Medical partnerships, transfers, and assistantships / by William Barnard and G. Bertram Stocker.

  • Barnard, William, 1856-1935.
Date:
1895
Catalogue details

Licence: Public Domain Mark

Credit: Medical partnerships, transfers, and assistantships / by William Barnard and G. Bertram Stocker. Source: Wellcome Collection.

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    time of sale. Such purchaser shall execute a proper deed of accession binding him to observe the stipulations and conditions contained in these presents so far as the same shall be applicable and such other provisions as may be necessary or proper to effect the intentions herein expressed and any difference as to the form or contents of such deed may be referred to arbitration. [Pro- vided always that the said A. B. shall not sell his share in the practice until after the expiration of the year of the partnership and C. D. shall not sell his share until after the expiration of the year of the partnership.] And if a new partner be admitted under this clause the continuing partner shall not be at liberty to sell his share until after the expiration of two years from such admission. If either partner shall die before the expiration of any notice to sell given under this clause such notice shall be void. The advantages of this clause have been pointed out in the note on clause 1. The first question that arises hereunder is the date at which either partner is to be allowed to sell. To decide this point, one must ask how soon the junior partner will have obtained a hold upon the practice equal to that of the senior. In the case of an ordinary country practice or a middle class town practice, it should be the end of the third year; and so on according to the class of practice; in a high class town practice, or where the opposition is exceptionally strong, it should be the end of the fifth year, or even later. The senior partner may fairly claim the prior option to sell out; for instance, he may reasonably ask that he shall be at liberty to sell after the end of the third year, and that the junior shall not be at liberty to sell until after the end of the fifth year. When one partner has given notice to sell under this clause the remaining partner should not be bound to buy, because the selling partner is retiring for his own convenience; more-
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