8. Every partner shall attend diligently to the business of the partnership and carry on the same for the greatest advantage of the partners; and no partner shall be directly or indirectly engaged or interested in any other trade or business except that of the partnership (or when required, substitute the following clause):
The said AB (or, etc.) shall be the manager of the business of the partnership and shall devote his whole time and attention to the management of the said business, he shall receive a salary of Rs. ……… per month for his service in the firm and shall not be directly or indirectly engaged or interested in any other trade or business except that of the partnership.
11. The capital of the partnership business shall be the sum of Rs. ……… made up and raised as follows, namely, etc. and any further capital which may be required hereafter shall be contributed by the partners in the proportions in which they shall for the time being be entitled to the net profits of the business.
12. Each partner shall be entitled to interest at the rate of ……… per cent per annum on the amount of his capital for the time being in the business, and at the rate of ……… per cent per annum for further advances.
13. The partners shall be entitled to share the net profit of the business as reflected by the audited accounts and shall share the losses reflected by the audited accounts of the firm in equal proportions irrespective of their capital contribution.
14. All outgoings and expenses of the partnership and all losses including interest and capital, shall be payable, first out of the profits, next, out of capital and in the case of further deficiency, by the partners in the proportion in which they are entitled to share in the net profits of the business.
15. An account of the partnership business shall be taken every six months, or at such times as the partners shall determine, and the net profits shall be divided between the partners.
17. The partners shall keep proper books of account which shall be kept at the place of business for the time being of the partnership, and each partner shall have access to and power to take copies of the same.
18. The partners shall get the accounts audited by a qualified auditor and such accounts to be finalised and copies of Profit and Loss Account and Balance Sheet to be furnished to each partner within six months of the closing of the Accounting Year which will end on 31st March every year.
20. All the other matters, for which no provision is made in this deed, shall be decided by the majority of the partners.
21. All notices to be given either to partner or by a partner to the firm hereunder shall be deemed to be duly served if addressed to such firm or the partner at the address given hereinabove and sent by registered post.