DEED
DEED
DEED
Cont….2
:: 2 ::
WHEREAS the Parties are carrying on business in partnership under the firm name
and style of “SOLUTION DIAGNOSTICA ”
AND WHEREAS the parties hereto are desirous of reducing the terms and conditions
of the said partnership into writing:
Now, therefore, this deed witnesseth and all the parties hereto agree as under:
1. That business of the partnership firm shall be carried on under the name
and style of “SOLUTION DIAGONSTICA”.
Cont ….3
“3”
4. That the Capital of the firm shall be such sum/sums of money as shall for
that purpose appear in the books of the firm to the credit of each of the
parties hereto. If at any time additional capital be considered necessary, all
the parties hereto shall invest in the business and such additional capital
shall be contributed by the Partners as per their mutual arrangement and if
at any time hereafter any further capital, loan or deposits are required for
the purposes of the Partnership, unless otherwise agreed, the same will be
contributed, arranged or invested by the Partners themselves.
Cont..4
“4“
6. If any partner shall at any time during the subsistence of the partnership,
be desirous of retiring from the Firm, it shall be competent from his to do
so, provided he shall give at least one calendar month notice of his
intention of doing so, The remaining Partner shall pay to the retiring
Partner or his legal representatives of the deceased Partner, the purchase
money of his share in the assets of the Firm.
7. That upon the death of any of the Partners during the continuance of the
Firm constituted hereunder, the business of the partnership shall stand
dissolved but nonetheless, the surviving Partner shall have full authority to
continue the business under the same name and style. Provided however
that upon such death, the legal heirs and/or legal representative(s) of such
deceased Partner, if willing and competent, be entitled to be and become a
Partner of the Firm in the place and stead of the deceased Partner upon the
same terms and conditions and stipulations on which the parties hereto are
now Partners. In the event of refusal of such heirs and/or legal
representatives of the deceased Partner to become a Partner in the Firm
within sixty days of the death of the deceased Partner, or non-intimation of
his/her decision in this respect within the aforesaid time, the surviving
Partner shall be at liberty to carry on and continue the business of the Firm
in such manner as he deems fit and in such an event, the heirs/legal
representatives of the deceased Partner shall have no right whatsoever in
the Goodwill and/or Trade name of the Firm herein constituted.
Cont…5
“5“
10. That proper Books of Accounts shall be kept by the partners at the
Principal place of the business of the firm on the basis of necessary returns
received from the Shop/Showroom from time to time. The Accounts of the
Firm shall be taken and closed annually as at 31st March of each year.
11. Sri Anup Kumar Roy (Party of the First Part), Sri. Suvendu Mondal
(Party of the Second Part) , Sri Sumanta Bhattacharya (Party of the Third
Part), Smt Riya Patra (Party of the Fourth Part), Smt. Surupa Ray (Party of
the Fifth Part) are all the working partners and hence are eligible for
remuneration from the Firm.
(1) PARTY OF THE FIRST PART Rupees Five Thousand per month.
(2) PARTYOF THE SECOND PART Rupees Five Thousand per month.
(3) PART OF THE THIRD PART Rupees Five Thousand per month.
(4) PART OF THE FORTH PART Rupees Five Thousand per month
Explanation: For the purposes of this clause the expression Book Profit
shall mean the “Book Profit as defined in Sec. 40 (b) of I.T. Act, 1961 or
any Statutory Modification or re-enactment thereof, for the time being in
force.” Such remuneration shall be payable equally among the
aforementioned working Partners.
12. Each of the aforementioned working partner shall be entitled to draw sum
of Rs.5,000/- p.m. against the remuneration payable to him and if his total
withdrawals during the year exceed the amount of remuneration allowable
to him, such excess shall be refunded by him to the firm within three
months from the date of finalization of accounts.
Cont….6
“6“
13. Net Profit or Losses of the partnership after payment of all outgoings shall
be divided amongst the partners in the following manner :
14. That the retirement or death or lunacy or insanity of any partner shall not
cause dissolution of the firm. In such cases the representative of such
person ceasing to be a partner shall be allowed to join the partnership as
per the provisions of the Indian Partnership Act, 1932.
15. For the purpose and in the usual course of business of the partnership the
parties hereto shall be jointly entitled to borrow moneys and raise loans
from any bank, person, firm or Company with or without security and for
that purpose to pledge, hypothecate and charge the partnership properties
and assets on reasonable terms.
16. That none of the partners hereto shall, without the express consent of the
other partners, sell, assign, pledge, mortgage or otherwise transfer or
encumber his share or interest in the partnership business to any outsider.
17. That none of the partners shall, except in the normal course of business,
without the express consent of all other partners, do the following acts or
deeds:
a) Employ or lend any money or deliver any goods belonging to the Firm;
b) Give any security or promise for payment of money on and for behalf
of the Firm;
d) Employ the stock-in-trade or any other asset of the Firm for his
personal use or benefit or satisfaction of his personal debts.
18. That each partner shall indemnify the firm for any loss caused by it by his
fraud in the conduct of business of the firm.
19. That the partnership business shall have nothing to do with the individual
liabilities of the partners and they shall be personally responsible for
meeting the same.
Cont…7
:7:
20. The Partnership Firm shall open a current account in the name of the Firm
at any Nationalized Bank and/or Non-Nationalized Bank and such account
shall be operated jointly by any two of the Partners as declared from time
to time to the banks.
21. That the right and duties of the partners inter se and in respect of the
partnership business, subject to the terms of this deed, shall be governed as
per provisions of the Indian Partnership Act, 1932.
22. That all differences and disputes arising between the partners hereto, at
any time during the continuance of the firm, shall be referred to
Arbitration. In such cases provisions of Indian Arbitration Act, 1940 shall
apply.
23. That any of the terms and conditions of this deed can be altered/ modified/
varied/cancelled at any time with the mutual consent of the parties hereto.
IN WITNESSESS WHEREOF the parties hereto have set their respective hands
out of their own free will and consent while in perfect health and sound mind in
presence of the Witnesses on the day, month and year and hereinabove written.
WITNESSESS:
1.
2.