DETAILED ACCOUNT OF VARIOUS SCHEMES.
31
as shall be lawful. It is expressly declared that the Trust Deed
shall not be construed as creating a partnership in law between
the company and the trustees, or between the company and any
person interested under the scheme.
The scheme applies to directors or deputy-directors of the company
devoting their whole time to the interests of the company,
and to “ employees,” that is to say (a) persons in the employ,
whether in the United Kingdom, or abroad, of the Company, or
(b) in the employ in the United Kingdom of any of the associated
companies*; (c) the secretary of the chairman of the company;
(d) persons formerly in the employ of the company and now in
the employ, away from Port Sunlight, of any of the associated
companies; (e) directors of the company not devoting their whole
time to the interests of the company; (/) any former director of
the company; (g) directors of any of the associated companies
nominated by the holder of the majority shares of the company.
It also applies to persons in the employ elsewhere than in the
United Kingdom of any of the associated companies, provided
that at the time of any issue of partnership certificates to such
persons the associated company in whose employ they are shall
have paid, in addition to interest on debentures and other prior
charges and dividends on preference shares, a dividend of not less
than 5 per cent, per annum upon the nominal amount of its
ordinary issued capital for the financial year last preceding such
issue, t
The conditions upon which partnership and preferential certificates
may be issued are stated in the scheme in the following
terms: —
“ 2. Every direcfbr of any length of service and/or age, and every
employee who shall be not less than 25 years of age, be of good
character, and shall have a clear record of at least five years’ faithful
and loyal service with the Company, or any of the Associated Companies,
or the Chairman of the Company’s Directors, and who shall agree to he
hound by the provisions of the Trust Deed and the Scheme, and also
undertakes not to waste time, labour, materials, or money in the discharge
of his duties to the Company, but to loyally and faithfully further the
interests of the Company, its Associated Companies, and his co-partners,
to the best of his skill and ability, may, subject to such provisions, have
issued to him from time to time Partnership Certificates upon the terms
hereinafter mentioned: Provided that the Holder of the Majority Shares
of the Company shall if he so think fit be entitled to cause certificates
to he issued to any director or employee whether or not he shall comply
with all or any of the provisions of this Clause, and the Trustees shall
issue certificates accordingly, when requested in writing by the Holder of
the Majority Shares of the Company so to do.
“ 3. Any Partnership Certificates which may be issued under the Scheme
shall, subject to the limits stated below, be issued on or as soon as conveniently
may be after the 1st January in each year. And in any
subsequent years further Partnership Certificates may, subject as aforesaid,
be issued to any director or employee.
e “ 1 The Associated Companies ’ means Benjamin Brooke and Company
Limited, Hodgson and Simpson, Limited, and Vinolia Company, Limited, and
any other company constituted or carrying on business in the United Kingdom
or' any British Colony or Dependency, or any Foreign Country, of which the
majority of the shares for the time being shall be held by or on behalf of the
Company, or any other company referred to in this sub-clause.”
f This extension of the Scheme to employees outside the United Kingdom
belonging to Associated Companies was introduced in 1910,
