of account.

Cash to be drawn out, &c. on draft

of debtorfor one inspec

tor.

debt or debts witht the licence and consent of the sd Deed of (I) And furr that the sd (D) shall and will keep proper Inspec bks of acct and enter or cause to be entered a fair just tion. and regular acct of all rects and paymts and of all or. Keep books transactions matters or things as shall be requisite in order to shew the true state and condon of the este and effects of him the sd (D) And also shall and will pre- Preserve serve all letters recd from and take copies of all letters letters, &c. written or sent by him to all and evy his correspondents or or. psn or psns whomsr And also shall and will permit them the sd (1) to examine and inspect the same accts papers letters and writings relating to the este and effects of the sd (D) when and as often as they shall think proper And it is hby agrd and decld by and betn all the sd pties hereto that all the mos bills notes or secties for money arising by or from the este and effects of the sd (D) and from the gains and prfts of his sd trade (and which shall be pd into such banking-house as afd) shall there remain and not be drawn out except for the purps hnaftr mentd unless the sd (I) or the survors or survor of them or the inspector or inspectors for the time being shall in the mean time think it will be for the bent of the este of the sd crs to lay out and invest the same in the purchase of government funds East India bonds or navy or exchequer bills (and which they or he is empowered to do from time to time when and so often as he or they shall think proper) and that all and evy sum or sums to be taken out of the sd bankinghouse for the time being for any purpe whatsr shall be by draft to be signed by the sd (D) and one at least of the sd (I) or the survor, &c. and that the sd (D) shall and will upon evy request of the sd (1) or the inspector or inspectors for the time being sign such drafts or orders upon the sd banking-house And it is hby furr decld Inspectors and agd by and betn all the sd pties to these prests that to distriit shall and may be lful to and for the sd (I) or the in- bute monies spectors for the time being by and out of the mos which shall be paid into the hands of to their acct as afd to pay and discharge all the debts due and owing from the sd (D) unto any psn or psns whomsr which do not exceed the sum of £- resply when and as the same shall become due and paye And shall and may make the sevl paymts in the order and manner hnaftr mentd that is to say In the first place shall and may pay and satisfy all sums of money which in the judgmt of the sd (I) shall be necessy or requisite for carrying on the sd business of the sd (D) as afd And in the next place shall and may pay and allow unto the sd (D) such an annual sum of money not exceeding £ for his main

In paying debts under

Allowance for the subdebtor,

sistence of

Deed of Inspection.

Among the rest of the

creditors rateably.

Surplus to debtor.

grant re

lease to

debtor.

day

tenance and support as the sd (I) shall think proper And subject to the paymts afd shall and may from time to time when and so often as there shall be in hand money sufficient to answer and pay shillings in the pound upon or in respect of the several debts now due or owing from the sd (D) to the several psns pties hereto of the second and third pts pay and distribute all such mos unto and amongst the sevl crs rateably and proportionably according to the amount of their respive debts And after full payment satisfaction and discharge of all and singr the afd debts and sums of money and of all the costs chas and exps occasioned by or attending the exon of the trusts decld by these prests shall and do pay over the surplus of the sd trust mos unto the sd (D) his exs or ads for his and their absolute use and bent or as they shall direct or appt And it is hby furr mutually Creditors to decld and agd by and betn all the sd pties hereto and each of them the sd crs or agents, &c. of crs pties hereto doth hby for himself his hrs, &c. sevly but not jtly covt with the sd (D) that in case all the crs, &c. of the sd (D) who are pties hereto shall not before the of have recd the whole of their respive debts now due from the sd (D) to the sd crs resply and if the sd (D) shall on the sd day well and sufficiently convey assign and deliver upon oath if required unto such psn or psns as shall be named by the majority of the crs of him the sd (D) at a meeting to be holden pursuant to notice given in the London Gazette for that purpe all such pts of his present este and effects as shall then remain not divided or orwise applied according to the true intent and meaning of these prests for the use and bent of all the present crs of the sd (D) in such manner as they the sd crs or the major pt of them shall require (he the sd (D) having well and truly observed and performed all and evy the covts and agrts herein contd on his pt to be performed and observed except only with respect to the paymt of the whole of his debts within the period afd Then and in such case the afd crs their exs, &c. who are pties hereto shall and will upon such assnment and delivering up resply duly exte to the said (D) legal general releases thby releasing and for ever discharging the sd (D) his hrs exs and ads from all the debts and sums then due and owing from the sd (D) to such crs resply and from all accts actions suits means methods and remedies in law or in equity which they can or may have claim or maintain for recovery thof Provided that if de- always nevss and it is hby resply decld and agd to be the true intent and meaning of all the sd pties hereto that if the sd (D) shall make deft in performing all

Proviso

fault be

male by

&c. this

every or any of the sd covts clauses stipulations and agts Agreehnbefore contd and covted to be performed on his part ment for or if all the crs of the said (D) whose debts amount to the sum of £ (except only such ers who are possessed by debtor, of any or. securities (a) for their debts and choose to rely thereon) shall not by themselves or their respive atties or agents thereunto legally authorized duly exte these prests or orwise accede or agree to the terms hereof within the respive spaces of time herein next after mentioned that is to say within next after the date hereof

and within Then and in either of the sd cases this present indre and the licence and liberty and every article clause matter or thing herein contd shall cease determine and be utterly void (add here, if necessary, proviso for appointing new inspectors, indemnity to inspectors, &c. as in the Trust Deed and Assignment of Stock, &c.) In Witness, &c.

Memorandum of an Agreement at a Meeting of Creditors to accept a Composition.

Obs. As this is mostly an informal instrument not under seal, it is prudent to stipulate that a more formal deed shall be executed, see Pref. § 2.

Memorandum.

At a meeting of the creditors of AB of, &c. held at on the day of It is concluded and agrd on as follows that is to say That we the creditors whose names are hereunder written have this day sevly and resply agrd for ourselves and for our sevi and respive exs ads ptnrs and ass with the sd A B his exs and ads to accept rece and take the sum of

s. in the pound in full satisfaction and discharge of our respive debts within the space of calr months from the date hereof to be secured by notes drawn upon and accepted by CD of, &c. as the surety of the sd A B And we the sd creditors do hby furr agree that each of us the sd crs will exte a deed of composition to be forthwith duly prepared within days from the date hereof and will use our best endeavours to induce all the other crs of the sd A B to do the same

Witness our hands this

agreement to be void.

day of AB

CD

EF, &c.

Deed of Composition.

Obs. As to the effect of such a deed, see Pref. § 6, and as to

the stamp, see § 11.

(a) As to securities, see Pref. s. 5.

Deed of

shillings

This Indre made, &c. Betn (debtor) of, &c. of the first pt (surety) of, &c. of the second pt and (creditors) the sev psns whose names and seals are hereunto subscribed and affixed being also respive crs or agents or atties of crs of the sd (D) of the third pt Whas the sd (D) was on the day of, &c. and still is indebted to the several pties hereto of the third pt in the sums of money resply set opposite to their names (a) and is at present unable wholly to pay and satisfy the same And whas there is no probability that the sd (D) will be enabled to pay and discharge his crs the whole of their respive demands but he is desirous to liquidate the same to the utmost of his ability and therefore hath proposed and agd with and to the sd sevl crs pties hereto of the third pt to pay unto them within the space of days from the date of these prests the sum of in the pound in full of their respive debts (b) And the sd (surety) having agd to become surety with the sd (D) for the punctual paymt of the sd sum of shillings in the pound within the time afd They the sd sevl crs pties hereto have consented and agd to accept and rece the same as a composition in full of their respive debts and to exte and grant unto the sd (D) such letter of licence as hnaftr is mentd Now, &c. That in pursuance of the sd proposal and agt on the pt of the sd (D) and (S) and to the intent that the sd (D) may be wholly discharged and exonerated from the paymt of the sevl debts and sums of money which he now owes and in conson of the agt herein contd on the pt of the sd sevl crs to accept the provision hby made in full discharge of their claims upon the este and effects of the Debtor and sd (D) They the sd (D and S) hby severally covt promise and agree with and to the sevl crs pties hereto that they the sd (D and S) or one of them his exs or ads shall and will (c) within the space of days to be computed from the date hereof well and truly pay or

Testatum.

surety co

venant to pay.

(a) As to the effect of omitting to set any amount of debt to the name of a creditor, see Pref. § 5.

(b) Or, if it be so agreed, say, 'to pay them a composition of 8. in the pound upon the amount of his sevl debts to be secured and made paye by the instalments and in manner following that is to say the sum of s. in the pound upon the amount of the sd debts to be pd at the time of the exon of these prests and the remaining sum of s. in the pound to be secured by the jt and promissory notes of the sd (D) and (S) paye at the expiration of mths and

mths.'

(c) Or say, truly pay or cause to be pd unto the sd sevl pties hereto of the third pt the full and just sum of s. in the pound upon the whole of the sd debts when and so soon as these prests shall be tendered and delivered to him signed sealed and delivered by the sd crs And also that they the sd (D and S) shall and will pay or cause to be pd unto the sd pties hereto of the third part the

days to be

in the

pound.

Proviso as

execute

cause to be pd unto the sd sev] pties hereto of the third Deed of pt their respive trustees ptnrs agents atties exs ads or ass the sum of shillings in the pound upon the amount of their respive debts set opposite to their respive To pay names at the foot of these prests and witht any deduc- shillings tion or abatement whatr Provided (a) always and it is hby agd and decld betn and by the sd pties to these prests That if all the crs of him the sd (D) whose debts to creditors resply amount to £— or upwards shall not by themselves not concuror their respive agents and atties duly authorized and ring, &c. apptd for that purpe accordg to the provo hnaftr contd duly exte these prests within the space of computed from the date hereof or if any fiat shall in the mean time be issued out adjudging the sd (D) to be a bkpt Then and in either of the sd cases this present indre and evy covt clause and agrt herein-contd shall cease determine and be utterly void Provided always and it is hby furr agrd and decld by and betn all the sd pties That credihereto that it shall be lful to and for any of the sd crs tors may of the sd (D) who shall be willing and desirous to con- these precur in the arrangement hby made for the liquidation sents by and discharge of their debts but who cannot make it attorney. convenient psnlly to exte these prests by letter or any note in writing witht a formal power of atty to authorize and empower any or. psn or psns whomsr as his or their agent on his her or their behalf to peruse and inspect these prests in the hands of the psn or psns with whom the exon thof may be entrusted And if approved of in the name of such cr or crs to sign and exte the same and aftwds to rece his her or their divds on their sd respive debts according to the provo hby made for the liquidation and paymt thof as such er or crs would have been entitled to in case he she or they had been actually present and had themselves exted the same And this Indre also Witnesseth That in conson of the covts and agrts hnbefe resply made and entered Creditors into by the sd (D and S) for the discharge of the sevl debts in manner hnbefe provided for They the sd sevl crs pties hereto Have and evy of them Hath given and granted and by these prests Do and evy of them Doth give as far as they resply and lfully may or can unto the sd (D) full, &c. (letter of licence, see last precedent) further sum of s. in the pound within mths from the date of these prests And shall and will so soon as these prests shall be delivered to them or either of them signed and sealed by the sd sevl crs as afd sign and give to each of the sd crs their respive jt and promissory notes for the sd last mentd dividend of 8. in the pound which sd notes shall be made to become due at the expiration of mths and mths'

(a) As to the effect of this proviso, see Pref. § 3.

give letter

of licence,