SCHEDULEEdinburgh Merchant Company

Part IIProvisions as to Merchant Company

B. Election of members of Company

Election of members

7With respect to applications for election as members—

(1)Every application shall, in the first instance, be considered by the Master’s court, who shall make a report as to the qualification and suitability of the applicant;

(2)The application along with such report shall thereafter be circulated to every member;

(3)Any member who wishes to object to an application must do so in writing to the secretary within 21 days of the date on which the said application is circulated;

(4)The application shall be remitted, within 42 days of the date on which the said application is circulated, to the Master’s court;

(5)After considering any objections lodged as aforesaid, the Master’s court may elect the applicant by a ballot in which at least 8 of their number vote for his election;

(6)If the application is refused by the Master’s court, the applicant within 14 days of being notified of such refusal, may notify the secretary in writing that he wishes to appeal; and

(7)If the applicant does appeal as aforesaid, the application shall be submitted to a general meeting of the Company where the Company may elect the applicant by a ballot in which at least two-thirds of the members present and voting vote for his election.