Our free company has 3 roles that can adjust rank settings and the hierarchy is as follows:
President, CEO, Council members.

The problem is that the council members can give them selves abilities that they don't have. For example they don't have permissions to dismiss members but they can adjust this attribute, which will give them the ability to dismiss members. Or more of a concern is they can remove the CEO's ability to do anything.

I don't think you should be able to give settings that your current rank doesn't have. I also do not think that you should be able to adjust the settings of a rank that is higher then you in the hierarchy.

The concern with all guilds is you give some one too much power. Then you make them upset, but you don't realize it. Then the next day every one has been kicked from your guild and they stole all the money in the bank.