Daimyo was the title of a samurai who had other samurai sworn to his service. There were clan daimyo, family daimyo, and provincial daimyo.
Provincial Daimyo Edit
Although the Emperor owns all land within the borders of the Empire, he had granted members of the samurai class the honor of protecting and overseeing his affairs, acting as his stewards over the vast majority of land in the Empire. Samurai that had oversight of a particular area were granted the title "daimyo" and given permission to swear other samurai into their service. Rather than serving the Emperor directly, a daimyo of this sort was usually appointed by and subordinate to the reigning daimyo of the family or clan that controled the province within which his land falls.
The primary responsibilities of a daimyo of this sort were protecting his assigned territory and ensuring that the proper taxes were collected for the Emperor. In order to fulfill these responsibilties he was allowed to take a portion of the rice and other goods produced in his province in order to equip and maintain samurai sworn to his service. 
Family Daimyo Edit
Each family recognized by the Emperor had a designated leader who was daimyo of that family. Family daimyo were the highest authority within their own family, although they were subordinate to the daimyo of their clan. 
Family daimyo were also the honorary heads of their family's schools. The actual duties of running the schools were often delegated to someone more inclined to teaching, or in the case of families with multiple schools, someone who was more familiar with the lessons. Nevertheless, for any matter that would require the attention of the head of the school, the family daimyo's approval would be required, whether or not he had an active hand in the school's day to day affairs. 
Clan Daimyo Edit
The leader of a clan, whether a Great or minor clan, was also given the title daimyo, although they were more often referred to as the Champion of the clan. The clan daimyo were generally also the daimyo of their family within the clan. The clan daimyo were the most powerful in the Empire, second only to the Emperor and Shogun, in both political and military might.  The Emperor held the highest position in the Empire through prestige and not real military or political power. The Daimyos of the Great Clans were te real holders of the military power, but respected the Son of Heavens and they could take no action without his blessing. 
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