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

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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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Profit sharing and co-partnership in private firms and companies

Collection:: Economics Books

30 II.—PRIVATE FIRMS AND COMPANIES. (including a dividend of 15 per cent, per annum upon its pre ferred ordinary shares and of 5 per cent, per annum upon its ordinary shares) are to he applied in payment of a dividend at the rate of 5 per cent, per annum upon the “ preferential certi ficates ” of the trust: the surplus profits are then divided between the holders of ordinary shares of the company and the trustees of the “Co-partnership Trust” in proportion to (a) the total amount paid-up or credited as paid-up for the time being on the issued ordinary shares of the company and (b) the total nominal amount of the “ partnership certificates ” then issued and out standing, and entitled, for the time being, to participate in the distribution of dividends under the scheme. The certificates (partnership and preferential) are to be issued from time to time as required by the scheme; but in no case are partnership certificates for a nominal amount exceeding ,£500,000 to be at any one time issued and outstanding except with the consent in writing of “ the holder of the majority shares of the company ” i.e., the registered holder or holders of all the issued ordinary shares of the company, or such holder of ordinary shares as shall be nominated in writing by the holder or holders of at least three-fourths of the then issued ordinary shares, to exercise the powers conferred upon “ the holder of the majority shares of the company.” Such holder shall at any time or times be at liberty to require that any further issue of partnership certificates shall be stopped either permanently or for such period or periods as he shall think fit. The certificates (whether partnership or preferential) are for £1, or a multiple of £1. A partnership certificate may from time to time be exchanged for a preferential certificate in accordance with the terms specified below. Out of the moneys received by the trustees from the company, the trustees pay to the holders of the preferential certificates the fixed preferential dividend at the rate of 5 per cent, per annum mentioned above, or at such less rate as may be payable under the scheme; the balance of the moneys in their hands is distributed by the trustees among the holders of the partnership certificates entitled to participate by way of dividend. Preferential certificates of such amount as the holder of the majority shares of the company may request are from time to time to be issued by the trustees to, or for the benefit of, any institution, the object of which shall be the advantage, betterment, or enjoyment of persons in the employ of the company or of companies associated therewith , including Christ Church at Port Sunlight, the day or Sunday schools, clubs, and parks. Pro vision is also made under this part of the scheme for the granting of scholarships to the children of employees. The trustees are to be the directors, for the time being, of the company (other than Sir W. H. Lever) or such of them as are willing to act. The Trust is to continue during the life of the survivor of the issue living at the date of the Trust Deed (May 1, 1909) of Tier late Majesty, Queen Victoria, and 21 years after the death of such survivor, and during such further period (if any)

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