This may be done either immediately, by indorsement upon the original deed, or at any time afterwards; the former however is most usual, and the following form may be used for that purpose:

"THIS INDENTURE made the

day of

,

in the year

of our Lord
BETWEEN the within named (trustee) of
the one part, and the within named A. B. of the other part, WIT-
NESSETH, that in performance and execution of the trusts reposed in
him by the within written indenture, and also for and in considera-
tion of the sum of five shillings of lawful English money, to him in
hand paid by the said A. B. at the time of the execution of these
presents, the receipt whereof is hereby acknowledged, HE the said
(trustee) HATH bargained, sold, assigned, transferred and set over,
and by these presents DoтH bargain, sell, assign, transfer and set
over, and by way of conveyance only, and not for or by way of war-
ranty of title, DоTH grant and confirm unto the said A. B. his exe-
cutors, administrators and assigns, ALL and singular the messuages
or tenements and premises described and comprised in the schedule
marked with the letter A to the within written indenture annexed,
and coloured red in the plan or ground-plot thereof, drawn in the
margin of the said indenture, and by the said indenture assigned to
the said (trustee) in trust for the said A. B. as therein is mentioned,
with their and every of their rights, members and appurtenances,
and all the estate, right, title, interest, trust, property, possession,
claim and demand whatsoever, both at law and in equity of him the
said (trustee), of, in, to, out of, or concerning the same premises, and
and every or any part thereof, under or by virtue of the within writ
ten indenture, or otherwise howsoever. TO HAVE AND TO HOLD the
messuages or tenements, and other the premises hereby assigned, or
mentioned or intended so to be, with their and every of their appur-
tenances, unto the said A. B. his executors, administrators and as-
signs, from henceforth, for and during all the residue and remainder
of the several terms of years which are or may be now to come and
unexpired in the said premises, by efflux and computation of time;
SUBJECT, nevertheless, to the payment of the yearly rent, in or by
the said several indentures of lease reserved respectively, and to the
performance and observance of the several covenants, clauses, pro-
visoes, and agreements therein contained, on the tenant's, lessee's, or
assignee's part, to be henceforth paid, performed, or observed in re-
spect of the same premises” (1).

(1) If the premises are holden under one and the same lease at an entire rent, add a covenant by each party with the other for payment of his own portion, and for indemnifying against such of the covenants

PARTITION.

Leaseholds.

party a partition
of leaseholds.
the trustee to
Conveyance by
A. B. of his
share of the pre-
mises.

PARTITION.

Leaseholds.

in the lease as relate to the particular premises allotted to the other, he paying and performing his part of the same rent and the covenants.

If there be two parts of the deed of partition, the assignment to C. D. should be indorsed on the part intended to remain in his possession. The form will be similar to that above given.

No. CCCCXXVI.

A Deed for the establishment of a Partnership Company of Proprietors in a retail or other trading concern (1).

THIS INDENTURE made the

day of

in the

PARTNERSHIP.

Company.

year of the reign, &c. and in the year of our Lord 18

marks.

(1) The two parliamentary forms inserted in a prior part of this vo- Preliminary relume (see ante, Nos. CCCCVII, CCCCVIII.) for the establishment of companies, having reference more especially to general commercial objects, I have introduced here a form adapted more to the circumstances of a retail or trading concern.

In framing deeds of settlement of a co-partnership company, unsup- Framing deed. ported by parliamentary enactments, great attention is requisite not only to guard against the powers of the directors, or others to whom the management of the concern may be entrusted, being extended beyond the rules allowed by the common law which, notwithstanding the repeal of the 6 Geo. I. c. 18., are still operative in regard to all combinations against the freedom of trade, or the general welfare of his majesty's subjects by the practices of monopolizing, forestalling, regrating, engrossing, &c. but also in framing the general scheme, and devising the particular provisions most calculated by equipoising the weight and the number of the voters to prevent the management of the affairs of the company being impeded or disturbed by the party differences which are too apt to be generated where the co-partnership consists of an unlimited or very considerable number of individuals; and see ante, MOD. PREC. Vol. VII. "PRELIMINARY DISSERTATION."

concern.

In all partnerships of this extensive kind the management of the con- Management of cerns must, from necessity, be deputed to DIRECTORS or agents of some description or other, for no individual eye (as has been observed by a practical writer, see Tayler on Mines) can follow all the detail, nor any individual mind embrace all the considerations necessary to render perfect the numerous and varied arrangements that are required to a new undertaking in the most advantageous manner: for this purpose, and to prevent the perplexity which would ensue from individual management, a division of labour and a division of skill must be employed, and the energy of the controlling power, rest where it may, will be more efficiently directed in judging of the capacity, skill and integrity

PARTNERSHIP.

Company.

BETWEEN the several persons whose names at the date hereof, or whose names shall hereafter, under the restrictions hereinafter contained, be hereunto subscribed and seals affixed [except only (three or more of the proposed trustees of the company)] of, &c. of the one part, and the said (excepted parties (1)) and also (remaining trustees) of the other part.

Capital.

Number of

shares.

of those employed in the different departments, in combining their efforts. to attain the objects in view, and in establishing amongst them due authorities, checks and encouragements, than in manual interference.

It is nevertheless essential that a knowledge of matters of detail should be possessed, although not employed by the directorship, in order to form a correct judgment of the skill and other necessary qualities of those to whom the duty of execution is entrusted. In the choice of the directors great consideration is to be had for their knowledge. Large undertakings cannot moreover be carried on with hope of success without a division of the risk and a contribution of capital from a competent number of subscribers; and if it were possible it would in most cases be imprudent to raise it by a very small number of individuals, for capital advanced on large speculating concerns should be of an amount, and advanced in such proportions, as can be conveniently spared without injury to the proprietors, for it may be lost; it should also be such as can be spared for a reasonable time without the necessity of a speedy return, for else by selling their scrips they may depreciate the shares, and shake the confidence of the public. It should not, however, be exactly limited in amount, without a discretionary power in the directors to call for further advances, because the concern may be ruined, after much expense, for want of some further outlay than was at first contemplated; by a division of the necessary capital and advances due amongst a number of capitalists all these requisites are rendered easy; the number of shares beyond a reasonable limit, is nevertheless injurious, as it tempts persons of small property to embark in speculations, towards which they are not able either to furnish any further supply, or to wait the return of profit upon what they have advanced; whence, consequently, it throws the shares into the market, and depreciates not only the nominal value, but the real value, by shaking the public confidence necessary to be maintained to ensure success; the company is also relaxed in its operations by the shareholders possessing individually too little stake in the concern to stimulate to vigilance and a necessary watchfulness over the conduct of those who are entrusted with the management of their affairs. Sce also ante, MOD. PREC. Vol. VII. p. 121. n. (1).

In addition to these and other prudential considerations, there are many others requisite to its legality; these have been noticed in a previous part of the work, (see ante, MOD. PREC. Vol. VII.) p. 1. DisSERTATION), and have also, it is hoped, been attended to in the following Precedent.

(1) See ante, MOD. PREC. Vol. VII, p. 18. n. (1). and ibid. p. 121. n. (1). 158. n. (1). 169.

,

WHEREAS at several meetings heretofore publicly had and holden PARTNERSHIP. by and between the persons hereinbefore named and others, for Company. the purpose of taking into consideration the expediency of establishing a company for the purpose of supplying the city of London and the adjacent parts with (or as the case may be) for the benefit of the poor and of the community at large, and particularly at a meeting holden for that purpose on or about the last past, it was resolved that they the said parties, together with such others as might afterwards join therein, should form and associate themselves into a copartnership society or company under the title or denomination of" The

day of

AND WHEREAS the concern of the said company has accordingly
commenced, and is now carried on at or near the
in the

and the sum of £

(the

INDENTURE
WITNESSETH,

That the said parties form

themselves into

regu

the purposes and under the mentioned.

lations after

county of has been raised and paid down for the purposes thereof: AND WHEREAS it has been agreed that for the better management of the concerns of the said company, the same shall be carried on and conducted under the superintendence of such officers and agents, and subject to such rules, regulations and provisions as in or by these presents are contained or directed. Now THIS INDENTURE WITNESSETH, that in pursuance and performance of the said in part recited resolutions and agreements, and for the purposes hereinbefore mentioned, and other the ends, intents and purposes hereinafter expressed, they a copartnership and each of them the said parties whose names and seals are here- company, for unto respectively set and affixed save only the said parties before excepted), for themselves and himself severally and respectively, and their and his several and respective heirs, executors and administrators, and as to and for their and his own proper and respective acts and deeds, but not all or any of them jointly, nor any one or more of them for the other or others of them, or for the heirs, executors, or administrators, or the acts or deeds of the other or others of them, Do and DоTH covenant, promise, declare and agree with and to the said (the parties excepted,) their executors and administrators. And they and each of them the said (trustees excepted) for themselves and himself scverally and respectively, and for their several and respective heirs, executors and administrators, and their and his own proper and respective acts and deeds, but not all or any of them jointly, or any one or more of them for the other or others of them, or for the heirs, executors, or administrators, or acts or deeds of the other or others of them, Do and DоTH covenant, promise, declare and agree with and to them the said (remaining trustees), and their executors