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)