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II.—PRIVATE FIRMS AND COMPANIES.
“ 4. The issue to a director shall be made in accordance with the directions
of the Holder of the Majority Shares of the Company, who shall
determine whether the director is qualified to receive a Partnership
Certificate, and if so the nominal amount, within the limits mentioned
below, of the certificate which is to be issued to him. A director shall
he entitled to receive and hold for his own benefit, subject to the provisions
of the Scheme, certificates, whether Partnership or Preferential, notwithstanding
that he may be a Trustee of the Trust Deed.
“5. The employees admitted to receive Partnership Certificates and the
nominal amount of their certificates shall, in the first instance, be determined
by the Trustees who, in the case of any employee, may, if they
think fit and shall if requested in writing within such time as the Trustees
shall in the circumstances of the case think reasonable by the employee
so to do, refer his case to the Committee for consideration and for a
Report whether the employee is qualified, and if so, what is the nominal
amount of the certificate which, in the Committee’s opinion, he ought to
receive? After receipt of the Report, the Trustees shall consider it and
all the circumstances of the case, and shall finally decide whether the
employee is entitled to the issue to him of a Partnership Certificate, and
if so, for what nominal amount, which, however, shall not exceed the
limits stated below. Notice of the decision shall be given to the employee,
who shall be entitled at any time within one calendar month, or in the
case of an employee in the service of the Company or an Associated
Company, and for the time being resident out of the United Kingdom,
within three calendar months or such further time as the Trustees may
think fit, of the giving of such notice to appeal from the decision of the
Trustees to the Holder of the Majority Shares of the Company. Such
Holder may, if he thinks fit, hear the Trustees and the employee, and call
for any evidence he deems desirable on such appeal, and his decision shall
be final and binding
“6. The Trustees shall from time to time issue to every person qualified
to receive the same, Partnership Certificates in accordance with the foregoing
provisions.
“ 7. The nominal amount of the Partnership Certificates issued and
to be issued under the Scheme shall be limited, as follows: —•
“ (a.) The Director Class.—A director may receive Partnership Certificates
of a nominal amount approved by the Holder of the Majority Shares
of the Company, but not exceeding the limits from time to time fixed by
such Holder.
“ (6.) The Management Class.—A director of the Company not devoting
his whole time to the interests of the Company, a former director of the
Company, or a director of any of the Associated Companies, if nominated
as hereinbefore mentioned; or an employee who is a Secretary, Assistant
Secretary, Manager, Assistant Manager, or Foreman, may receive Partnership
Certificates for a nominal amount determined by the scale and
within the limits of the following Table: —
Maximum
Nominal Amount
Table I.
of Partnership
Certificates.
£
3,000
Where annual salary is £750 or upwards
Where annual salary is less than £750 and not less
than £500 2,000
Where annual salary is less than £500 and not less
than £300 1,200
Where annual salary is less than £300 and not less
than £200 800
Where annual salary is less than £200 and not less
than £100 400
Where annual salary is less than £100 200
