Draft Articles of Partnership between S M Burroughs and H S Wellcome

Draft Articles, without signatures, and without markings or comment, prepared by Markby Stewart & Co.

"The said Indenture of the 27th day of September 1880 is hereby cancelled as from the 30th day of August 1885" (paragraph 1), and the term of the new agreement is "10 years from the 1st September 1885 if both of them shall so long live" (paragraph 2).

"The capital of the said partnership shall consist of the sum of £15,000 to be brought in by the said Silas Maindeville Burroughs and Henry Solomon Wellcome in the following proportions viz £10,500 by the said Silas Maindeville Burroughs and £4,500 by the said Henry Solomon Wellcome. If either of the said partners shall with the consent of the other of them bring into the partnership any sum of money in addition to the amount of his said capital such sum of money shall be treated as a loan to the partnership firm and shall bear interest at the rate of £5 per cent per annum and shall not be with-drawn without 2 calendar months' notice in writing to the said firm" (paragraph 9).

There is no provision in the Articles (as there had been in the Articles of 1880) for Wellcome to increase his share in the business.

1885

1 file 10 sheets (410 x 245mm), folded.

WF/E/02/01/02/27.

Copyright assigned to the Wellcome Trust