Vol. III.

Chap. XVIII.

the Debtor.

And the said inspectors or inspector for the time being shall and may, when and so often as there shall be in hand money sufficient to pay two shillings in the pound upon or in respect of the said several debts or sums of money now due and owing from the said (debtor) to the several creditors, parties make Dividends Inspectors to hereto of the second and third parts, pay and distribute all such monies as often as unto and amongst the said creditors, parties hereto, rateably and proportion- enough to pay ably according to the amount of their respective debts; and after full pay- 28. in the Pound. ment, satisfaction, and discharge of all and singular the said debts and sums After making of money provided or authorized to be paid in manner herein-before men- these Payments, tioned, and of all costs, charges, and expences occasioned by or attending the the Surplus to execution of the trusts, powers, or authorities hereby created or declared, the said (inspectors), or the survivors or survivor of them, or the inspectors or inspector for the time being, shall and do pay the surplus (if any) of the aforesaid trust-monies unto the said (debtor), his executors, administrators, or assigns, or as he shall direct or appoint, to and for their own proper and absolute use and benefit. And it is hereby also agreed and declared between Inspectors to and by the said parties hereto, that the said inspectors or inspector for the time give Notice of being shall, by letters, or by such other ways or means as they or he shall Dividends. think proper, give due notice of the time and place of making and paying such respective dividends as aforesaid. And the said several creditors, parties Agreement by to these presents, do hereby agree and declare, that they and every of them Creditors, that shall and will receive the dividends to be made to them in manner aforesaid they will receive Dividends until upon their respective debts, until they shall have received twenty shillings paid 20s. or in the pound upon the same debts respectively, or until the produce of the Estate is disestate and effects of the said (debtor) shall be distributed and divided in tributed. manner mentioned in and according to the true intent and meaning of these presents. And it is hereby agreed and declared between and by the said Declaration, that parties hereto, that in case it shall happen that any of the present creditors Creditors neof the said (debtor) shall, through inadvertency or otherwise, omit to sign and glecting to exeexecute these presents, or a duplicate thereof, before a first or other dividend first Dividend, or dividends shall be made, but afterwards sign and execute the same, they may, on execut the said (inspectors), or the survivors or survivor of them, or the inspectors ing, be afterwards or inspector for the time being, shall and may pay or cause to be paid to such creditor or creditors so signing and executing as aforesaid, a like dividend or dividends, as shall have been paid to the said other creditors respectively who shall have before executed these presents, or a duplicate thereof, before any further dividend shall be made among the said other creditors, parties hereto. And the said (debtor), for himself, his heirs, ex- Further Coveecutors, and administrators, doth hereby further covenant, promise, and nants by Debtor agree with and to the said (inspectors), and every of them, their and with Inspectors. every of their executors and administrators, in manner following; (that is to say), Not to enter into that he the said (debtor) shall not nor will, at any time hereafter during the any new Consaid term of two years (unless the said creditors shall be previously paid the tract, &c., but full amount of their debts in manner aforesaid), enter into or undertake, or Consent; be concerned or engaged in any new contract, adventure, trade, or business whatsoever, unless with the consent and approbation of the said (inspectors), or the survivors or survivor for the time being; nor shall nor will, at any nor dispose of time during the said term of two years (unless full payment of the said his Estate and debts be previously made), pass away, alienate, or dispose of any of his Effects, except estate and effects, save and except in the regular course of his aforesaid business so to be carried on under such inspection or direction as aforesaid ; nor shall nor will do or suffer to be done any act, deed, matter, or thing nor do any Act whatsoever, whereby any creditor or creditors of him the said (debtor) shall by which any Creditor may or may obtain any security or securities for his or their debt or debts, or any obtain Security preference or priority of payment thereof, or of any part thereof, before any or Preference; other or others of them, contrary to the true intent and meaning of these presents; nor shall nor will bring any action or suit for recovering any debt nor bring

cute before a

paid.

with their

in the course of Business;

Actions without

Vol. III. Chap. XVIII.

Consent of Inspectors.

To keep proper
Books, and have

Entries made.

To keep all
Letters received,
and Copies of
Letters sent.

To permit Ex-
amination by
Inspectors into
Books, &c.

To report the
true State of his
Affairs to them.

or debts now due and owing, or which shall hereafter, during the continu ance of the aforesaid licence for the term of two years, become due and owing to him the said (debtor), without the licence and consent of the said (inspectors), or the survivors or survivor of them, or the inspectors or inspector for the time being, who are and is hereby authorized and empowered to give such consent and directions therein as they or he shall think proper: And further, that he the said (debtor) shall and will from time to time keep or cause to be kept proper books of account relating to his estate and effects, and the management and disposal thereof, and therein make or cause to be made true and proper entries of all his receipts, payments, and disbursements, and of all such other transactions, matters, and things as shall be requisite, in order to shew the true state and condition of his said estate and effects; and shall and will preserve all letters received from, and make and keep copies of all letters sent by him to all and every of his correspondents, or other person or persons whatsoever, respecting his affairs and conduct in the said business, and preserve all other papers and writings relating to the same; and also shall and will permit the said (inspectors), or the survivors or survivor of them, or the inspectors or inspector for the time being, from time to time, and at all times during the continuance of the said licence, to examine and inspect the said books of account, letters, papers, and writings, or any of them; and shall and will from time to time, when and so often as he the said (debtor) shall be thereunto required by the said (inspectors), or the survivors or survivor of them, or the inspectors or inspector for the time being, shew and report to them or him the true state and condition of the accounts of the said (debtor), and of all his proceedings relating to his said business: And also, that he the said (debtor) shall and will, when and as often as he shall be thereunto required by the said inspectors or inspector for the time being, verify the truth of such accounts upon oath before one of the masters of the high court of chancery: And also, that he the said (debtor) shall not nor will, at any time or times hereafter during the continuance of the aforesaid licence for the said term of two years (unless the said creditors shall be previously paid the full amount of their respective debts), compound with any person or persons whomsoever for any debt which hath heretofore grown due, or which shall at any time or times hereafter arise or grow due to the said (debtor), for any less sum or sums of money than the whole of such debt or debts: nor sign any bankrupt's certificate, or any letters of licence, release, deed of composition, or other instrument in writing, whereby any sum or sums of money due or to grow due to the said (debtor) may be lessened, delayed in payment, or discharged, without the consent of the said (inspectors), or the survivors or survivor of them, or the inspectors or inspector for the time being, for that purpose first had and obtained. And it is hereby agreed and declared between and by the said parties hereto, that the better to enable the said (debtor) to carry on his said business, it shall be lawful for him to employ any clerks, servants, or other persons whomsoever, in or about the same, and to displace the persons so to be employed, or any of them, in such manner as to the said (debtor) shall seem meet (but nevertheless with the consent and approbation of the said (inspectors), or the survivors or survivor of them, or of the inAuthority to the spectors or inspector for the time being, and not otherwise).

To verify Accounts on Oath, if required.

Not to com-
pound with

Debtors, without
Consent of
Inspectors;

nor sign Bankrupt's Certificate, &c.

Power to Debtor, with Consent of Inspectors, to employ Clerks, &c.

Inspectors to pay
Salaries, &c. of
Clerks, &c.

And it is hereby also agreed and declared between and by the said parties hereto, that it shall and may be lawful to and for the said (inspectors), and the survivors and survivor of them, and the inspectors or inspector for the time being, and they are hereby authorized and empowered, by and out of the monies arising from the estate and effects of the said (debtor), and from the gains and profits of his said trade, which shall or may be paid into such bankinghouse as aforesaid, to pay, satisfy, and discharge any sum or sums of money for the salary or salaries, allowance or allowances, for the clerks, servants,

Vol. III.

House Rent,

Years, on

Request of

Creditors, to

assign all his Estate and

Effects,

upon Trust to sell and convert into Money.

and other persons to be employed as aforesaid in or about the business; and also the house-rent and taxes, and all other necessary expences of the said Chap. XVIII. (debtor), in the managing, carrying on, and conducting his affairs and business, for the benefit of the said creditors. And it is hereby agreed and declared Taxes, &c. between and by the said parties hereto, and the said (debtor) for himself, his Covenant by heirs, executors, and administrators, doth hereby further covenant, promise, Debtor, if Creand agree to and with all the said creditors, parties to these presents, and ditors not fully also separately to and with every of them, that in case the said creditors, paid in two parties hereto, shall not be paid the whole of their respective debts at or before the expiration of two years, to be computed from the day of the date hereof, and the said (debtor) shall at any time hereafter be required by the majority in value of the said creditors (present, by themselves or their agents, at a meeting to be called for that purpose) so to do, that he the said (debtor), his heirs, executors, and administrators, and all other persons claiming through or under him, shall and will, at the expence of the estate of the said (debtor), well and sufficiently convey, assign, and assure unto the said (inspectors), or the survivors or survivor of them, or unto such other persons or person as the major part in value of the said creditors of the said (debtor) shall think fit to make choice of, and their heirs, executors, admiistrators, and assigns, all and every the real and personal estates of him the said (debtor), and all the right, title, interest, property, claim, and demand of the said (debtor) in, to, and out of the same; to hold the same unto and to the use of the said (inspectors), or the survivors or survivor of them, or such other persons or person as aforesaid, their or his heirs, executors, administrators, and assigns, upon trust to sell and dispose of the same, or any part thereof, or otherwise convert the same into money, in such manner as the said inspectors or inspector, or trustees or trustee for the time being, shall think fit; and after deducting all their costs, charges, After deducting and expences in or about all such sale or sales, and conversion, upon trust to Expences, Prostand possessed of and interested in the monies to arise by such sale and duce of Sales to be disposed of in conversion upon such trusts as will correspond as nearly as circumstances similar Trusts to will then permit with the trusts and directions herein-before declared and contained. And in consideration of the release, conveyance, and assign- Deed. ment lastly herein-before covenanted on the part of the said (debtor) to be made and executed after the expiration of the said term of two years, in case the creditors of the said (debtor) who shall have only executed these presents shall not be paid their whole debts as aforesaid, they the said several creditors, parties hereto, of the second and third parts, do hereby for themselves, severally and respectively, and for their respective heirs, executors, administrators, partners, and assigns, according to their respective rights and interests therein, covenant, promise, and agree to and with the said (debtor), his heirs, executors, and administrators, that they the said creditors, and every of them, shall and will take and accept the said release, conveyance, and assignment, in full satisfaction and discharge of and for all and every debt and debts, sum and sums of money, claims and demands whatsoever then due from the said (debtor), upon or on account of any contract, engagement, matter, or thing antecedent to the day of the date hereof: And also, upon such release, conveyance, and assignment being and to release anade, they the said creditors shall and will severally and respectively acquit, Debtor there. release, and discharge the said (debtor), his heirs, executors, and administra- from; tors respectively, of and from all and every debt and debts, sum and sums of money, claims and demands whatsoever, and of what nature or kind soever, which shall be then due upon or by reason of any contract, engagement, matter, or thing whatsoever entered into or made by the said (debtor) before the day of the date of these presents, but so as not to discharge or but so as not to make void any security or securities, lien, claim, or demand which the said discharge any ereditors, or any of them, shall or may have upon or against any other per- Security, &c. son or persons, or his or their property or estate, for payment of any such

the present

Creditors agree,

on such Conveyance being made, to accept it in full Discharge,

Vol. III.

Proviso, that if Debtor makes Default in performing Covenants, &c. on his Part;

or if all Creditors
(except those to
the Amount of

£1000, or those
having adequate
Security, and
choosing to
rely on it) do

not execute in
Months;

then this Deed to be void.

Proviso that the Inspectors may proceed in the mean time.

Covenants by the Inspectors,

to keep Minutes of their Proceedings

debt or debts. Provided always, and it is hereby expressly agreed and Chap. XVIII. declared between and by the said parties hereto, that if the said (debtor) shall make default in performing all and every or any of the covenants, clauses, stipulations, and agreements herein-before contained, and on his part to be performed and kept; or if all the creditors of the said (debtor) (except such creditors whose debts do not altogether exceed the sum of £1000, and who shall be paid in full as aforesaid, and also except such creditor or creditors as, having an adequate security for his, her, or their debt or debts, shall choose to rely on such security) shall not, within the space of calendar months, to be computed from the day of the date hereof, by themselves, or by their respective copartners, agents, or attornies thereto lawfully authorised, sign, seal, and deliver these presents, or a duplicate thereof, to and for the several uses, intents, and purposes herein mentioned, then and in either of the said cases, this present indenture, and every article, clause, matter, and thing herein contained, so far as it tends to restrain the said creditors from suing for and recovering his, her, and their debt or debts within the times aforesaid, shall cease, determine, and be void. Provided always, and it is hereby further agreed and declared between and by the said parties hereto, that in the mean time, and until the expiration of the said space of calendar months, it shall be lawful for the said inspectors or inspector for the time being to proceed to act in the execution of these presents in every respect as they or he shall think proper, and judge to be most for the benefit of the said creditors. And each of them the said (inspectors) doth hereby, for himself, his heirs, executors, and administrators, and so far as concerns his own acts, deeds, and defaults only, covenant, promise, and agree to and with the said several creditors, parties to these presents of the third part, and also separately to and with every of them, that they the said (inspectors) respectively shall and will from time to time take and keep, or cause to be taken and kept, minutes of all their proceedings and transactions in and about the affairs of the said (debtor), which minutes shall be always open for the inspection of the said creditors at any meeting or meetings to be appointed or held as herein-after is mentioned. And it is hereby agreed and declared between and by the said parties hereto, that all rules, orders, directions, resolutions, and agreements which shall be made or entered into by the said inspectors or inspector for the time being, shall be binding and conclusive on all the said creditors, parties hereto. Provided always, and it is hereby also agreed and declared between and by the said parties hereto, that in case the said (inspectors), or Proviso for Ap. any of them, or any future inspectors or inspector to be appointed as hereinpointment of new after mentioned, shall happen to die or decline, or be incapable to act under or in the exercise of these presents, and the powers and authorities herein contained, then and in every or any of the said cases, and when and so often as it shall so happen, it shall and may be lawful to and for the major part in value of the creditors of the said (debtor) present, by themselves or their agents, at any meeting to be called by the survivors or survivor of them the said (inspectors), or the surviving or continuing inspectors or inspector for the time being, for that purpose, to nominate and appoint any one or more fit and proper person or persons, being a creditor or creditors of the said (debtor), to be inspector or inspectors in the room of such of them as shall happen to die or decline to act as aforesaid, so as to preserve and keep up the number of three inspectors; and such person so to be herein-after nominated and appointed as aforesaid, shall thenceforth act under or in the execution of these presents, as fully and effectually as if he or they had been originally appointed inspector or inspectors in and by these presents; Provided also, and it is hereby further agreed and declared between and by the said parties hereto, that in case any event shall occur respecting the foreseen Event, premises, or any of them, and not herein or hereby particularly provided

open to Inspection of Creditors at any Meeting.

Agreement that all Rules, &c. to

be made by Inspectors shall be binding on Creditors.

Inspectors,

by Majority in value of the Creditors at a Meeting to be called by surviving or conti

nuing Inspectors,

so as to keep

up the Number

of three.

Such Person to

be able to act as fully as present Inspectors.

Proviso that in

Case of any un

Vol. III.

Chap. XVIII.

or want of In

Creditors.

Notice to be

accepting the

by themselves or

Agents

Resolutions, &c.

of major Part in

for, or in case the said inspectors or inspector for the time being may want further directions or powers concerning the premises herein-before covenanted and agreed to be placed under their controul or direction as aforesaid, or concerning the exercise of any of the powers or agreements herein struction, &c. contained, it shall be lawful for the said inspectors or inspector from time Inspectors are to to time, by giving fourteen days notice in such manner and form as they call a general shall think fit, to summon a general meeting of all the creditors of the said Meeting of (debtor) or the agents or persons authorized to act for any of the said creditors, so far as shall be known to them the said inspectors or inspector, and Fourteen Days and at such time and place as the said inspectors or inspector shall think fit; given. at which meeting or meetings all the creditors of the said (debtor) who shall have executed these presents, or who shall agree to accept the benefit All the Creditors thereof, shall have a right to be present and vote and concur in the orders Arrangements and resolutions then to be made, either by themselves or their respective shall vote; agents thereto, lawfully authorized as aforesaid; and at such meeting it shall be lawful for the said inspectors or inspector to offer and propose any matters or things, wherein they shall want the direction, advice, and concurrence of the said creditors; and the resolutions, rules, or orders of the major part in value of the creditors or their agents duly authorized then present, (who are hereby authorized and empowered to enter into and make Value to be any rules, orders, and resolutions, or to give any further powers and au- binding on all thorities to the said inspectors or inspector, as occasion shall require, for the the Creditors benefit of or concerning the said estate) shall be binding and conclusive executing. upon all the creditors, parties hereto, in the same manner as if all of them had been present, and had voted and concurred therein; and the said Inspectors auinspectors or inspector for the time being are hereby authorized to act thorized to act pursuant thereto, and are and shall be indemnified in respect thereof, and in pursuant thereto. whatsoever they shall do in pursuance of these presents, and of every such agreement, order, or resolution which shall be made at any such meeting or meetings: Provided nevertheless, that no such rules, orders, resolutions, Proviso that no or authorities shall be made, given, or entered into at any such general meeting of the creditors, until an hour after the time to be appointed in the notice for such meeting or meetings shall have elapsed: Provided always, and it is hereby further agreed and declared, between and by the said parties hereto, that the said (inspectors), and each and every of them, and such new or further inspectors or inspector that shall or may hereafter be appointed under or by virtue of these presents, shall be charged and chargeable respectively only for so much monies as they or any of them shall respectively actually receive, by virtue of or under the trusts hereby in them reposed; notwithstanding his, their, or any of their giving or signing, or joining in giving or signing, any receipt or receipts for the sake of conformity, and that any one or more of them shall not be answerable or accountable for the others or other of them, but each of them for his own. acts, receipts, neglects and defaults respectively; and that they or any of and not accountthem shall not be answerable or accountable for any banker or other person able for Loss, with whom or in whose hands any part of the said trust-monies, goods or except through effects, shall or may be deposited or lodged for safe custody or otherwise, in the execution of any of the trusts herein-before mentioned; and that they or any of them shall not be at any time answerable or accountable for any misfortune, loss, or damage which may happen in the execution of the aforesaid trusts, or in relation thereto, except the same shall happen by or through their own wilful neglects or defaults respectively; and also, that it Power to reimshall be lawful for the said inspectors in these presents named, and such burse themselves future inspector or inspectors to be appointed as aforesaid, and every of all Costs in the them, their, and every of their executors, administrators, and assigns, by Trusts. and out of the monies which shall come to their respective hands by virtue of these presents, to retain and reimburse himself and themselves respectively,

such Rules, &c. shall be made, after the Time of the MeetingProviso that Inspectors shall be only chargeable

until one Hour

for their own. Acts, &c.;

wilful Default.

Execution of the