No. VII. Deed of Copartnership between Bankers. Variations where the Parties are London, and where COPART NERSHIP. Bankers. THIS INDENTURE, made the the our Lord year of the reign, &c. and in the year of BETWEEN (one party) of, &c. of the first part, (another party) of, &c. of the second part, (a third party) of, &c. of the third part, and (a fourth party) of, &c. of the fourth part. WHEREAS the said (all parties) have agreed to Agreement to carry on and become copartners together in the business of bankers, and the several concerns incident to or usually transacted in the banking business in London, [or a country bank] for the term years to be now next ensuing, and that the become co partners. Where the carried on. of same shall be conducted and managed at, &c. under the firm of (all the parties), upon the terms business to be and conditions, and under the restrictions hereafter expressed. Now THEREFORE THIS INDENTURE WIT- WITNESS. NESSETH, that for and in consideration of the (1) See also variations and notes to No. III. ante, p. 83, et seq. NERSHIP. Bankers. COPART- special trust and confidence which the said partners have and repose in each other, and for divers other good causes and valuable considerations them thereunto moving, they the said (parties) for themselves severally and respectively, and for their respective heirs, executors, and administrators, Do, by these presents, and each of them for himself separately and distinctly, and for his heirs, executors, and administrators, doth covenant, promise, and agree, with and to the other and others of them, their and his respective executors and administrators, in the manner following (that is to say) that each of them the said (all parties) shall and will, within the space of days from the date hereof, bring into or make up the full sum of £ as his capital stock to be employed in or for the said copartnership business and the concerns thereof, and answering the expenditure and losses which may happen therein. Terms of copartnership. Constant attendance to be given. Bills, &c. to be given in the name of the firm. THAT all and every of the said parties (unless in case of sickness, or necessary or reasonable absence with the consent of the others of them), shall give daily and constant attendance at the banking-house for the time being, from the hour o'clock in the morning till the hour of in the afternoon, during the continuance of the said copartnership, Sundays, Christmas day, and Good Friday, only excepted. of THAT all bills, drafts, promissory notes, and all indorsements thereon, and all receipts, payments, letters, or other matters or things relative to the said banking business, shall be signed by some one or more, or by some acting and confidential clerk especially appointed by all of the said parties for that purpose, in the name and style of aforesaid (1). COPART NERSHIP. Bankers. If either party act fraudulently, partnership may THAT in case any or either of the said parties shall sign or execute any bills, drafts, notes, or be dissolved. any acceptances thereof, or indorsements thereupon, or any bonds or other securities whatsoever, in the name and firm of the said copartnership, or shall receive any money, bills, drafts, or any other matters or securities whatsoever, for or on account of the said copartnership, which he shall not bring to the copartnership account, on the same, or within one day next after the signing and executing and receiving the same respectively, then and in either of the said cases, the party or parties who shall have been guilty of such neglect or misconduct, shall be liable to be immediately expelled or excluded from the said copartnership by a resolution of the others of the said copartners, or the major part of them, in as entire a manner as if the said term of (subject (1) If it be a country bank, add, "THAT the said parties shall make use of the banking house of in London, or such other London banking house, as the major part of them the said parties shall, from time to time, think proper, for the purpose of making remittances, drawing bills, and negociating the various species of securities, and prosecuting such other matters and things as shall be requisite in or for the said copartnership affairs in London. Country bank. NERSHIP. Bankers. COPART- only as hereinafter is provided) had expired by effluxion of time, or he or they had departed this life; and a like notice of their or his exclusion shall be given in the London Gazette and such daily or other papers as the others of the said parties, or either of them, shall think fit. Usual clauses. On death of either party, a admitted. THAT, &c. &c. [add usual clauses in deeds of general copartnership (1).] THAT in case any or either of the said parties new one may be shall be expelled or excluded for any of the causes hereinbefore mentioned, or shall happen to die, during the continuance of the said copartnership, then and in such case, and as often as any such event may happen, the major part of the surviving copartners shall be at liberty, and shall have full power and authority, to admit and receive into the said copartnership such other person as they shall think fit, in the place of such expelled, excluded, or deceased copartner. Deficiency of capital for a a cause of ex THAT in case any or either of the said parties given time to be shall at any time during the continuance of the said copartnership, have a less capital therein for days, than his said capital or pulsion. Usual clauses. Defect of capital. the space of it shall be lawful for the others sum of £ (1) See ante, No. III. p. 22, et seq. in margins. days The necessity there is that the whole capital in a banking concern should be always at hand, gives rise to more penal enforcements than are requisite in ordinary cases. COPARTNERSHIP. Bankers. And such party from profit in the mean time. made good at or before the expiration of the said notice, the said other or major part of the other of the said parties may lawfully expel and exclude such party or parties from the said copartnership. PROVIDED ALWAYS, that in case any or either of to be excluded the said parties shall have less than his proper capital or sum as aforesaid, and the other, or major part of the other of the said parties, shall not think fit, or shall not determine to expel or exclude such party or parties from the firm of the said copartnership, yet nevertheless such party or parties shall, from the time of such deficiency, be entitled to no more than interest, after the rate of £5 per cent. per annum, for the capital which he shall actually have therein, until the deficiency thereof shall be fully made up, it being hereby agreed, that in the mean time, all and every the profits of, or to be derived from, the said copartnership concerns, shall be paid and divided unto and between the other or others of the said parties whose capital shall be full and complete, as aforesaid. PROVIDED ALWAYS, that such party or But subject to parties shall be considered in all other respects as continuing a copartner or copartners in the said concern, and subject to a like proportion of loss and expenditure as if he or they had his or their whole and complete capital therein. PROVIDED ALSO, that in case any or either of the said parties Either party shall be guilty of any omission or neglect, or com- if the others be mit or do any act, matter, or thing, whereby he of articles. shall be liable to be expelled or excluded the said partnership, but the others, or a major part of the loss, &c. may withdraw guilty of breach |