RELEASE OF AN INTEREST IN IMMOVABLE PROPERTY

                   
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RELEASE OF AN INTEREST IN IMMOVABLE PROPERTY

DEED  OF   RELEASE   is   made   at   ____________   this   _________   day   of

_________ between Sri.____________________ S/o._____________________

residing                   at__________________________________________________

hereinafter       referred     to       as     the       ‘Releasor’       of     the       One      Part       and

Sri.____________________                  S/o._____________________                   residing

at__________________________________________________ hereinafter referred to as the ‘Release’ of the other part.

WHEREAS –

1.  The Releasor and the Releasee, who are full sister and brother by relation, are joint owners of the immovable property situate at ________ and more particularly described in the Schedule hereunder written being the property inherited by them from their father.

2.  The Releasor does not desire to claim any interest or share in the said property as she is married and well placed in life and she has received sufficient amounts in different forms from her father and she, therefore, desires to release all her share, right, title and interest in the said property so as to enable the Releasee to enjoy the same alone or deal with it as he likes.

NOW THIS DEED WITNESSETH that in the premises and out of natural love and affection for her brother the Releasee, the Releasor hereby releases and quits claim to all her share, right title and interest claim and demand in the said property described in the Schedule hereunder written unto and in favour of the Releasee to the intent and purposes that the Releasee will be sole owner of the said property.

IN WITNESS WHEREOF the Releasor has put her hand the day and year first hereinabove written.

THE SCHEDULE ABOVE REFERRED TO:

Signed and delivered by the						}
Within named Releasor _____________						}
In the presence of _______________						}
Signed and delivered by the with named
Releasee in the presence of						}

RECONSTITUTION OF PARTNERSHIP DEED

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RECONSTITUTION OF PARTNERSHIP DEED

This deed of partnership made and executed on this the day of .. . . . . .  .

. . … .  . .. . . at Bangalore By and Between:

1. . . . . . . ……………………………. Hereinafter referred to as the first

party.

2. . . …………………………………. Hereinafter referred to as the second

party/retiring partner.

3. . . ………………………………….. hereinafter referred to as the third

party/retiring partner.

4. . . . . . . .. . . . . . . . . . . . . . .. . hereinafter referred to as the fourth party/incoming partner.

(The terms fist, second, third and fourth parties shall wherever the context to request mean and include their respective heirs, legal representatives, administrators, executors and assigns) of the each part shall witnesseth:

Whereas the parties 1 to 3 herein have been carrying on business as partners of the firm under the name and style of . . . . . . . . . . . . . . . . . ..

. . . . . . . . . . .. .. The parties 2 to 3 herein have expressed their desire to retire from the firm and the fourth party herein as offered to come in as a partner to continue the business of …. . . ………………………………

Upon the parties 2 and 3 herein offering to retire from the firm the accounts of the firm have been drawn.

Whereas the party of the third part has lent substantial amount of money to the firm to meet the exigencies of the business apart from contributing to the capital of the firm. The parties 1 and 4 herein have decided to continue the business in the same products in which the firm was dealing and to take over the liabilities of the fir, all the assets together with goodwill and name. Hence this re-constitution deed.

NOW THEREFORE THIS DEED OF PARTNERSHIP SHALLWITHNESSETH:

1.   Name of the Firm:

2.   Place  :

3.   PURPOSE:

Manufacture and sale of electrical varnishes of all grades, polymers resins and such other products which may be decided by the partners from time to time. To engage in trading activities in dyes, chemicals pigments etc.,..

4. DURATION OF PARTNERSHIP:

The duration of partnership will be AT WILL. However, it shall not be dissolved for atleast five years or with the consent of both continuing partners.

5. CAPITAL:

First and fourth parties herein who will be contributing Rs… . . . . . each towards the share capital.

6. SHARING RATIO:

50:50 each between two partners out of the profits and losses.

7. BANK ACCOUNT:

The firm shall have in its name such Bank Accounts as may be necessary with any Bank, wither schedule, Co-Operative or Nationalised Bank and the Bank Accounts shall be operated by the Managing Partner.

8. MANAGEMENT:

Sri. . . . . . . . . the first party herein shall be the managing partner of the firm he shall carry on day to day affairs of the firm in the best interest of the partners with the assistance of the other partner. Matters relating to line of business, finances, place of business, salaries, appointments etc., shall be decided from time to time by the managing partner.

9. FURTHER INVESTMENT:

In case of necessity the partners have agreed to invest money for effectively running the unit. Such additional investment shall be treated as loan and such lending partner will be entitled to 18% p.a. interest on such amount.

10.  In case of death, insolvency, lunancy or retirement of any one of the partner of the firm, the firm shall not automatically get dissolved. The

surviving partner will be entitled to continue the firm either by taking new partners or without inducting anybody.

11. BORROWINGS:

The partners may, by mutual consent, borrow the funds from any bank, society, co-operative Bank, financial institution or individuals for the purpose of running the business and in such cases all the partners will jointly and severally be responsible for the repayment of loans or credit facilities availed by the firm. No partner will be entitled to borrow money in the name of the firm individually and all security documents shall be signed both partners.

12. REMUNERATION:

The partners will be entitled to draw a sum of Rs. . . . . . . each for the services rendered by them to the firm and the same shall be subject to revision by mutual consent depending on the financial position of the firm. However, if the firm is not in a position to repay the loan or instalments top the creditors from out of the income of the firm the partners will not draw their salaries.

13.  The partners will not be entitled to withdraw the capital contributed by them till such time the loans contracted by the firm is fully discharged.

14.  The Books of Accounts of the firm shall be maintained by the managing partner with the assistance of such staff, employees or agent as my be appointed by the fir,. The second partner and managing partner will be entitled to sign all the bills, vouchers and other papers required to to signed in daily transaction to carry on smooth business.

15.  No partner shall contract any loan individually or incur liability without written concurrence of the other partner and if any such commitment is made contrary to the above only such partner making commitment will answer the same.

16.  APPOINTMENTS:

All appointments of consultants, staff, employees, agents, dealers, tax consultants, auditors, advocates etc., shall be made by mutual consultation between the partners.

17.  The Managing partner shall maintain proper books of accounts regularly and the same shall be kept in its registered office or at the factory which shall be made available for inspection by the other partner at all times. He account books so maintained by the firm shall be got audited every year by qualified auditors.

18. FINANCIAL YEAR:

The financial year of the firm shall be from ……….. . .. . .. of each year

ending with . . . .. .. . . .   of succeeding year.

19.  No partner will be entitled to retire from the firm without giving atleast one month notice in advance, to the other and without obtaining prior permission from the Bank or financial institution with whom the firm will have transactions.

20.  No. partner will be entitled to transfer, assign or charge his/her interest or share in the firm to a third party without prior consent of the other partner and also without prior permission of the Bank.

21.  Since second and third parties herein have retired from the firm w.e.f. today, have drawn up the accounts till date and that the retiring partners have no dispute or claim either against the firm or the continuing partners.

22.  No partner shall engage himself/herself in any activity or business which is similar identical with the business and activity of the firm either directly or indirectly to affect the interests of the firm adversely.

23.  The firm shall sue and be sued in the name of the firm only and managing partner shall represent the firm in such matters before the courts of law by signing such papers as may be required to be signed and verified for being presented in the courts, arbitrators or such other authority.

24.  The properties acquired and transactions carried on by the firm shall be in the name of the firm and all assets, liabilities goodwill etc., that have been acquired as on date will continue to be the assets of the firm.

25.  The partners shall sincerely do their respective jobs which is necessary in the best interest of the firm so as to run the same smoothly and profitably to the best advantage of all the partners. If any partner were to deliberately cause loss to the firm or is acting prejudicial to the interest of the firm such a partner shall make good the same to the other partner and such partner shall be removed from the partnership.

26.  In respect of all the matters for which there is no specific clause provided herein, the parties herein, will be governed by provisions of the Indian partnership Act 1932 and any amendments thereto from time to time.

IN WITHNES WHEREOF THE PARTIES HERETO HAVE SER THEIR RESPECTIVE HANDS TO THIS PARTNERSHIP DEED ON THE DATE AND PLACE MENTIONED HEREINABOVE IN PRESENCE OF THE FOLLOWING WITHNESSES:

WITNESSES:

1.                                                                                                                     PARTNERS:

2.

PROMISSORY NOTE UNDER SEC.4, NEGOTIABLE INSTRUMENTS ACT

PROMISSORY NOTE UNDER SEC.4, NEGOTIABLE INSTRUMENTS ACT, 1881 IN WHICH NO INTEREST IS CONTEMPLAIED AND NO TIME FOR PAYMENT IS MENTIONED

I,     Sri._____________________    S/o.     _________________________

promise         to          pay          Sri.___________________         S/o.________________

_____________ or order, the sum of Rs.______ (Rupees______________only)

Place:

Date:                                                                                                            Signature.

GENERAL POWER OF ATTORNEY

GENERAL POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS THAT I, __________ S/o. / W/o. aged ______ about years, residing at No.___________ do hereby nominate, appoint constitute and appoint Sri./Smt______________________ S/o. /W/o. aged about _____ years residing at ______________________as my true and lawful power of attorney holder to do the following acts, deeds and things on my behalf and in my name in respect of the schedule property.

Whereas, the sole and absolute owner in and possession of the schedule property, which is self acquired property.

Whereas, I am being unable to maintain manage and look after the affairs of the said property, I hereby appoint the said attorney holder to the following acts, deeds and perform things on my behalf and in my name with entire powers thereon.

1.  To appear before the authorities of BDA Corporation, Revenue office / Village Panchayath Office, or any other office pertaining to state or central Government or any other office and to represent in all respect.

2.  To make payment of taxes, rates, cesses, assessments, to get plan sanction to any competent authority levied by them from time to time on my behalf.

3.  To appoint advocate/s, pleader/s, prosecutor/s, or any other competent authority for all purpose.

4.  To file cases either civil or criminal in any competent court/s and to complete the proceedings.

5.  To apply and to obtain relevant document in respect of the schedule property on my behalf, and to put up any constructions in the schedule property.

6.  To sign all documents, papers, agreements, affidavits forms vakalaths, receipts, declarations, etc., and to derive all kind of benefits and profits in respect of the schedule property on my behalf.

7.   I have not given any power to this attorney holder to alienate property.

I hereby agree to ratify and confirm all and what so ever that my said attorney shall lawfully do or cause to be done be virtue of this document.

SCHEDULE

All the piece and parcel of immovable property bearing No.____________* Measuring _______________

Bounded by: -

On the East

On the West

On the South

On the North

Stamp duty paid as per Article 41(f) of the Schedule to the Karnataka Stamp Act, 1957.

IN WITNESS WHEREOF I the executant above named has signed to this general power of attorney on this ______day _________ month ________year.

WITNESS:

EXECUTANT