Articles of partnership between Burroughs and Wellcome

Copy belonging to Burroughs. Signed by Burroughs, witnessed by George H Radford (Solicitor, Chancery Lane).

The term of the indenture is ten years from 1 September 1880, and "shall terminate at the end of Five years ... if either of them shall desire its termination and of such his desire shall give not less than six calendar months previous notice in writing" (paragraph 2).

"The capital of the said Partnership shall consist of the sum of Two thousand pounds to be brought in by the said Silas Maindeville [sic] Burroughs and Henry Solomon Wellcome in the following proportions namely One thousand two hundred pound by the said Silas Maindeville Burroughs and Eight hundred pounds by the said Henry Solomon Wellcome Subject to the provision hereinafter contained for increasing the capital of the said Henry Solomon Wellcome" (paragraph 8).

There are two amendments (both initialled in the margin by Radford) in paragraph 18, which refer to the entitlement of the partners to net profits in relation to capital, and entitle Wellcome to increase his capital share from "two fifths" to an equal share. Reflecting second thoughts on the matter, "at any time after one year" has been amended to "at any time after two years".

"In case there shall be any difference of opinion between the parties hereto as to the right of the said Henry Solomon Wellcome to increase his capital under this clause the question shall be decided by arbitration under the general clause for this purpose hereinafter contained Provided always that if the question shall be decided adversely to the said Henry Solomon Wellcome then he shall not for the period of two years from the date of such decision again claim to increase his capital under this clause" (paragraph 18).

27 September 1880

1 file 4 sheets, each 385 x 245mm. The document has suffered some fire-damage to left margins, which has been repaired. Very minimal loss of text verso sheets 2 and 3.

WF/E/02/01/02/28.

Copyright assigned to the Wellcome Trust

Copy photographs are held by Wellcome Images as L0067698-L0067705