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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Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

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 com pany 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 cer tificates 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 con veniently may be after the 1st January in each year. And in any subsequent years further Partnership Certificates may, subject as afore said, 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,

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