The Open Shop Volume 5 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 Excerpt: ...side hereof. Xot taxable and not transferable except to another employee or for the purpose of immediate collection. of earnings, withdrawals, cancellation and final receipt. The stub from which the certificate is detached remains in the book, and has blanks for corresponding entries, and this comprises all the book-keeping that is necessary to keep the system running. On the reverse side of the Certificate all terms, conditions and limitations are clearly set forth. Briefly and mainly these are: 1. That the owner may withdraw the deposit at any time by giving due notice. 2. That if withdrawn before one month no interest will be paid. 3. If after one and before the expiration of 4 months, interest at 4 per cent, per annum will be paid. 4. If withdrawn after 4 months, 6 per cent, will be paid. 5. After the expiration of six months, and if the owner so desires, the deposit shall become profit-sharing and, for the time the money is in the hands of the Company, it will participate upon an exact equality with any other capital invested in the Company, the Company, however, guaranteeing that the profit shall in no case fall below 6 per cent. 6. That the amount of profit-sharing certificates held by any employee at any one time shall be limited to $1000.00. 7. That the profit-sharing certificate is, at the will of the holder, at at any time after 6 months, exchangeable for regular corporation stock. 8. That until so exchanged the owner shall have no voice or vote in the management of the Company's affairs. But when so exchanged it becomes in all respects equal with the regular corporation stock. 0. That prior to exchange for reg ular corporation stock it is not transferable except for purposes of immediate redemption. 10. That all interest, or profits, as the case...