Evening star., 1933-06-02

said article eight in the case of q part
ner voluntarily Withdrawing. II at any
time fixed by the provisions OF said
article eight or Of this present article
| for the doing of any act or the max
ing Of any decision by Mr.. Morgan with
reference to the interest of a withdraw
ing or deceased partner, MIR. Morgan
shall not be living, then such act may
be performed by such Of the continuing
or surviving partners ss shall at such
time represent a majority in interest
In the profits Of the partnership Eek
elusive Of the interest of Mr.. Morgan
therein) with the same force and effect
as if performed by Mr.. Morgan.
Death Dissolves Partnership.
Eleventh. In case Of the death oi
Mr.. John Pierpont Morgan, the part
nership shall be dissolved on the 3lst
day of December next ensuing, unless
his death be within period OF six
months prior to December 3lSt in any
year, in which event the partnership
shallco ntinue untilt he 3lst day of
December in the next ensuing calendar
year and shall then be dissolved. II,
however, within 80 days after Mr
Morgan's death such of the surviving
partners as shall represent majority
in interest in the profits OF the part.
nership exclusive of the interest OF
Mr.. Morgan therein) shall give to the
persons named in his will as executors,
or to his executors, or to his admins
traitors or other legal representatives,
written notice that they desire an ex-
tension of the partnership for period
specified in such notice not exceeding
three years after Mr.. Morgan's death,
and then and in that event the part
nership shall continue for the period
not exceeding three years so indicated
by them and shall then be dissolved;
and the capital and interest hereunder
of Mr.. Morgan and his estate and its
responsibility and interests In the busi-
ness as continued during such period
of extension shall continue.
Twelfth. Upon the dissolution Of the
partnership following the death Of Mr..
Morgan, the good will of the business
and the right to use the firm name of
j. p Morgan & Co., and Drexel & Co.
shall belong to the then surviving part
ners who shall thereupon decide
whether to continue the business, and,
If continued, upon what terms. In case
such surviving partners cannot agree
either as to the continuance of the
business or the terms and conditions OF
the new partnership, the surviving
partners representing a majority in
interest in the profits of the old part
nership exclusive of the interest OF
Mr. Morgan therein) shall have the
right to decide and shall decide what
shall be done in respect to continuing
the business and the terms and condt-
tions OF new partnership, and their
decision shall be conclusive and binding
on all the surviving partners.
Shall Determine Amount Due.
In case such majority in interest
shall decide to continue the business,
such majority shall determine the
amount due Mr.. Morgan's estate on ac-
count Of his capital, reserved profits
and net credit balances, and the in
terest Of Mr.. Morgan's estate shall be
dealt with in the same manner as here
inbefore in article provided for In
the case of a voluntary withdrawal of
a partner, except that the powers vested
in Mr.. Morgan by article 8 shall in
such case be vested in such majority
in interest. In case such majority In
interest shall decide not to continue
the business the responsibility and in
terests of Mr.. Morgan's estate shall be
subject to the results Of the liquidation
Of the partnership.
In case such majority In interest
shall decide to continue the business
any partner not desiring to remain In
the partnership may withdraw there
from In the same manner and upon the
same terms and conditions as provided
in article 8 hereof and in no event
shall such withdrawing partner or
partners be entitled to any interest in
or allowance for either the good will CT
the business or the use of the firm
names, but such good will and firm
names shall belong to the remaining
partners free from any claim whatever
of such partner or partners so with
drawing from the partnership.
If the business or any portion there
of be continued under the same firm
name Of J. P. Morgan & Co. and at
any time there should cease to be any
lineal male descendant of Mr.. j. Pier
pont Morgan in the male line bearing
the name of Morgan, in the partner
ship, the right to the use Of the firm
name Of J. p. Morgan 81 Co. shall cease