the usual process of that court; and if it shall become a question at any time, whether such petition were preferred by the order of a majority in value of the creditors, the ford chancellor shall enquire into and determine that fact, and compel the banker and his trustee to answer upon oath to all particulars that may discover that fact. acting as such. s. 15./ s. 4. Bankers not to terest. By s. 15. no person who by reason of any office, employ- Who excluded from being ment, deputation, or clerkship, shall be entrusted with bankers, or the receipt, custody, or payment of public money, shall, either singly or in partnership, so long as such person shall continue in such office, &c. follow the business of a banker; or by himself, or by any person authorized by him, issue or give any note or accountable receipt as a banker, or for profit discount any promissory note, or Penaliz. bill of exchange, upon pain of forfeiting £20 for every such note or receipt issued or given by such person; and the like sum of £20 for every note or bill discounted by him as aforesaid; to be recovered by civil bill by him that will first sue for the same. And by s. 4. no banker shall issue or give any note, negotiable receipt, or accountable receipt, with any promise or engagement issue notes, &c. therein contained for the payment of any interest; and payable with inall notes and receipts that shall be given by any banker with such promise, &c. shall be void. But by s. 5. if $.5. any banker shall not pay any note, negotiable receipt, But their notes, or accountable receipt, issued or given by him, or by &c. not paid on any person by him for that purpose appointed, upon de- interest. mand, when the same shall become due, every such banker that shall so make default in payment, his heirs, executors, and administrators, shall be obliged to pay not only the sum in such note, &c. contained, but also legal interest for the same from the time of such demand, until the time of paying the same, unless some agreement to the contrary shall have been made between such' banker and such creditor. In order that persons interested in such banks, or their representatives or creditors, may not be delayed in settling their accounts, and in making payments to the creditors of such banks, it is provided (s. 16.) that every creditor by accountable receipt, or promissory note, of any bank, shall in 3 years after demand liable to s. 16. demanded within 3 years after bankers quit business, or stop payment, or barred. Payment to be after the time that such bank shall quit business, or stop payment, make a legal demand of what shall be then so due to such creditor; and on failure of making such demand, such creditor shall be barred from suing for such note or receipt in law or equity; and the defendant against whom any suit shall be brought after the time aforesaid, may plead payment and give this act in evidence. This act is peculiar to Ireland. Anonymous Partnerships may be for 14 yours. 21 & 22 Geo.3. required and li mited. The anonymous partnership act, 21 & 22 Geo. 3. c. 46. Ir. may be also referred to this place. By this statute any number of persons may by deed or instrus. 1. c. 46. Ir. ment of partnership, under their hands and seals, executed in the presence of 2 or more subscribing witnesses, enter into a joint trade or co-partnership for the purpose of buying and selling in the gross, or by wholesale, or for establishing or carrying on any manufacture or business, for any term not exceeding 14 years, but determinable at any shorter period, in such manner, and upon such conditions, as shall be agreed upon by such partnership deed; and the said co-partners, or some of them, shall thereby bind themselves to pay in money towards a joint stock, such sums as they shall respectively think fit, Amount of stock such joint stock however not to be, in any one of such companies or co-partnerships, less in the whole than £1000, or more than £50000. And by s. 2. such subscribers or co-partners may by such deed appoint from amongst themselves one person, or more, to conduct said trade, &c. in whose name or names whilst living and continuing in credit, with the addition of "and company” the business of said partnership shall be carried on; and such person, &c. shall be called the acting partner, &c. and his person, lands, goods and chattels, shall be as subject to the laws against bankrupts on account of said partnership debts, as if such acting partner had traded upon his own account, and without any connection in trade with the said other partners. By s. 3. the remain ing subscribers, &c. who shall not have the actual management of said trade, and whose names shall not be mentioned in the firm of said company, shall be stiled anonymous partners, and no debts or engagements of such anonymous partners shall charge or affect the other part s. 2. May appoint ecting partner, and namu of Jorm. 8. 3. Anonymous ners, S. 4. Anonymous limited, default. ners, or the said partnership stock, as debts due by the said company; nor shall such anonymous partners be subject to any contracts or engagements of any such acting partner, or to any loss which may happen in the said business, otherwise than as herein after mentioned. And by s. 4. every such anonymous partner shall at the time of his execution of the articles or deed of co-partnership, pay to the acting partner of said company to- partner to pag his subscription wards the capital stock thereof, a sum not less than in manner herein 1-4th part of the sum by him subscribed, and shall pay or tender in cash the remaining 3-4ths thereof to such acting partner, if living, at the end of 12 calendar months after the execution of said partnership-deed at furthest, or at such days and times within said 12 months, and in such proportions, as shall be limited by the said partnership deed or agreement, and that too without any demand by such acting partner; and in case any of the Penalty for said anonymous partners, his executors, or administrators, shall neglect or refuse so to pay or tender to the said acting partner the said 3-4ths, he shall forfeit for the benefit of the other partners and partnership creditors, the said 1-4th so paid by him, and all profits arising during the said partnership from said 1-4th, and shall no longer be considered as one of the co-partners; and, moreover, in case of a failure of the said partnership business, he, his heirs, executors, or administrators, shall be subject to pay the said partnership creditors any sum that may be wanting to satisfy their demands, not exceeding the said 3-4ths so originally agreed to be paid; but if at the end or other dissolution of the said partnership, the said trade shall have turned out so beneficial, that each of the said partners shall have received his principal money, with interest from the time of payment thereof, then the 1-4th so paid by such forfeiting partner, shall by the acting partner, his executors or administrators, be refunded to the said forfeiting partner, his executors, administrators, or assigns, but without any interest or profits. By s. 13. no partnership shall be considered as formed under this act, unless every such partnership deed, or memorial thereof, shall, before the commencement of such partnership, or within s. 13. Partnerships within 10 days after the commencement thereof, be registered in the public registry office in Dublin for registering deeds, pursuant to the statutes, and in such manner as thereby and herein required, for which registry such fees shall be paid as such register is now entitled to receive for other deeds; and such register shall keep distinct books for the registry of such partnership deeds or articles, and distinct alphabets, and in all other respects do what is incumbent upon him to do with respect to the registry of the deeds of lands; and his certificate shall be evidence as in case of other registered deeds; and every memorial of such partnership deed shall contain the day and year when such deed bears date, and the names and additions of all the parties thereto, distinguishing which of them are the acting partners, and which of them anonymous, and the sums by them respectively subscribed, and the time from which such partnership is to commence, and the term for which it is to continue; and every such memorial shall be under the hands and seals of the acting partners, and attested by 2 witnesses, one whereof shall be witness to the execution of such deed, who shall, by affidavit to be made before the said register, or his deputy, prove the signing and sealing of said memorial, and the execution of said deed by all the parties thereto, or their lawful attornies, and the payment in cash, or good bank notes, of the said 1-4th of the subscription money to such acting partner by each of the other partners, and also the day and time of the delivery of such memorial to the register or his deputy. By s. 18. no co-partnership for carrying on the business of bankers, or discounters of money for shop-keepers not within this selling by retail, shall be considered as formed under this s. 18. Bankers, &c. act. Accounts closed once a year. s. 5. act. By s. 5. a full account or rest in writing shall be made once in every year, or oftener, of all the effects belonging to said co-partnership, and of all debts owing by them, and a fair balance struck of the whole, and of each particular partner's share, and signed by the acting partner, and at least two-thirds of the anonymous part ners, $. 6. Half of net aut. s. 7. Anonymous partners how far ners, or their respective attornies for that purpose constituted, with the approbation of the said partners. And by s. 6. each of said anonymous partners, his executors or administrators, may take out of said partnership, after such fair settlement of accounts, and not before, half profits may be and no more of his share of the net profits made by said annually drawn company on the sums paid in by them respectively; and the residue of the profits, and any sum paid by a forfeiting partner, and the profits thereof, shall go to increase the said joint stock, until the expiration of the term of their co-partnership. But by s. 7. every such anonymous partner, having bona fide paid or tendered the full sum, in cash, by him subscribed, and specified in such partnership deed, at such times as before mentioned, and table. who shall not act contrary to the true intent of this act, in any of the instances hereinafter expressed, shall not be subject to any of the laws against bankrupts, or to any greater loss, charges, or damages, on account of his having entered into such partnership, than the full sum so by him subscribed and paid, and such proportion of the profits as is so directed to be held over to the end of the partnership, at the utmost, or such proportion of the sum so subscribed, and of the profits not received, as may be necessary to make full payment of all the partnership debts and engagements; and in case a failure shall happen in such partnership business, or it shall be dissolved by the death of an acting partner, or on the terms of such partnership deed, before the time for the payment of the 3-4ths of the said subscriptions, then, each of such anonymous partners conforming to this act, his heirs, executors, or administrators, shall be bound only to pay such remaining 3-4ths, or such part thereof as may be necessary, with interest from the time limited by said partnership deed for the payment thereof, towards the discharge of such partnership debts, and shall not be subject to any further loss. By s.,8. no such partnership shall be dissolved by the death or bankruptcy of all or any of the anonymous partners during the term of said Effect of death or bankruptcy of partnership, unless it shall be otherwise agreed by the anonymous said partnership deed; and the personal representative partner. of any anonymous partner, so dying, and the assignees of such $.6. |