Deed Of Partnership

INTERNATIONAL ISLAMIC UNIVERSITY ISLAMABAD (Women Campus)

BUSINESS LAW AND LEGAL ENVIROMENTS

ASSIGNMENT-2 Submitted to: Mr. SAFDAR UL HASSAN

Submitted by: SUMAIRA YOUSUF BUSHRA FATIMA SABIHA BIBI SADIA KHAN

DEED OF PARTNERSHIP

This deed of partnership made on the 2nd day of May, 2009 between Mr. Tariq Yousuf, male, Muslim, son of Mr. Muhammad Yousuf, resident in Karachi (A-3, Osif Centre, Block 13-A, Gulshan-e-Iqbal Karachi 78600 Pakistan) ((0092 21) 5873782) of the first part, Mr. Hassan Ali, male, Muslim, son of Mr. Liaqat Ali Chohan, resident in Karachi (40/A, Street No. 1, Gate-5, (Quaid-e-Azam Truck Stand) New Truck Stand, Hawksbay Road, Karachi, Pakistan) ((0092 21) 5868524) of the second part, Mr. Umer Naseem male, Muslim, son of Mr. Naseem Syed, resident in Karachi (B-17, Block-12 EB Area, Gulberg Karachi38, Pakistan)(Phone Number ((0092 21) 5873782) of the third part and Mr. Adnan Nawaz, male, Muslim, son of Mr. Muhammad Nawaz, resident in Karachi ( 92-A/7, Block 5, Clifton, Karachi, Pakistan) ((0092 21) 5853624) of the fourth part (each of them hereinafter called “Partner”). Witnesseth as follows:-

1. The name of the firm shall be Synergies and the business of partnership shall be of manufacturing of shoes, the partners shall enter into engagements on behalf of the firm in firm’s name only. 2. Within 30 days from the commencement of business, the firm shall be registered, and afterwards all the rules regarding the registration of firms laid down in the Partnership Act shall be duly observed.

3. The business of the firm shall be carried on at Karachi (Office No.725, 7th Floor, Mashriq Centre Block-14, Gulshan-e-Iqbal) ((0092 21) 4945072, 4890809). 4. The business of the firm shall be sum of Rs. 4,000,000 (forty million) to be contributed by the partners in equal shares, and shall be paid immediately after the execution of these presents. 5. All the outgoings and expenses of the firm shall be paid out of the capital and profits of the business, and in case of deficiency, by the partners in equal shares. 6. The profits and losses shall belong to and be borne by the partners in equal shares. 7. Mr. Tariq Yousuf may draw out of the profits sums not exceeding Rs. 100,000 (one million) each month, Mr. Hassan Ali sums not exceeding Rs. 200,000 (two million), Mr. Umer Naseem sums not exceeding Rs. 400,000 (four million) and Mr. Adnan Nawaz sums not exceeding Rs. 300,000 (three million) but, if on taking in general accounts in any year, it appears that any partner(s) has drawn more than his share of profits for that year, he shall refund the excess at once.

8. All four of the partners shall devote the whole of their time and attention to the best advantage of the business of the firm.

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9. The bankers of the firm shall be Messrs Mr. Tariq Yousuf and Mr. Hassan Ali or such other bankers as the partners shall from time to time mutually agreed upon and all money cheques and other securities belonging to the firm, except those required for current expenses, shall be paid into or deposited with HBL (Habib Bank Limited).

10. All cheques exceeding Rs. 500,000 (five million) and other documents being drawn for the purposes of the firm shall be signed by all four partners but each partner shall have authority to draw all other cheques in the name of firm.

11. All four of the partners shall punctually pay and discharge their separately debts and liabilities, and shall keep the firm effectually indemnified against, the same.

12. None partner shall, without the consent in writing of the other release or compounded any debt owing to the firm, or diminish security to the firm without receiving the full amount thereof, or lend any money or deliver good belonging to, or otherwise give credit on behalf of, the firm otherwise then in usual course of the business of the firm, or make himself liable as bail or surety for any person, or make any assignment, either absolute or by the way of mortgage or declaration of trust, of his share or interest in the firm, or do or knowingly permit to be done anything whereby the property of the firm may be exposed to the danger of being seized, attached or taken in execution, or be engaged directly or indirectly in any business except the business of the firm, or employ or dismiss any servant of the firm.

13. The partners shall keep proper books of account. The books of account, securities and vouchers shall be kept at the same place of the business and be open to the inspection of each partner or his agent at all reasonable times with power to take copies. 14. All notices required to be given to each partner hereunder shall be deemed to be duly served if deposited, addressed to such partner, at the office of the firm, or if sent by registered post.

In witness, Mr. Sadiq Hussain A-15, Usman Plaza, Block 13/B, Gulshan-e-Iqbal

Mr.

Tariq

Yousuf

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Mr. Hassan Ali ___________ Mr. Umer Naseem ___________ Witness ___________

Mr. Adnan Nawaz

___________

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