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I'm getting myself into dark angels and flipping through I see the oddest of rules here. Company masters aren't allowed to use bikes, why on earth is this a rule? I'm really curious it's not been FAQ'd and to me really makes no sense. Anyone care to shed some light on this for me?

All bikes belong to the Ravenwing now(this wasn't true once upon a time). As they already have a Company Master, they don't allow others to use their toys.

But then why do they get terminator armor, doesn't that all belong to the deathwing? They have a company master too.

The Deathwing believe sharing is caring.

All Company Masters are members of the Deathwing, and are still called upon to preform duties with the First Company.

I don't find it odd that company master's can't take bikes. After all if you want to take a bike captain, you might as well take Sammael and unlock bikes as troops.

In standard Codex chapters the 8th company (assault reserve) typically has the bikes, but in the Dark Angels all that is covered by the Ravenwing. As has been noted the Ravenwing already has a company master.

No one ever fields a company master anyway.