Deed Of Dissolution Deeds Partnership 1793 - Legal Draft
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DEED OF DISSOLUTION
THIS DEED OF DISSOLUTION made at Pune this __.. day of 200__
BETWEEN
Shri PWI, age 58 years, occupation - business, resident of 950
Shivajinagar, Pune 411016, hereinafter called the PARTY NUMBER ONE,
(which express shall, unless repugnant to the context, mean and include
his heirs, executors, administrators and assigns) of the One Part
AND
Shri AMD, age 33 years, occupation - business, resident of 1300
Kasba Peth, Pune 411011, hereinafter called the PARTY NUMBER TWO.
(which express shall, unless repugnant to the context, mean and include
his heirs, executors, administrators and assigns) of the Second Part
AND
Smt. PHK, age 53 years, occupation - business, resident of 1500
Sadashiv Peth, Pune 411030, hereinafter called the PARTY NUMBER THREE, (which express shall, unless repugnant to the context, mean and include her heirs, executors, administrators and assigns) of the Third Part
AND
Shri JDG, age 43 years, occupation - business, resident of 1500
Sadashiv Peth, Pune 411030, hereinafter called the PARTY NUMBER
FOUR, (which express shall, unless repugnant to the context, mean and
include his heirs, executors, administrators and assigns) of the Fourth
Part
AND
Kumari VJG, age 21 years, occupation - business, resident of 1500
Sadashiv Peth, Pune 411030, hereinafter called the PARTY NUMBER FIVE,
(which express shall, unless repugnant to the context, mean and include
her heirs, executors, administrators and assigns) of the Fifth Part.
WHEREAS the party Nos. 2 and 3 own and possess the property
bearing Plot No. 60 at the revenue village Kothrud (Ideal Colony), Taluka
Haveli, District Pune;
AND WHEREAS the said party Nos. 2 and 3 hereto proposed to
execute a scheme of construction on the said property;
AND WHEREAS the party Nos. 2 and 3 not being in a position to
execute the said scheme by themselves decided to form a partnership and
admit more partners in the said firm;
AND WHEREAS, accordingly, the parties have decided to form and constitute themselves into a partnership firm;
AND WHEREAS, accordingly, the parties have decided to form and constitute themselves into a partnership firm;
AND WHEREAS the parties have also decided to reduce into writing
the terms and conditions of their partnership;
NOW, THIS DEED WITNESSES, and it is hereby mutually agreed by
and between the parties as follows:
1. That the parties hereto do hereby form and constitute themselves
into a partnership.
2. That the name of the firm shall be M/s Sham-G Construction Company", and the registered office of the firm shall be at 60 Ideal Colony, Kothrud, Pune 411029, or at other place as may be mutually agreed upon and decided by and between the parties.
3. That the objects of the firm shall be:
a) To purchase and acquire plots of land in and around the city of Pune or elsewhere as may be mutually agreed upon by the parties;
b) To execute the schemes of construction of multi-storeyed buildings consisting of residential flats, commercial shops and units to be sold on ownership basis or otherwise;
c)To acquire and purchase the old structures and buildings for the purpose of constructing new buildings thereon;
d)To undertake the work of construction of houses, bungalows and buildings on contract basis;
e)To accept and allot such work of construction from or to some other builders or agencies;
f)To complete the works of construction undertaken by the firm;
g)To enter into agreements to sell plots of land, residential flats, commercial shops and units;
(h) To purchase and sell residential flats, commercial shops and units constructed by other builders;
(i) To work as technical and labour consultants for others;
(j) To operate as promoters, developers, builders, engineers and
contractors in the field of construction activities.
(k) AND GENERALLY to do any and all other allied business that
may be necessary for effectively carrying out the above mentioned
objects,
4.That the party Nos. 2 and 3 have contributed as their capital towards
the partnership their property bearing Plot No. 60, out of S. No. 150,
of the revenue village Kothrud, Taluka Haveli, District Pune, while
the party Nos. 1, 4 and 5 shall contribute all the remaining capital
by way of cash, and they, the party Nos. 1, 4 and 5 shall contribute
all the necessary funds required for the execution of the proposed
schemes of the construction of buildings on the said property as well
as any other properties, if acquired by the said firm.
5. That the accounting year of the firm shall be according to the financial year commencing on the first day of the month of April in a year and ending on the thirty first day of the month of March of the following year, and the partners shall be entitled to have an inspection or perusal of such accounts, and deficiencies, if any. pointed out by any of the partners shall accordingly be corrected with the consents of all the partners.
6. That the firm may open one or more accounts with the banks as may be agreed upon by and between the parties, and such accounts shall be operated with the joint signatures of any of the two partners.
7. That the parties shall be entitled to claim profits and liable to incur losses in the following manner:
Sr. Name of the Party Profits Losses
No.
Party Number One 30% 30%
Party Number Two 10% 30%
Party Number Three 10% 30%
Party Number Four 20% 20%
Party Number Five 30% 30%
8. That the partnership That the partnership shall be at will, and any of the partners may retire from the firm by giving a three months' notice in writing to all other partners, and the accounts shall be settled at such a stage, and if there be any losses incurred by the firm, the retiring partner shall be liable to make the same good, and the partnership firm shall be continued even after the retirement or death of any of the partners, and the firm may admit any new partners.
9. That all the day-to-day transactions of the firm shall be carried out by the partners with full knowledge and cooperation of all the partners.
10. That none of the partners shall be entitled to raise loans in the name of the firm, and if there be a case of any partner doing so, such partner shall alone be liable and responsible for the same, and the remaining partners or the firm, as a whole, shall have no concern with such unauthorised transactions of such a partner.
11. That in the case of any dispute as regards the interpretation of these presents or the working of the said firm, the parties do hereby agree and undertake to settle down the same by arbitration only, and the decision of the arbitrator shall be final, conclusive and binding on all the partners.
IN WITNESS WHEREOF the parties hereto have signed hereunder at Pune the date first above mentioned.
Sd/- SBG PARTY NUMBER ONE
Sd/- PLM PARTY NUMBER TWO
Sd/- PHK PARTY NUMBER THREE
Sd/- JDG PARTY NUMBER FOUR
Sd/- VJG PARTY NUMBER FIVE