No Master or other Companion of the Company shall either directly or indirectly receive any pay profit emolument or advantage whatsoever from out of by or by means of his office or position as a member of the Company.
The practical supervision and management of the estates and properties of the Company shall subject to the direction and control of the Master be entrusted to and carried out by land agents tenants and labourers who shall be styled Retainers of the Company. [[208]]
The name of each Retainer in the permanent employ of the Company shall be entered in a Register to be called the Roll of Retainers and to be kept at the same place as the Roll of Companions. Such entry shall be made either by the Retainer himself in the presence of one witness of full age who shall attest the entry or if the Retainer shall so desire by the Master with the same formalities.
No pecuniary liability shall attach to any Retainer of the Company by virtue of his position as such but each Retainer shall by virtue of the entry of his name on the Roll be deemed to have bound himself by a solemn vow and promise as strict as if the same had been ratified by oath to be true and loyal to the Company and faithfully to keep and obey the statutes and rules thereof and the orders and commands of the officers of the Company who from time to time may be set over him.
Each land agent and labourer being a Retainer of the Company shall receive and be paid a fixed salary in return for his services and shall not by perquisites commissions or any other means whatever either directly or indirectly receive or acquire any pay profit emolument or advantages whatever other than such fixed salary from out of or by means of his office or position as a Retainer of the Company.
The rents and profits to be derived from the estates and properties of the Company shall be applied in the first instance in the development of the land (e) and the physical intellectual moral social and religious improvement of the residents thereon in such manner as the Master shall from time to time direct or approve and the surplus rents and profits if any shall be applied in reduction of the amount paid by the tenants in proportion to their respective skill and industry either by a gradual remission of rent towards the close of the tenancy or in such other way as may be thought best but in no case shall the Companions personally derive any rents or profits from the property of the Company. [[209]]
All land and hereditaments for the time being belonging to the Company shall be conveyed to and vested in any two or more of the Companions whom the Master may from time to time select for the office as Trustees of the Company and shall be dealt with by them according to the directions of the Master. (f)
The property of the Company shall belong to the Companions in the shares and proportions in which they shall have respectively contributed or by succession or accruer become entitled to the same.
Each Companion shall be entitled by writing under his hand during his lifetime or by will or codicil to appoint one person as his successor in the Company and such person shall on entry of his name on the Roll of Companions in compliance with the formalities hereinbefore prescribed become a Companion of the Company and become entitled to the share of his appointor in the property of the Company. (g)
Each Companion shall at any time be entitled to resign his position by giving to the Master a Notice under his hand of his desire and intention so to do.