ent, and all
expenses of the business shall be borne by the said parties equally.
All the purchases, sales transactions, and accounts of the said firm
shall be kept in regular books, which shall be always open to the
inspection of both parties and their regular representatives
respectively.
An account of stock shall be taken, and an account between the parties
shall be settled as often as once a year, and as much oftener as
either partner may desire, and in writing request.
Neither of the said parties shall subscribe any bond, sign or indorse
any note of hand, accept, sign, or indorse any draft or bill of
exchange, or assume any other liability, verbal or written, either in
his own name or in the name of the firm, for the accommodation of any
other person or persons whatsoever, without the consent in writing of
the other party; nor shall either party lend any of the funds of the
co-partnership without such consent of the other partner.
No large purchase shall be made, nor any transaction out of the usual
course of the business shall be undertaken by either of the partners,
without previous consultation with, and the approbation of, the other
partner.
Neither shall withdraw from the joint stock, at any time, more than
his share of the profits of the business then earned nor shall either
party be entitled to interest on his share of the capital; but if, at
the expiration of the year, a balance of profits be found due to
either partner, he shall be at liberty to withdraw the said balance,
or to leave it in the business, provided the other partner consent
thereto, and in that case be allowed interest on the said balance.
At the expiration of the aforesaid term, or earlier dissolution of
this co-partnership, if the said parties, or their legal
representatives, cannot agree in the division of the stock then on
hand, the whole co-partnership effects, except the debts due to the
firm, shall be sold at public auction, at which both parties shall be
at liberty to bid and purchase like other individuals, and the
proceeds shall be divided, after payment of the debts of the firm, in
the proportions aforesaid.
For the purpose of securing the performance of the foregoing
agreements, it is agreed, that either party, in case of any violation
of them, or either of them, by the other, shall have the right to
dissolve this co-partnership forthwith, on his becoming informed of
such violation.
In witness whereof, we, the s
|