Catalogue description Draft Articles of Agreement

This record is held by Coventry Archives

Details of PA 353/23/3
Reference: PA 353/23/3
Title: Draft Articles of Agreement
Description:

Whereby, having stated that George Enoch Smith (of 15, Canley Gardens, Coventry), Frank Allan Logen (of Green Lane, Coventry) and Arthur Morris (of 19, Victory Rd., Coventry) have been trading as "The Reliance Sheet Metal Works" (formerly of Awson St. but now at Bishopsgate Green, Coventry), firstly, a seven-year partnership will be started from 1st. Nov., 1927 with sixth months' dissolution-notice; secondly, it will be called "The Reliance Sheet Metal Works", Bishopsgate Green, Coventry; thirdly, the firm's bankers will be Barclays Bank Ltd. (Coventry branch) and cheques must be signed by at least two partners; fourthly, a £10,000 capital shall be equally contributed; fifthly, interest will accrue to each partner at the rate of £5% p.a.; sixthly, profits and losses will be equally divided; seventhly, each partner may withdraw an agreed weekly sum proportionate to his share of the annual profits; eighthly, normal account-books will be kept; ninthly, no partner shall be involved in other businesses; tenthly, no credit shall be allowed to persons whom the partnership shall have forbidden its members to trust; eleventhly, consent of all three shall be needed for compounding of debts; twelfthly, a similar consent shall be required for discharge of employees (excepting for flagrant misconduct); thirteenthly, a general stock-account shall be compiled every 30th. Apr.; fourteenthly, any partner may freely withdraw on giving six months' notice; fifteenthly, if any partner shall give security in the firm's name or become bankrupt or fail to account for money, break faith, or become lunatic, he may be expelled from the partnership; sixteenthly, partner-status shall cease on the day of retirement,expulsion or bankruptcy, and the defaulting member shall (if he leaves before 1st. Nov., 1934) covenant not to undertake a similar business within 25 miles of the premises; seventeenthly, such a defaulter's share shall go to the survivors equally provided they (within six months) notify him or his representative about the company's winding-up if that should occur; eighteenthly, the sum paid for a former partner's share will equal its net value on the day of his cession (for which purpose the business' goodwill shall be reckoned as the average of the previous three years' profits); nineteenthly, management-questions shall be decided by a majority-decision of the partners; and twentiethly, any differences shall be referrable to two arbitrators (one chosen by either side).

Date: 10th Jan, 1928
Held by: Coventry Archives, not available at The National Archives
Language: English

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