128(1)The Merchant Company Joint Committee, as established by the Act of 1960, shall be and is hereby re-established under the same name.
(2)The joint committee shall consist of 9 members constituted and elected as follows:—
(a)the Master ex-officio;
(b)the treasurer ex-officio;
(c)one member to be elected by the Master’s court from their number on behalf of the Company;
(d)one member to be elected by the trustees from their number on behalf of the contributors;
(e)three members to be elected by the education board from their number on behalf of the education board;
(f)two members to be elected by the endowments trust from their number on behalf of the endowments trust.
(3)The existing elected members of the joint committee shall continue in office until the date of the annual meeting first following the commencement of this Order.
129(1)The election of the elected members of the joint committee shall take place annually before the date of the annual meeting from which date the elected members shall hold office until the following annual meeting.
(2)Any member of the joint committee shall be eligible for re-election if otherwise qualified under this Order.
130In the event of any vacancy occurring among the elected members of the joint committee at any time the body which elected the person whose office has become vacant shall fill such vacancy at the next stated meeting of such body or at a special meeting called for the purpose and the person so elected shall, subject to the provisions of this Order, hold office during the unexpired portion of the period of office of the person in whose place he has been elected.
131(1)Meetings of the joint committee shall be held as the joint committee may direct or, in the absence of any direction, as the Master, or in his absence, the treasurer, may direct and all such meetings shall be called by notice issued by the secretary and posted at least 7 days before the date of meeting.
(2)The joint committee may adjourn any of its meetings as it sees fit.
132(1)The Master or, in his absence the treasurer, shall preside as chairman of the joint committee:
Provided that in the absence of the Master and the treasurer, a chairman shall be chosen for the time from among the members of the joint committee present.
(2)The chairman of the meeting shall, in all cases of equality of votes, have a casting vote in addition to any other vote he may have.
133At all meetings of the joint committee not less than three members thereof shall constitute a quorum.
134Proceedings of the joint committee shall not be invalidated in consequence of there being any vacancy in its membership at the time of such proceedings or in respect of any informality in the election of any of the elected members thereof.
135(1)The joint committee may act for the purpose of transacting and disposing of any business common to the Company, the widows' fund, the education board and the endowments trust including, without prejudice to the foregoing generality—
(a)the expenses of management and the allocation of these expenses among the Company, the widows' fund, the education board and the endowments trust;
(b)the making of contracts;
(c)the apportionment of the accommodation required for the various departments in the office of the Company;
(d)the appointment, suspension and dismissal of employees (as opposed to office-holders);
(e)the fixing of the terms of appointment of any officials and any alterations thereof;
(f)the fixing of the rate of interest to be charged and paid from time to time on loans granted by any one of the Company, the widows' fund, the education board or the endowments trust respectively to any other of the Company, the widows' fund, the education board or the endowments trust respectively or granted from any of the funds under the management of either the education board or the endowments trust to any other of the said funds; and
(g)the consideration of reports upon all other matters which may be remitted to the joint committee.
(2)The joint committee may make such rules and orders for conducting its business as it may deem expedient:
Provided that such rules shall not be inconsistent with the provisions of this Order.