Partnership Deed- 3

establishment expenses shall be divided and distributed amongst the Partners in the following proportion:

First Partner- 50 percent 

Second Partner- 50 percent 

REMUNERATION OF PARTNERS/DRAWINGS BY PARTNER

Each Partner shall be entitled to draw out the partnership business any sum or sums of money not exceeding Rs 1 lakh per month for her own use, such sums to be duly accounted for on each succeeding settlement of account and division of profits of the partnership and any excess of the drawings found on such settlement shall be refunded (with interest at 5 percent per annum).

INTEREST ON CAPITAL

Simple interest @ 12% per annum or at such higher lower rate as may be prescribed under section 40 (b) (iv) of the Income Tax Act, 1961 or any other applicable provision as may be in force for the income tax assessment of the partnership firm for the relevant accounting period shall be payable by the partnership on the amount standing to the credit of the fixed capital account of the Partners with effect from the Effective Date.

10. DURATION OF PARTNERSHIP

The partnership shall be one at WILL and may be dissolved at any time with the mutual consent and determination of all the Partners on dissolution, the assets and liabilities of the partnership shall be dealt with in accordance with the provisions of the Partnership Act, 1932 as far as possible.

11. BORROWING POWERS

The partnership may raise funds from any bank, financial institutions and other private parties for the purpose of the business of the firm only if all the Partners agree to the same and all the documents relating to the borrowing shall be binding on the partnership only if all the partners sign them.

12. BANK ACCOUNTS

Bank accounts and other accounts of the partnership shall be opened in the name of the partnership as stated in Clause 2 of this Partnership Deed and all or any of the Partners shall operate the same only for the lawful purposes of running of the partnership business.

13. BOOKS OF ACCOUNT

All necessary and proper books of account together with all letters, papers or writing concerning and belonging to the partnership shall be regularly maintained and kept at the partnership's place of business or such other place as may be mutually decided by the Partners.