34 
II.—PRIVATE FIRMS AND COMPANIES. 
of the Partnership Certificates to be allotted to the different classes. The 
total nominal amount of the Partnership Certificates allocated to each 
class by the last preceding clause may from time to time be varied by the 
Trustees, with the consent of the Holder of the Majority Shares of the 
Company (provided that by so doing the nominal amount of any Partner 
ship Certificates for the time being issued and outstanding be not 
diminished). 
“9. In determining the nominal amount of a Partnership Certificate 
which may be issued to an employee, the Trustees shall have a discretion 
to allot any nominal amount from £1 to the maximum nominal amount 
specified in the Tables, provided it be a multiple of £1, and the Trustees 
shall be guided in their determination strictly in accordance with the 
merits of the applicants, and without consideration of precedent or the 
nominal amount of any Partnership Certificate that shall have been 
allotted to any other applicant. 
“ 10. The Partnership Certificates held by any director or employee 
shall be cancelled : —- 
“ (i.) In the case of a director, if he shall in the opinion of the Holder 
of the Majority Shares of the Company, or in the case of an 
employee, if he shall in the opinion of the Trustees be guilty 
of neglect of duty, dishonesty, intemperance, immorality, wilful 
misconduct, flagrant inefficiency, disloyalty to his employers, or 
breach of his undertaking not to waste time, labour, materials, 
or money in the discharge of his duties, but to loyally and 
faithfully further the interests of the Company and its Asso 
ciated Companies to the best of his skill and ability, and 
whether or not he shall resign or be discharged from his employ 
ment in consequence thereof. Any employee whom the Trustees 
shall consider guilty shall be entitled to have his case considered 
by the Committee before being finally dealt with by the Trustees, 
and any employee may appeal from the decision of the Trustees 
to the Holder of the Majority Shares of the Company, whose 
decision shall be final and binding. The procedure specified in 
Clause 5 hereof, as to the reference to the Committee, the 
decision of the Trustees and the appeal therefrom, shall, so far 
as applicable, be followed in any proceeding under this sub 
clause. 
“ (ii.) If the employment of a director or employee shall cease, if a 
man before he attains the age of 65 years, or if a woman before 
she attains the age of 60 years, by voluntary retirement or 
resignation and not owing to permanent incapacity to work 
caused by ill-health. 
“ (iii.) If the director or employee, being a man, shall attain the age 
of 65 years, or being a woman shall attain the age of 60 years, 
and shall retire, whether upon his or her own initiative or upon 
the request of the Company or an Associated Company. 
“ (iv.) If the director or employee shall die or shall from any other 
cause, save those hereinbefore specified in this clause, cease to 
be a director or employee. 
“ (v.) If during the life of the director or employee any act or event 
shall happen whereby the Partnership Certificates held by him 
under the Scheme, if belonging absolutely to him, would become 
vested in or charged in favour of some other person or 
corporation. 
“11. In the event of the employment of a director or employee ceasing 
for any cause other than those specified in sub-clauses (i.) and (ii.) of the 
last preceding clause, or in the event of such director or employee dying 
leaving a widow, then such former director, employee, or widow (as 
the case may be) shall be entitled to receive from the Trustees a Pre 
ferential Certificate in exchange for the Partnership Certificates held by 
such former director or employee at the time of the termination of his 
employment. The nominal amount of such Preferential Certificate shall 
be either 10 times the average dividends paid in respect of the former 
director or employee’s Partnership Certificates during the three preceding