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II,—PRIVATE FIRMS AND COMPANIES.

of the wages or salary of each member, and of each
employee under 16 years of age.”

It is provided that “ all sums received by the Society, under
arrangements of or with Gilbert Brothers, for sharing profits with
its employees, shall he treated as capital and not as income of this
Society. They shall be invested according to the rule with
respect to investment set forth below and credited in the books
of the Society, as follows: —

“ (1.) Each member of the Society shall be credited with
the amount received by the Society as dividend or
bonus on his wages or salary, such amounts not to be
withdrawn so long as he is a member of the Society
and has less than £200 fully paid-up in the shares of
the Society; but, whenever there is a sufficient sum
standing to his credit, enough shall be transferred to
his share account to create a fully paid-up share in the
Society until he has £200 fully paid-up in the shares
of the Society; and application for membership of the
Society shall be taken to include application from time
to- time for any such share or shares.

“ (2.) Any amount received by the Society in respect of an
employee under 16 years of age shall be entered in his
name until he is 16 years of age. If he then, or within
one year afterwards, becomes a member, it shall be
transferred to his share account, and otherwise to
Part B.

“ (3.) The Society shall hold that part of its capital repre-
senting Part B as a Non-Members’ Provident Fund
for the benefit of all employees of Gilbert Brothers,
who, from time to time, are not members of the
Society, or their wives, children, or widows, or persons
dependent on them, to be administered under regu-
lations made by the committee of management of the
Society from time to time and approved by the
managing partners of Gilbert Brothers.”

Shares are to be of two kinds, “ Invested ” and “ Accumulated.”
The latter shall be shares paid-up in the manner stated above under
(1) and (2). All other shares shall be called Invested Shares.
Invested Shares shall have preference both as to payment of
dividend and in case of a dissolution of the Society. No person
shall hold more than £100 in Invested Shares.

The capital of the Society, except such sums as may appear to
the Committee to be likely to be necessary to meet the current
expenses of the Society, and to pay out any of its members who
may at any time cease to be employees of Gilbert Brothers for
at least six months, or to satisfy the purposes for which the Non-
Members’ Provident Fund is held, shall, in furtherance of its
objects, be applied in augmentation of the Society’s share or
interest in Gilbert Brothers as a limited partner therein, or in
the purchase of the whole of such business. Subject to the above,
the Committee may invest in the manner provided in the general
rules.