Catalogue description Agreement of Partnership

Firstly, that Horace Tom Stringer and Lewis Frederick Stringer (both of 12, Coundon Rd., Coventry, respectively an engineer and a textile-manufacturer) will become partners; secondly, that the partnership shall be conducted at 24A, Stephen St., Coventry; thirdly, that it shall last initially for twelve months from 30th. Nov., 1930, thereafter being determinable by six months' notice expiring every 30th. Nov.; fourthly, that it shall be called "Charles Stringer's Sons & Co."; fifthly, that the bankers shall be the National Provincial Bank Ltd., Coventry branch; sixthly, that the £200 shall be equally divided; seventhly, that the profits and losses shall be equally shared; eighthly, that books of account shall be kept with free access; ninthly, that there shall be an audit every 30th. Nov., which will be binding unless a manifest error shall be discovered therein within three months; tenthly, that H. T. Stringer shall devote all his working time to the business but that L. F. Stringer shall only undertake so much as shall be mutually agreeable; eleventhly, each partner shall (a) pay his separate debts (indemnifying his colleague), (b) bank money on the firm's behalf, and (c) keep good faith; twelfthly, neither partner without the other's consent shall (a) take on any apprentice or hire or dismiss an employee, (b) lend money to persons when the other partner has (in writing) forbidden him to trust, (c) give security upon the firm except in the course of business, (d) enter into any bond likely to endanger the firm's property, (e) mortgage his share of the enterprise or (f) deal with any bill of exchange or promissory note on the firm's account; thirteenthly, if either partner (a) breaks clauses 11 and 12, (b) becomes bankrupt, (c) becomes physically or mentally unfit, (d) commits a crime, or (e) does any act warranting dissolution of partnership, his colleague may (within three calendar months of becoming aware of the situation) end the agreement by giving notice, which will grant him the option of purchasing the defaulter's share; fourteenthly, if either partner shall give notice of dissolution under the terms of clause 3, the continuing one shall have an option similar to that mentioned in clause 13, in which two general cases (a) the purchase-price will be the size of the outgoing partner's share as shown by the latest balance sheet, (b) the continuing partner shall pay £5% p.a. interest from the date of the balance sheet to that of the outgoing partner's death or the expiration of the notice-period, (c) (b) shall be paid forthwith but (a) by four equal half-yearly instalments (plus £5% p.a. interest if the period shall be exceeded), and (d) the survivor may be required to indemnify the outgoing partner or his personal representatives; fifteenthly, if the surviving partner will not act on the option the business will be wound up (but either party may bid for it at auction); and sixteenthly, disputes will be referred to a single arbitrator, if necessary chosen by the Chairman of the Coventry Chamber of Commerce.