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. 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. If any Companion shall resign his position or die without having appointed a successor or if the person so appointed shall for calendar months after the date when notice of such resignation shall have been received by the Master or after the date of such death as the case may be fail to have his name entered on the Roll of Companions in compliance with the formalities hereinbefore prescribed his share in the property of the Company shall forthwith become forfeited and shall accrue to the other Companions in the shares and proportions in which they shall inter se be for the time being entitled to the property of the Company. (h)