32 
II.—PRIVATE FIRMS AND COMPANIES. 
“ 4. The issue to a director shall be made in accordance with the direc 
tions 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, notwith 
standing 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 deter 
mined 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 fore 
going 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 Certifi 
cates 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 Part 
nership 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