Trust

Deed.

Of convey

ance to

trustees.

separate acct unto some of the sd sevl psns who are or are intended to be pties to these prests And the sd (D) being unable at present to pay and discharge the full amount of the debts owing by them as afd it was lately proposed and agrd by and betn all the pties hereto that the sd (D) shd convey and assign all the este and effects belonging to them on acct of their sd ptnshp and also that each of them shd convey assign and transfer all the este and effects belonging to him as his separate property to the sd (T) their hrs exs ads or ass In Trust and for the purps hnaftr mentd And whas by indres of Lease and Release [or Bargain and Sale'] and Assnment bearing even date with these prests and made, &c. the freehd copyhd leasehd and psnl este of the sd (D) jtly and severally have been conveyed assigned and covtd to be surrendered by them unto and to the use of the sd (T) their hrs, &c. In Trust nevss to make sale of the same under the powers in the now reciting indres contd and to pay apply and dispose of the produce of such sale. upon the trusts and to and for the ends intents and purps hereby referred to being the same trusts ends intents and purps decld and contd in these prests. Now, &c. That Testatum. in pursuance of the sd agrt and for carrying the same into effect the sd pties to these prests do hby declare it to be the true intent and meaning of them and these prests that the sd (T) and the survors and survor of them and the exs ads and ass of such survor shall stand and be possessed of and interested in all and singr the Declaramos to arise by such sale of the sd freehd copyhd tion of leasehd and psnl este and effects of the sd (D) conveyed trusts. and assd to them the sd (T) their hrs, &c. as hnbefe mentd and also of and in the rents of the sd freehd, &c. este in the mean time until such sale thof Upon the Trusts and for the intents and purps hnaftr decld of and concerning the same that is to say Upon Trust that they To pay the sd (7) or the survors or survor of them or the exs ads rent, taxes, or ass of such survor do and shall in the first place de- salaries, duct retain and reimburse to himself and themselves all usual outgoings for rent taxes repairs salaries of clks and agents and all such or. costs chas and exps as he and they resply shall or may pay incur or be put unto in the exon of the trusts by these prests resply and by the sd indres of Lease and Release [or, of Bargain and Sale'] and Assnmt reposed in him and them And To apply in the next place do and shall apply the clear residue separate of the produce of the separate este of each of them the the paysd (D) resply or a competent pt thof in paymt of the ment of debts owing by him separately to such of the crs as separate have exted or shall exte these prests or their respive exs debts.

&c.

estate to

Trust Deed.

Pay partnership debts,

and surplus (if any) to the several debtors.

Provision

as to the discharging bills before

they are due.

ads ass agents or atties and in proportion to the amount of the debts owing them resply witht any priority or preference until each of the sd crs resply or his or her exs, &c. shall have received the full amount of the debts owing to him or them and do and shall apply the residue or surplus (if any) of the produce of the separate este of each of them the sd (D) in aid of the ptshp fund for the paymt of the ptshp debts until each of the sd ptshp crs who have exted or shall exte these prests his or her exs, &c. shall have recd the full amount of the debts owing to him or them resply and do and shall apply the surplus (if any) of the share of each of them in the clear residue of the ptshp effects in or towards such of his separate debts for which provision is hby made as shall not have been discharged out of the clear residue of his separate este in manner and pursuant to the directions hnbefe contd in that behalf And lastly do and shall pay to each of them the sd (D) his exs ads or ass the clear residue or surplus (if any) of the produce of his separate este as also of the surplus (if any) of his share of the produce of the ptshp effects subject nevss to the provision hnaftr contd i.e. in case any one or more of the sd (D) is are or shall become a cr or crs of the or. or ors of them either by having pd or payg out of the produce of his effects or orwise debts or the share of debts paye by the or. of them Then and in that case such of them the sd (D) as shall be a cr or crs shall rece out of the surplus which would have belonged to such of them as shall be a dr or drs as afd the money which shall be owing to him or them as afd any thing hnaftr contd to the contrary thof in any wise notwithstanding (a) Provided always and it is hby decld and agrd by and betn all the pties to these prests that in case there shall be any sum or sums of money owing or to be pd by the sd (D) on bills or orwise which are not yet paye it shall and may be lful for the sd trustee or trustees for the time being to pay the same sums or a dividend thereon on being allowed discount or rebate for the time which shall remain unexpired at the time of the paymt of the same sums of money in the same manner as if the same debts had been proved or claimed under a fiat of bkptcy Provided also that it shall and may be lful for the trustee or trus

(a) If a fiat has been issued against one of the partners, then say,' Provided always and it is hby decld and agrd by and betn the pties hereto that unless the fiat of bankruptcy awarded and issued agst the sd C shall be rescinded within mths after the day of the date of these prests the trusts hnbefe decld for the bent of the separate crs of the sd C shall cease and be void Provided also and it is, &c.' See above.

Trust

Deed.

charge debts not

the exceeding the sum of £

tees for the time being if he or they shall think proper out of the trust or any or. mos which shall come to his or their posson under or by virtue of the Lease and Release [or, Bargain and Sale'] and Assignment bear- To discharge exing even date with these prests to satisfy and discharge tents. the extents at the suit of the crown which have been awarded agst the este and effects of the sd (D) And To disalso after paying thereout all such costs chas and exps as are hnaftr directed to be raised and pd to pay sevl crs of the sd (D) whose debts resply do not exceed the sum of £ each the full amount of such debts nevss with this restriction that the proceeds of the ptshp effects as far as the same will extend shall be applied in paymnt of such only of the same debts as are owing on the sd ptshp acct and that the proceeds of the separate estes of each of them the sd (D) so far as the same will extend shall be pd and applied in paymt of such of the same debts as are owing by each of them the sd (D) resply upon his separate acct [but the ptshp property or the proceeds thereof may by way of loan to the separate este of the sd (D) be applied in paymtand discharge of the money to be levied on the sd extents] And that it shall and may be lful for the sd (T) or the survor, &c. or the trustee or trustees for the time being if he or they shall see occasion and in his and their discretion think it expedient to settle and agree with any of the crs of the sd (D) jtly or sevlly whose respive debts do not amount to £ and to make them with creditors, &c. such paymts or compensation for the same by way of composition as they may resply agree to accept Provided always that if at any meeting of the creditors to be convened for the purpe by fourteen days' notice in the London Gazette [stating the day and place of such meeting] it shall be deemed expedient by the major pt in value of the crs then present and it shall be then and there resolved and determined that the power and provision lastly hnbefe contd shall be reld and abandoned or shall be enlarged and extended as to the amount of the debts to be comprehended within such provision Then and in such case the same shall be either reld and abandoned by the sd trustee or trustees for the time being and shall thenceforth cease and be void to all intents and purps whatsr but witht prejudice to any composition or agrt previously made under or by virtue. of the same provision or as the circumstances of the case shall require the trustee or trustees for the time being shall be at full liberty and have full power and authty to act under such enlarged or extended power of com pounding debts as the case may be And also to pay to

-

Power to compound

Proviso that creditors may

release or extend the

power of compounding debts.

Trust Deed.

To set apart debts of creditors

abroad.

verified on

oath.

and for all or any of the crs of the sd (D) either jtly or sevlly who by reason of infancy or or. disability cannot legally or witht breach of trust accede to these prests the full amount of the debts owing to the same resply and also to appropriate and set apart the amount of the debts owing to creditors in India or in pts beyond the seas who shall not before a final dividend shall be made accede to and exte these prests And finally if it shall be deemed necessary or expedient to retain such sum or sums of money as shall be required to answer the full amount of the debts in respect of which such appropriation is to be made the balance or surplus of debts (if any) after satisfying the debts of the crs residing abroad or so much of the same debts as the trustee or trustees for the time being shall think fit to satisfy shall be applied in the same or like manner as the residue of the produce of the sd trust estes Subject nevss to the provision hnaftr contd that is to say Debts to be Provided always and it is hby decld that all debts owing by the sd (D) as well on the ptshp as on the separate acct shall be verified and proved by the affidavits of the sd sevl crs stating the amount and conson of the same to be sworn before a Master Extraordinary in Chancery or a magistrate of the county or district in which the pty shall reside if the trustee or trustees for the time being shall require the same Provided also and notwithstanding any thing hnbefe contd it shall and may be lful for the sd trustee or trustees for the time being to compromise settle and ascertain the amount of the debt or debts claimed by the cr or crs resply and also the fund on which the pty or pties is are or ought to be deemed a cr or crs and also to separate distinguish and allot the separate property from the ptshp property according to the best of his or their judgment for the purpe of dividing the final residue or surplus (if any) betn the (D) and their reptive or reptives Provided (a) also and it is hby decld and agrd that any cr or crs who have or hath any secty for his her or their debt or any pt thof shall or may exte these prests witht prejudice to the same secty or secties with the consent of the trustee or trustees for the time being and convert the same into money and rece a divd rateably with the or. crs for so much of the same debt or debts as shall not be answd and pd out of the proceeds of the same secty or secties and that the trustee or trustees for the time being shall or may in his or their discretion compound any debt or debts owing debts owing to the sd (D) or any one or more of them and accept pt thof or givé further time for paymt of the

Provision

as to creditors having

securities.

Power to compound

to the debtors.

Trust

Deed.

same debt or debts and shall or may sue or refrain from suing for any debt or debts as they shall think proper or sign a certificate of any psn or psns indebted to the sd (D) who are or may become bankrupt And that the trustee or trustees for the time being shall or may make any arrangement he or they shall deem proper with any psn or psus holding any secties given by the sd (D) or any of them as a pledge for money for the purpe of procuring possession of the lds and property comprised in any mtge made or secty given so nevss as that the conson or price given upon such arrangement shall not exceed the amount or value of the principal and int And furr To sell that the sd trustee or trustees for the time being shall upon credit. and may sell all or any pt of the trust property for money to be pd at a future day or upon credit or for secty or secties by way of bills of exchange or orwise as he or they shall think advantageous And shall or may sell or convert into money all contingent ints and secties which cannot immly be enforced with a prospect of advantage and all debts which shall be deemed bad or doubtful or which cannot be collected in within rease time And shall and may be at liberty at any auction or auctions to buy in all or any pt of the trust property which shall be offered for sale and to resell the same at any future auction or by private contract witht being liable to answer for any loss or diminution of price upon such resale And it is hby furr decld and agrd that in To refer case any doubt or difficulty shall arise in ascertaining disputes to the amount of any sum or sums of money due or paye to any cr or crs of the sd (D) either on their ptshp or separate acct Then and in evy such case the full and exclusive power of ascertaining the amount of the same debt or debts resply shall be referred to such psn or psns as the sd trustee or trustees for the time being on the one pt and the er or crs the amount of whose debt or debts shall be called in question of the or. pt shall appt for that purpe And that the award and determination of the psns so apptd shall be final and conclusive on all psns entitled to any int or bent under these prests And that all differences which shall arise respecting the amount of any debt or debts owing to the sd (D) or any one or more of them jtly or separately or touching or concerning any property claimed as their or any or either of their effects or belonging especially to any of their crs shall be settled in the same or like manner if the sd (T) or, &c. shall think it proper and requisite to settle the same And it is furr provided and agrd that the trustee or trustees for the time being shall and may rent and hire such places and employ such psns and at

arbitration.

Power to rent offices, hire clerks,

&c.