Bedfordshire Archives Service Catalogue
  • Reference
    BMB1/1/5
  • Title
    Deed of Co - Partnership i) Robert Barry Stafford, Bedford, auctioneer, surveyor, valuer, land and estate agent ii) John Rogers, Chellington, auctioneer, surveyor, valuer, land and estate agent
  • Date free text
    1 Jun 1878
  • Production date
    From: 1878 To: 1878
  • Scope and Content
    i) and ii) mutually covenant and agree to be partners in the trade and business of auctioneers, surveyors, valuers, land and estate agents, on the following terms etc: -- partnership term to be 14 years computed from 24 June1878 but commencing on 24 May 1878, with power to determine it after 7 years -- firm to be called Messrs Stafford and Rogers -- to be carried on at the office of Robert Barry Stafford in St Mary's Bedford and he is to be paid £1 18s 6d rent from 24 May to 24 June 1878 and the £35 p.a. payable quarterly Sale yard in Horne Lane occupied by R B Stafford, and the other one also in Horne Lane occupied by John Rogers, shall, during the continuance of the partnership, be held and used on behalf of the partnership -- capital of partnership shall be £3000 to be brought in by the parters in equal shares -- if either partner advance any sum to the partnership, it shall be a debt payable on demand and bear intrest at 5% p.a. -- bankers to be the London and County Bank, Bedford branch, and Messrs Barnard and Co., of Bedford. Each partner shall be at liberty to draw cheques into name of the firm -- fixtures etc at the Office in St Mary's and in sale yard in Horne Lane occupied by R B Stafford, are property of said R B Stafford, and those at Office in Horne Lane and sale yard there now occupied by John Rogers, are the property of J Rogers. -- rents, cost of repairs, taxes, rates, and all other monies payable and all losses to be payable out of gross profits. If in deficit, then to be borne by the partners equally. -- £8 6s 8d being a proportionate part of annuity hereinafter mentioned shall be paid to Elizabeth Stafford of Kempston, widow, on 24 June 1878, and annuity of £100 p.a. shall during the continuance of the partnership be paid quarterly for so as she or R B Stafford should so long live. If R B Stafford die during the continuance of the partnership, then J Rogers shall pay Elizabeth £50 p.a. He shall receive £4 3s 4d in lieu of personal expenses and £50 pa.a during continuance of thepartnership in lieu of ordinary personal expenses -- R B Stafford shall receive to own use the income arising from his agencies existing in connection with the families of Thorntons of Kempston, Paynes of Wootton, the Larkins of Suffolk, and the Knapps of Shenley. John Rogers shall be entitled to carry on his farm at Chellington -- otherwise all profits to belong to partners in equal shares -- proper books of account to be kept at Office of the partnership and each partner shall have free access to them -- partners to devote whole time to the business -- to be just and faithful to each other -- no partner, without consent of the other, to employ monies or goods of the partnership except upon partnership business -- neither partner shall lend money etc to any person whom the other partner shall have forbidden him in writing to trust -- neither partner shall compound any debt without consent of the other -- no partner to do anything whereby effects of the partnership may be seised or attached -- debts to be punctually paid and each partner will indemnify the other against his personal debts -- General account to be taken on 31 December and 30 June each year by professional accountant, and entered in 2 books (one to be kept by each partner). -- After such general accunt, the profits to be divided between each partner in equal shares -- Reserve fund to be created - £10 per £100 -- each partner may draw £600 from cash of the partnership -- General account to be taken at determination of the partnership, plant sold. Debts and liabilities to be repaid, capital refunded, with interest and remainder divided between partners -- Like account made if one partner dies during continuance of the partnership. Surviving partner shall be at liberty to take share of deceased at valuation. Amount to be paid in four equal instalments at end of 6, 12, 18 and 24 months. Interest - £% p.a. Bond to be issued to idemnify executors of deceased against any liabilities of the partnership. -- £200 to be paid to widow and children of deceased partner, in consideration of the goodwill of the business -- if a partner become bankrupt or misuse the monies of the partnership then other partner may expel him within 3 calendar months of discovery of the situation. Surviving partner may have option to purchase other's share at valuation -- any dispute to be referred to arbitratioin - each partner to appoint one person Signatures of both parties. Witness: Walter Cooke
  • Level of description
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