Title
Articles of Partnership
(i)John Dollin Bassett, Leighton Buzzard, banker
(ii) John Grant, Leighton Buzzard, banker
(iii) Peter John Bassett, Leighton Buzzard, banker
(iv) Francis Bassett, Leighton Buzzard, banker
By articles of 1 January 1827 (i) and (ii) agreed to become partners in a Banking Business for 7 years
Continued for 14 years by deed on 29 February 1836 computed from 1 January 1834 on same terms and conditions as would have been liable to if partnership had been for 21 years instead of 7
Was also agreed that when (iii) son of (i) should attain 21 'if his conduct should be and have been such that no reasonable objection could be made thereto' (i) might be at liberty to introduce him as a partner with a participation not exceeding 1/4 or gains and profits. (iii) was introduced as partner on attaining 21.
(i),(ii) and (iii) have agreed to admit (iv) into partnership 'in consideration of his devoting his time and attention in promoting to the best of his ability the interest and advancement of the said business..'
So (i), (ii) and (iii) have agreed to dissolve co-partnership and together with (iv) to enter into hereinafter Agreements.
Now all of them declare previous partnership void with each other.
Also (i), (ii), (iii) and (iv) covenant, promise and agree with each other.
1) They will become co-partners in business of a banker, for 14 years from 1 January 1842, determinable at end of 7 years.
2) Capital to be £7500, of which £2500 is contributed by each of (i) and £1250 by each of (iii) and (iv).
3) Profits and losses etc to be borne in proportion of 2 x 1/6th parts by each of (i) and 1/6th part by each of (iii) and (iv).
4) Business to be carried on at Leighton Buzzard and Newport Pagnell (as previously) and such other places as may be mutually agreed on.
5) Rents and taxes, expenses etc to be borne and paid in same proportions as before.
6) Business shall be managed in name of Bassett, Grant, Bassett and Co.
7) Notes of the partnership to be made payable at Barclay, Bevan, Tritton and Co., or at such other Banking House as they may agree on.
8) Said capital of £7500 shall remain as deposit and not to be drawn out except to meet the demand upon said partnership. Promissory notes only to be issued on securities able to be readily convert into cash. Any surplus cash to be invested in Government securities etc.
9) If any partner shall issue notes on any other security, then he shall bear, and make good, any loss.
10) Proper books of account to be kept. Cash account to be balanced and settled every night.
11) Such books to be kept within partnership premises.
12) Partnership estate not to be attached for private debt of any partner.
13) No partner shall employ any partnership money for his own use without consent in writing of others. If private account overdrawn, then to pay interest.
If money on private account remains in the partnership, then to receive interest at 4% pa.
14) Any of them, with consent of others, may lend money to firm. This shall be entered in cash book and receive 4% pa interest.
15) No partner to lend money to anyone his partners have advised against. If so to bear any loss and repay debt within 3 months. $(PGA3)
16) No partner to compound any debt due to firm or sign bankrupt's certificate, without consent of others. Nor become bail for anyone without similar consent, under penalty of forfeiting to firm double the amount.
17) No partner to give any Bond etc which may affect partnership estate without consent of others, under penalty of forfeiting amount of said Bond and being liable for expulsion from partnership.
18) No clerk or servant to be employed without mutual consent.
19) General account to be taken every 30 June and 31 December. To be signed by all partners. Such accounts so subscribed to be conclusive unless error of £50 be discovered within year. Profit and loss to be divided in proportions as above.
20) Partners to be just and faithful to each other.
21) Final General Account shall be made at end of term of 14 years. Partnership debts to be paid. Remainder divided between them.
22) If partner acts in manner calculated to prove prejudicial to interests of the Bank, or move from present residence in Leighton Buzzard, then others shall in writing to ask him to withdraw himself from partnership within 28 days. Remaining partners to execute Bond to pay share of withdrawing partner.
23) Partner may withdraw on giving 12 months notice, to expire on one of half yearly account days. Bond to be made for payment of retiring partner's share.
24) If any partner die during continuance of partnership, share to go to person entitled to it.
25) If (i), (iii) or (iv) die, leaving a widow, she shall enjoy deceased husband's share for remainder of 14 years in trust for benefit of deceased husband's estate. If no widow, then to executor or administrator.
26) If (ii) die, leaving widow, she shall enjoy his share for remainder of 14 years, and be considered as representing him. If she dies before end of term, then Abraham Darby of Colebrookdale, iron master, grandson of (ii) may be at liberty to suceed to his share, upon settling for the amount of the share.
27) (i) to have £300 in addition to his share for taking on himself the active management of the business. $(PGA4)
28) When assent or dissent required (iii) and (iv) shall have one vote between them.
29) Major part of partners may dissolve partnership at end of 7 years, on giving 12 months notice. All disputes to be referred to arbitration.
Unsigned