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

48 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be credited with the amount received by the Society as dividend or bonus on his wages or salary, such amounts not to be withdrawn so long as he is a member of the Society and has less than £200 fully paid-up in the shares of the Society; but, whenever there is a sufficient sum standing to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.

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