Report on profit-sharing and labour co-partnership in the United Kingdom

Bibliographic data

Monograph

Identifikator:: 1016336950

URN:: urn:nbn:de:zbw-retromon-27123

Document type:: Monograph

Title:: Report on profit-sharing and labour co-partnership in the United Kingdom

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 1912

Scope:: 1 Online-Ressource (160 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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140 APPENDIX K. list of loanholders and the amount of their loans outstanding. It shall also state up to what date interest and dividend are included. It shall also give a separate account of the Non-members’ Provident Fund, and state clearly that such fund is held in trust and is not an asset of the society. XII. General Buie 86.—The seal of the society shall have the device of a coin and the name of the society around. XIII. General Buie 82 is not adopted. XIV. General Buies 90, 91, and 92 are not adopted. XV. General Buie 96.—Fines shall be carried to the Common Fund. XVI. General Buie 111.;—-The profit and loss of the society shall be calculated annually, and at the same time the investments of the society shall be valued by the committee. Any deficiency in the value so set upon such investments as compared with their nominal value shall be treated as a loss by the society for that year, and any surplus above such nominal value shall be put to Reserve Fund until that fund reaches the limit specified in Section (2) of Special Rule XVII.; and any further surplus shall be treated as profit for the year. XVII. General Buie 112.—Sections 2, 3, 4, and 6 of General Rule 112 are not adopted. Interest on shares shall be at the rate of 5 per cent, per annum whenever the profits of the society, after extinguishing any adverse balance and providing for General Rule 112 (1) and (5), suffice to pay such interest. Any surplus profit shall be applied as follows; — (1) In paying the employees of the society a dividend upon the wages or salaries received from the society during the year at the same rate as the dividend on wages declared by the company for the period in question. (2) If any surplus still remains, in forming a Reserve Fund, until such fund shall equal 25 per cent, of the nominal value of the society’s investments for the time being. Such fund shall he applicable by resolution of any general meeting on a recom mendation of the committee to meet any contingency affecting the society or for any other purpose, whether within the objects of the society or not, other than the payment of interest on shares, provided that notice of every such recommendation be given to every member not less than six clear days before such meeting. (3) If any surplus still remains in paying any arrears of interest on shares which in any previous year have not received 5 per cent., the oldest of such arrears to be paid first. (4) If any surplus still remains in paying the committee for their services according to any scale from time to time approved by the general meetings; and (5.) If any surplus still remains in paying in cash a further dividend on shares for the year. XVIII. General Buie 117.—(a) Where the Dispute is between the legal personal representative or the nominee of a deceased member and the society, and the question at issue is, who is entitled to the whole or any portion of the property of such deceased member in the society, and either claimant applies to the society for arbitration, the secretary of the society shall give to each claimant notice in writing, fixing a day and hour for the parties to attend at the society’s registered office for the selection of arbitrators, in the mode set out in clause 2 of General Rule 117, by such of the claimants as attend. (6) When the Arbitrators have made their award on any dispute they shall send a copy of the award to the secretary of the society. (c) The Arbitration Act, 1889, or any Act amending the same, shall not apply to any arbitration under this rule.

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