As far as I know, you cannot teach a student out of the Codebook (as in his presence) nor can it be on Lodge property. With that said, what does the Bylaws say in regards to who can own one? Does it specifically state only Master Masons? I don't see what the fuss is all about if an EA has one. Heck, I'm still having a hard to reading it. It's a great tool to refresh your memory, not so much for finding out what lies ahead in the next degree.