order of Chancery.
Witn. : Geo. Alger.
3 applied seals (conv.)
Date free text
13 Mar. 1886
Production date
From: 1886 To: 1886
Exent
No. of pieces: 1
Level of description
item