Pages 2 and 3 of the Robert Stephenson & Co Ltd minute book no.1

[Page 2]

4th No further advance of Capital shall be made, unless the same is thought necessary, and ordered by the Partners holding eight shares, at a Meeting to be specially called for the purpose by the Managing Partner, to be held at the office of the Manufactory, and of which Meeting twenty one days Notice shall be given in writing by the managing Partner to each of the other Partners.
5 The said Robert Stephenson shall be the Managing Partner, & be paid a Salary of Two Hundred Pounds per annum upon condition that his Father George Stephenson furnish the Plans &c which may be required, and take the general charge of the Manufactory as long as required by the Partners.
6. A compensation of Three Hundred Pounds to be paid by the Concern, at the end of three years to the said George Stephenson upon condition of his assigning to the Partners the Patents already by him obtained for Locomotive and other engines, or should the

[Page 3]
3
the said George Stephenson make any other useful discovery, for which the Company may deem it worth while to take out a Patent, the said Company shall in common with the said George Stephenson enjoy all the advantages of the said discovery, the Concern paying the expence of the Patent.
7 In case of the death of any Partner during the term of this Partnership, the amount of his Capital, together with five per Centum Interest thereon from the date of the preceding Balance, shall be paid over to his Executors within Six Months after the decease of the said Partner.
8 In case of any Partner being desirous to retire from the Business, he shall be at liberty to do so, upon giving Six Months Notice in writing to the other Partners, who shall have the offer of his Shares at five per Cent less than they stand valued in the Partnership Books. Should the Partners either collectively or individually refuse to purchase the Shares, the Partner wishing to