Bankers Guarantee and Trust Fund Incorporation Act 1910
| Jurisdiction | UK Non-devolved |
| Citation | 1910 c. vi |
| Year | 1910 |
3
REAS
the
Bankers
Guarantee ancl Trust Fund (in this
purpose of proricling hy
iiieaiis
of
a
geiieral co-operation amongst
tlie
persons eiiiployecl in the bnnlis of
Great
Britain and Ireland
(inclucling the Isle of
Man)
n
fund to guarantee their employers
ngaiiist losses arising froin the
fraud
ancl
dishonesty
of
their clerk.;
and serrants
:
And
whereas
the manageinent and control
of
the
Fuiicl
'\vas
placed in the
liancls
of
Trustees
€or
the time being and
OP
the
officers
appoiiitecl by
them
:
And
whereas there
were
a
presicleiit
and
vice-presidents
of
the
Funcl
:
,I\
nd
whereas
the
Ikid
now includes
n
large accumulation
n.liich
litis
arisen
from
premiruns
id
interest tliereoii and is
iitrtl
l)y rt'serws
in
cmli
niicl
securities of the prebent
value
of
two
Iimiclred
and
eight tliou~antl pouncls
or
thereabouts
~iid
yielding
:in
iL1lIlual
inconic:
of
six thousand seven hunclred
pounds
or
therea1)onts
:
hid
diereas the Fund 1ias
11ow
grown
liclyond the limits
conteiiip1;itecl
:
hncl
whereas
gnarantecs
to
a
large
amonnt
are
granted
to
the subscribers to tlie
Fimcl
:
W""
Act called
"
the
Funcl
")
mis
estalilished in
18G;i
for the
\Price
Is.
3cl.1
>I
I
AD.
1910.
-lid
diereas
it
is espetlient
tliat
the prehidrnt aiitl
Truhtees
of
tlie
17tind
should l)e coiist ituted
a
lmdy
corporate
and
that
tlir’
I“rtiitl and tlw
nionej-h
in\-~htrd
tint1
other
prop(1rty
coiislitnting
the
SiLlllf’
hI10lll(l
1,c
tl*nnSl’el~l~rtl
to
and
TP
this ,Ict pro\-idrd
:
dncl
diereas
it
is
expedient that the
other
provisions herein-
after
contained should
?)e
niutle
:
,lad
i\
lierens
the
purposes
aforesaid
cannot
be
effected
iritliout
tlie
antliority
of
Parliament
:
May
it
tlierefore please
Your
Majesty that
it
iiiag
be
enacted
mid
lie
it
enacted
112’
tlitl Kinq’s nioht l
\\
itli
the
adi-ice
aiitl
consent
of
the
Lords
Spiritual
ancl
Temporal
ilIl(l
Co1ii1iions in this
prcbsent
Parliament
ahse1iil)ld and l)y the
authority
of
the
siinie
as
Collo.i.\-s
:
-
1.
This Act
niay
be
cited
as
the
13anliers
Gunrantee and
Trust
I!uiid
Incorporation ,let
1910.
~
d
in
sucli 1)ody
as
iii
bhoi
t
litlc.
Ill1
c1prct:t-
2.
Iii
this Act
tlir
Iolloi\ ing eqreshns
hnve
the
folloi\ ing
meanings unless
the
contest
other\\
ise requircs (that is
to
say)
:-
“
The
Truht
”
niwns
the
13anliers Guarantee
Trust
incor-
poratd by
this
Act
;
*‘
Tlie
I+’und
”
iiieaiis the
Bankers
Gu:mntee
and
Trust
Fund
ehta1)lisIied in
1
S(i.5
and
transfcrretl
to
the Trust by
Tirtue
of
this Act
;
“
Tlir:
ne\\-
F~iiid
)’
iiie~ns
the
l7u1id
as
clc&iecl by this
Act
together
i\
itli
any
accretions or additions tliereto
I\
liicli
may
be
macle
nCter
the
lxissing
of
this
“
Bank
’)
ni~niis
a
cwpoixtioii
or
firm
cwrying
on
tlic 1)usincss
of
l~ankcrs in
Grvat
I3ritain
or
Irelt~iicl (iiiclucliiig the
Isle
of
Man
and
tlic
Cliaiinel Islands)
;
“
Tlic
dii*ectors
)’
ni(wiis
tlic
tlircctors
I,J~
this
-kt
constitutctl
;
“
Jlcm1)cr
”
nienns nwi-nl)c>r
of
the
ncn-
Fund
as
definecl
l)y
this
,\et;
“
Rcpi~seiitnti~-c
coimcil
”
nwaiis
tlic rcprcseiitt$tiw council
constitntcd by this
-let
;
The
wgnlntions
)’
nicaiis tlic regulations
of
tlic Trust
for
the
time
licing in
forcc1
;
Ti:iiiploycr~
’)
inc1iitlt.s
a,
1);~nk
as
dcfincd
hy
this
Act
and
a
county coiuicil
and
a,
l~orough coimcil
or
other
local
authority
aut1
im
assi
tiaiico
company employing
a.
iiieiiiloer
as
clefined
l)y this Act.
I
ioti.
;
(6
2
3. Tlic several pcrsoiis
rcfcrrcd
to
in
tlic wctioii of this
Act
,i.~.
1~)10.
tlic nitirqinal iiotc whereof
is
"
Dircctors
"
sliall
lip
from
and
after
I,,ro~lL,-
tllo passing
of
this Act alid thcp
arc
11crcl)y coiistitutcd
a
body
tioll.
corportitc
1)~
the 1iall~~
of
"
Thc
13:1nlicrs
Guarantee TruSt
"
(in
this _ict
rcfcrrcd
to
as
"
tlic Trust
")
and
l)y that
iianic
shall 11x1-e
pcrpctid sncccssion
ancl
a
common seal
and
all
tlic privileges
of
a
body corpomte and liy that iiniiie niay
sue
and
be
sued and
purclinsc hold receive
possscss
and
cli\posc
of
for
the pnrposcs
of
thc
Trust
all lmds teiicments
and
Iieretlitnnients
and
otliclr real
estate
aiitl
all moneys
stocks
fmids
ancl
securities
mcl
other
persoiial estate hcrehy vested in
01'
transi'errcd to the Trust
or
hercaftcr to hc acquired
hy
or
rested
in
the Trust.
all
aiicl
singular t~ic iiioiieys stocks c~ioscs in action fiuicls
ancl
tlmsfer*
sccuritics
1101~
lield
by
tlie Trustees
of
tlic
Pmicl
and
all
unpaid
diriclciicls interest
and
incomc in respect
of
such stocks fnnds and
securities or any
of
thein and the riglit to recover
sue
for
ancl
receive the same and
all
other rights chattels and personal estate
v-hatsocT-er
now
vested in
or
held by or under tlie coiitrol
of
the
Trustees of the Fuiicl
or
to which they or any
of
theni are no~v
in anywise entitled as such Trustees shall he ancl thc sanie
are
liereby
rehtetl
in and transferred to the Trust subject to all
lia-
bilities affecting the same
at
the time
of
the passing of this
Act
ancl
to
the saiiie extent and for the like estates and interests
as
the same respectively
are
now vested in or held
l)y
013
under the
control
of
the Trustees
of
the
Fmid
and
all
debts lialiilities
and
obligatiolis
clue
from
or bincling
upon
the Trustees of the
Fund
as
such Trustees shall be and the
same
are hereby transferred to
and
macle hinding
upon
the Trust
:
Provided that in case of all gnammitees issued for subscribers
to
or
niemhers
of
the Fund
or
the new Fund which shall have
ceased
or become determined by reason
of
any snch subscriber
or
1neml)er
having left the employment
of
the
1xmk
to which such
guarantee
was
issued
or
for
any other
reason
no such subscriber
or
niein1)er slloll after tlie passing of this ilct have any claini
upon
the
FLIJI~
or
the nen-
Il'und
or
the Trust in respect thereof.
In lieu
of
the stamp duties which
mould
have been payable
upon
tho tleotls
or
assurances which
in
case this
ilct
had not
been passed ~voultl
]rave
lleen requiretl to
pass
the property vested
by
this
ilct
to
ancl vest the smiie in
the
Trust tliere shall
lx
picl
a
stnnip
duty
of
fire
lmmicls and such
duty
shall be
4.
On and from tlic passing
of
this
Act
and
by T-irtuc therco€
A\
to
A
2
3
-4.D.
1910.
iiiipressed upon
~2
King’s l’rinters copy
of
this
,kt
uliich shall
be
protlitced to the Coniinis~ioners
of
1nl;tiid
lle~enne
duly
ht;iiiil~e(l
i\
itli
hitch
duty
\~itIiiii
six niontlis
after
tlw passing
ol’
this
,Ict and in dehult of’
such
produetion the duty
\\
itli
interest
a
debt
froin tlie Trust to 15s
Jfajesty.
5.
The
objects
of
the
Trust shall be
(U)
to giiaraiitee l~~nlis
agninst losses
ilrisiiig
froin
nny
acts
of
fraud
or
dishonesty
01’
criminal iiiisconiluct on the part
of
persoils
employed
by such
IjanIis
(0)
to
gunrantee any eniploj-ers
iiguillst
losses arising
fro111
any
iicts
of
fraiid
or
tlislioiie~t,~
or
c.riiiiiiia1 misconduct on
the
part of any
swli
perwiis
as
ttforesaid eniploj ed
as
trrahurer,s
tigents
or
in
my
other
~~E‘IcP
of
trust
(c)
to
ninl\e and issue
policies
or
contracts of insiuraiice againht
any
hitch lohhes npon
hncli
terms
as
mag
lie
tlioiight
fit
and to collect preniiuiiis
:ind
other pitpients in respect
of
:tny
~~1~11
gunr;lntee
01’
iiistirmce its
aforesaitl
(d)
to
tdie
o1-e~
atld
to
aiitl
itdiiiinister the
Y1md
or
I‘oriii
ancl
atlminister
any
other fimd
or
funds
for
h11cli
purpohes
(P)
to (lo all tliinqs iiicdeiital
or
c~)ntluci\-e
to
or
arising out
of
the aforesaid o1)ject.;.
6.
Those persoiis only slid1 be deciiied
to
be
iiieiiilxrs of
the
nev-
li’~uld
in
respect of
\\I10111
policies
or
coiitrilcts
of
qnnrantee
sliall
have
1)oen issued aiid
i~ro
for tlie time lieing in
forcw
-wlictlirr
osecnted
before
or after the passing of this Act
ancl ~~liether issued
or
~iiatle
l)y tlie Trnstees
of
the
Fund
or
by
the
Trust
Init no
porter messeiigcr
or other iiieiiinl sermiit sliall
be
n
nieiii1)cr iiot wit1ic;tnntling
that
n
policy
or
giiaraiitee sliall
hi-e
beell
issiuetl
ill
rc><:.>
to
liim
l’rc)\
icled tliilt
e~ery
niember
shdl ceitst: to
l)t:
i~
1ilci11l)~ upon tli~ dctern1i1iiitioI1
of
the
policy
or policies coiit
incl
or
coiitrrwts issued
iii
respect
of
liim.
7.-(1)
Tlie
management
of
the affairs
of
the Trust slid1
I)c
1-ested
in and
its
po~
ors
chsercisctl
by
direcltors (in this Act
nor
more
tlian clcwii in ii~tiiiber.
(2)
The
follov ing persons shall
be
tlie directors
upon
tlie
passing
of
this
Act
The
ltiglit
Ilonourable Jolin
Lord
Avebury
the I-foiioural)le Jolin Jlicliael
Gortlon
Uidclulph
Heiiry
Hales
Pleydell IJouverie -4lfred
You
ell Itust
011
Geoffrey
Lubbock
F~.etlt.rick Henry Soriiiaii the I-loiioruraljlc
All)crt
Henry Petre
the
IXoiiournble
hrtliitr
Stai
iley
Pret1eric.k
ll’nlter Stepliensoii
George Dunbar T7’11,ztiiian
aiicl
Robert Williams.
~
illere011
at
the
rate
of
fim
pen
centLull1
per
allllllnl shall
I,ecoiiie
Ol)joc.tz
of
Trust.
?IIeIlll)cr>
of
IlC\\’
Flllltl.
Dri
ectorb.
~l’e~~etl
to
:LS
“
tllc directors
”)
\\
110
slliill
not be less: tl~tii six
4
[
10
Ihii-.
?.I
X:cciiI;ci*s
G'uolviclc~c
(/,/(Z
Y'l.ttst
Ijiriit~
[Ch.
vi.]
1itcoiy)oi~if
ioit
Acf,
1'310.
(:3)
l'lic
tlirectors
I'or
tlir:
timc: 1)eiiig
or
the niajority of
tlioni
AI).
i~)io.
shall
Iia\
(:
po\\
01'
to
nppoiiit
otlivr
persons
to
l~:
clirecators
I\
itli
-
thmi
proi
itl(d
tht
in cwrci4iig
such
pou
er
they
conform
to
tlie
liniitation
of
iiuiiihr
prexcril)cd
by
this section
aiitl
conf'orni
to
the
provisions
of
the r(>gdiktio11s
:and
further pro\ idecl
thi~t
if
at
any
time
the
iiiunl~er
ol'
tlirckctors
1)oconiei
reduced
l~elov-
six
the
remaining clirecto~s shall ilppoi~it such number
of
otlicr
perso~is to
be
directors
;LS
11iiLy
1~
iieceswry
to
iiinkc
up
the
total nmiiber to six
at
the least l'rnvicletl
that
if
tlic
nuinher
01
the directors sliall
at
aiiy
time
be
reduced
below
six
then
pciicliiig
the filling up
of
ncaiicies
in
the ofice
of
director the reniaining
directors shrill
have
and
imy exercise all
or
any
of
the powers
by
this Act
or
by
the regulations conferred
on
the directors.
(1)
Xxcept
where otherwise pro\-icled by this
Act
or
by
the
regulations the directors
iiiay
uct
by
the majority
of
a
meeting
of tlic directors
liclcl
in
iwcorclaiice
TI
itli
sucli
regulatioiis
aiicl
the
Trust
shall
be
bound
by
the
acts
of sucli majority proiiclecl
that
tlie
quorum necessary to constitute
sucli
a,
meeting shall
be
not
less tlinii three
and
pro~iclcd further
that
in the
case
of
an
equality
of
1-otes
at
my
iiiceting tlic chairman of
such
meeting
sliall
liave
a
casting i-ote in addition to his 1-ote as
a
director.
(5)
The directors may from time
to
time appoint
c2
president
of
the
Trust
Provided that in making
any
such appoiiitinent
tlie directors
shall
conform to
tlic
regulations
The
prcsiclent
upon
the passing
of
this Act
sliall
be the Riglit 13oiio-Lmlsle
John
Lord hvebury.
empowered
to
appropriate from tlie fmds of the Trust
ancl
to
,,il.ec.,ol
e,
clistriliute
among
tliemselves in the proportion
11
liicli they
or
llie
majority of them shall
tliiiili
fit
as
reiiimieration for their services
as directors such suiii
as
they shall thiiili
fit
l'roT-iclecl that the
reiiiuneration
!'or
any
one
par
sliall
not
I\
i
tliout tlie prerious
sanction
of
the
Board
of
Tracle
exceed oiie
tliousaiicl
pouiids.
only
lor
liis
OM
n
acts receipts neglects
or
defaults
aiitI
not
for
('irwor..
those
of
another
nor
for
any
lamlier
or
l~rolier
with
I\
lioni
aiiy
trust
iiioiieys
or
securities
inay
be
deposited
nor
lor
the
in-
sufficiency or
cleficieiicy
of
any stocI\s fuiids
or
securities
iior
for
any
otlier
loss
unless
the
baiiie
shall
happen
tlirongii his
own
wilful default.
3
i)
8.
The directors sliall be
at
liberty and they are hereby
Rci;inncra-
tion
of
9.
Each
of
the
directow slid1 lie
aiis\\
e~ible
and
accouiituble
s:L\
itig
for
I
Al.I).
1910.
As
to
legll-
Lifioii+.
10.
In tlie conduct
aiicl
niaiiugeiiieiit
of
the bnsiness
of
the
‘I‘rust
tlie directors sliall
o1)serw
and
coiiforni
to
the regnlations
The
first regulations shall
l)e
tliose set out in the schedule to
this
Act
but
the saiiie
inay
be altered
or
aniendecl
or
nii~7
regulations niay be
cancelled
or
any
new
regulations inny
be
added thereto or substituted therefor
by
resolution
passed
by
not
less than
two
thirds
of
the whole nuniber of tlie directors
at
a
meeting of the directors duly smiiiionecl for that purpose
provided that
no
sucli meeting shall
be
held to be duly
sum-
monecl save after the expiration of
one
nioiitli
from
the date of
the despatch
of
notice
of
such meeting
to
each director
and
further pro\-ided that such notice shall specifg the nature of the
proposed alteration suhstitution uiiiencliiieiit or cancellation
of
or
proposed adclition to the then existing regnlatioiis.
___
Rep?-
11.--(1)
From
and
after the
passing
of this Act
a
body
sent:~ti\-e shall be appointed to be called
“
the represeiitatii-e comicil
”
which shall consist
of
not less thaii
six
1101’
more thaii nine
persons
and
sliall coiisicler
aiid
in1-estigate
all
proposals
of
persons
clesiring to become iiienibers
aiid
dial1
report
upon
such proposals
to the directors and shall
as
it
iiiay think
fit
bring before the
directors all matters
mi
t
eriall
y
aflec
t
iiig tlie
iiit
ere st
s
of members
niicl
slinll perforni such other duties
as
inay
be prescribed by the
regulations The quorum
iiecessary
to constitute
a
meeting of
the
represeiitatiw council sliall
be
not less thaii two.
(2)
The niaiiner of the election
of
tlie representative council
aid
the time
for
11
liich and the terms
upon
which
the
members
of such council shall hold
oiEce
and
the imnner
of
filling
xwaiicies
iii
such council shall
be
as
prescribed
by
tlie
regulations.
(3)
Until the representative council
has
heen
appointed in
the ninnner proidecl by the regulations
or
if
default shall be
iiintle for the period of
four
niontlis
by
the
persons
entitled to
nppoiiit in iiialiing
1111
appoiiitnieiit
of
iiiembers to form tlie
represeiitative couiicil
or
to fill
any
T-acaiicy
it
sliall be lawful
for
the directors
and
they
are
liereby
empoi\-c~red to appoint
such niem1,ers
as
aforesaid
or
to fill up any ncancies that
niny
occ~tr
yrovicled
tlixt
in
exerci-ing
~LLC~
po~~-er
the directors slinll
not appoiiit any
person
who
ii-onltl
not
Iiar-e
been eligible
for
nppoiiitineiit uiider the regul
a
t
ions.
(1.)
It
slid1
be
lau-J’u1
for
tlie directors
ancl
they
ale
Iiere1)y
cmpo~i-ei*ecl
to
pay
out of the
fuiicls
01
the
Trust
to tlic
niemljers
couircil.
ci
of
the
i.el)i’esc.iit~iti~-e coruicil
a
suin
oC money not esceetliiiq
AI).
I
910.
thee
l~initlretl
poiiiitls
per
;uiinitiii in rt.muiierntion
for
their
sen-icaes
11s
1
tionilxr2;
of
si
ivh
(wii
ncd
,112~7
siiiii
so
piyilde
sliall
be cliqtri1)ntetl among the
nic~mlwh
of
su(*li
council in such
manner
mtl
proportion
as
the intwilms of such
coiuiicil
or
the
majority
of
them shall
tliiiili
fit.
~
12.
The
moneys
IieId
1)s
the
Trust
shall
as
regnrds
so
mnch
thereof as shall not in the opinion
of
the
directors
1)e reqiiirccl \e’t1neut
of
for
current demands aiid
espeiiscs
be
1)y
tliem inrestecl
as
to
at
least
one-half thereof in
such
innstments
as
are
authorised hy
Ian-
for
the
inr-estineiit
of
trnst
funds
and
as
to
the remainder
thercoi in the stocks
fuiicls
or
securities of the United Ringdoin
or
any British colony
or
clepenclency
or
of
any foreign country or
state or of any municipal or other public corporation
or
in the
lioncls
clc1)entnres
debenture stock guaraiiteecl
or
preference stock
or shares
of
any railn-ay
clocli
canal harbour
gas
water
traniway
electric light
or
pox-er
company incorporated or currying on
business in the United Iiingdoni or
any
British colony
or
clepen-
cleiicy or any foreign country or state ivlietlier
such
fuiicls
securities boiids
debentures
stocks
or
shares are registered or
inscribed or
to
bearer
passing by simple delivery
or
passing
by
enclorseiiient ancl
deli\-cry
ancl with
power
to
the directors
to
vary the said investnients from time
to
time
as
tliey in their
absolute
discretion
sliall
think
fit
for
otliers of my kind lierebx
authorised ProT-iclecl that in iio
case
sliall
an
ini-cstiiient
be
niacle
011
any security
to
wliicli tliere is
any
liability attaclied ,Iny
money
lielcl hy the Trui;t iiii~y pending iiirestiiieiit
be
depositccl
at
any
joint stock or otlier hnnk either at interest
or
otliemise
as
the directors may tliink
fit.
lo
in-
lllollc~
..
13.
Subject
a$
herein-after 1)l’o~ided
the
annu:L1
ilicome tirising
Applicatioil
froin
tlie
inT-cistments 1icrein-l)e
fow
nientioned
s~l
as
to
so
mucli
of
i”~olll’
arising
froill
thereof
as
is
not
in tlie opinion
of
tlie direcators required
for
ill,
e.tille,,l..
current clemnnds and
espeiises
be
inr-estecl and sliall in
all
uq-s
])e
dealt
with in
;~ccordi~iice
11
itli the pro~isions
ot‘
the vction
of this
,kt
of
which the iiiargiid
note
is
“
As
to
inr estiiicnt
of
11Io1leys.”
to
a
s1mi v-liicli in
the
juc~qnieizt
of
ZL
iiiajority
of
tlie tlirectors
~~,~~~.~)‘l~s
shall
appeal-
to
be in
excess
of
the
aiiioLuit
required for the
p~~rposes
of the guarantees
or
policies issued
by
the
‘Irust
ancl
14.
\\Then
niitl
:is
often
:LS
the
fLli1ds
invested slid1
a1110tu111
Applicnt
ion
A
4
7
AD.
I:J~O.
of
defraying the
necessary
charges
and expenses
oi
nian:igenient
tlie iiicoiiic derivecl therel'roni
or
such part
of
the said investiiients
as
the iiiajority
of
tlie directors shall in their discretion tliiiili
fit
may
be
applied
for
s~di purposes in
sucli
form to
such
extent
ancl
in
such
manner
as
the majority of the directors inay
at
any
meeting thereafter direct
for
the lmiefit
of
the persons
TI-110
are
then nienibers
of
or subscribers to the new
Fuiicl
or
of
any
other
fund
established by tlie Trust in pursuance
of
this Act
or
-\rho have been but
linve
ceased to
be
iiieniliers either
of
the
new Funcl
or
tlie Funcl
or
such
other
f~iiicl
as
aforesaid
or
for
the benefit of tlie families
of
such
persons
or
for
the purpose
of
granting bonuses to persons eniployecl by tlie Trustees
of
the
F~mcl before or
by
the Trust
after
tlie passing
of
this Act
or
pensions to
persons
11
ho ha~-e been but have ceasecl to be so
employed
or
in any other manner ~\-liich in the opinion
of
a
iiiajority
of
the directors niay
be
ahntageous to tlie Trust
or
for the benefit
of
tlie iiienibers of the said various
funds
or some
one
or
more
of them.
__
POWCli
to
15.
The directors shall
have
power
to cznialgztinate the busi-
alll~llg~~lll:lt
e.
ness
of
the Trust with
nny
other corporation society
or
company
carrying on business
of
a
nature similar to that
of
the Trust
upon such terms
as
they niay thiiili reasonable.
Applic.ni
ioii
Of'
filii(iy
011
16.
In
the
erent
of
the
Trust being finally wound up the
directors shall
have
power
to clistribute the fuiicls
of
the Trust
remaining after satisfying all cluiiiis thereon and the debts ancl
liabilities
of
the
Trust
and
tlie costs of n-incling up the Trust in
any iimnner in nhich
SLW~~LLS
i'nnds
inay
be
distributed by them
under
the section
of
this Act
of
which tlie niarginal note is
CC
Application of
SU~~~LIY
fi~ncls."
i\-iiicl
iiig
up.
As
to
17.
The coiiinion sed
of
the
Trust
sliall not
be afixecl
to
~01111n011
~IL
or
impressed upon any cleecl
or
docunient except in the presence
of
a
director
and
of
the secretary of tlie Trust
or
oilier person
appointed by the directors
for
such
purpose
who
shall sign their
names upon such deed
or
clocuiiient in attestation
of
sucli seal
having been affixed or impressed in their presence.
E\;eml)tiir:
18.
~otn-itlistaiicliiig anything in this Act contained
it
allall
t:lill
(lo(411-
not
be
necessary that the guarantees issued
by
tlie Trust or tliat
~~oll,,llol,
any
agreement entered into by the directors which
is
not by
law required to be
~tnder
seal
shall
be
under tlie coliinion
seal
of
tlie Trust
but
the same
or
any
of
them
may
be
executed
on
lllCll
th
fl
0111
S
1)eldf
of
the Trust by such person
or
persons
as
i~iay
be deputed
l)y tlie directors
for
the
piir'pose
either geiierl~lly or
in
special
cases
aiicl
sliall n-lien
so
executed be
for
all
purposes
as
vnlicl
niitl
binding
as
though given uncler seal.
of
this Act ha~e been acting
as
Trustees
of
tlie
Fuiicl
by this
Of
'rr"stees*
Act tmiisferrecl to the Trust
(viz.)
The Right Honourable John
Lord hvebury the Honourable
John
I\licliael Gordon Bidclulph
IIeiiry Hales l'leyclell Bouverie Alfred Fon-ell Buxton Geoffrey
L~ib1)ocli Frederick Henry
Norman
the Honourable Albert Henry
l'etre the Honouraljle Arthur Stanley Preclerick 717-alter Stephen-
son George D~iiil~ir TI-hatniaii and ltobert Tl'illiams shall upon
the passing
of
this Act
be
aiid
they are
hereby
dir-ested and
discharged
of
aiid froin all estates properties interests trusts
authorities duties
and
rights
of
or
in
respect
of
the Fuiicl
Pro-
\-ided that iiotliing herein contaiiiecl shall prejudice
or
affect
aiiythiiig
clone
by
such
Trustees
or
any of them
in
respect
of
the Funcl
prior
to tlie passing
of
this Act.
20.
A.
copy of this Act shall
as
soon as the
same
has
Copy
of
Act
received tlie Royal Assent
be
forthwith sent to the
head
office
~L,~~~c"t
to
of each Buiik whose eiiiployees shall
be
members
of
the
new
Funcl.
A.U.
1910.
-
19.
The persons
who
up to and
at
the time
of
the passing niscLiinrge
2
1.
-411 the costs charges and expenses preliminary
to
and
CO-ts
of
Act.
of
aiid iiicicleiztal to the preparing
for
obtaining and
passirlg
of
this
Act
or otliern-ise
in
relation thereto shall be paid by the
Trust.
[Ch.
vi.]
Bankem
Guamwtee
nizcl
Bwst
Funcl
[lo
EDW.
7.1
Incoiporation
Act,
1910.
A.D.
1910.
The
SCHEDULE
referred
to
in the foregoing
Act.
__
‘‘
The Act.”
“The Trust.”
“
The Fund.”
“
The new
Fund.”
“
Bank.”
‘‘
Directors.”
‘‘
Member.”
‘‘
Repre-
sentative
council.”
FIRST
REGULATIONS OF THE
BANKERS
GUARANTEE
TRUST.
1.
In these regiilations-
The expressioii
“
the Act
”
iiieaiis tlie Bankers Guarantee and
Trust Fund ~ncorporation
Act
1910
;
The expression
“
the Trust
”
means the Bankers Guarantee
Trust incorporated by the Act;
Tlie expression
“
the Fund
”
means tlie Bankers Guarantee and
Trust Fund established in
1865
and transferred to the Trust
by virtue of the Act;
The expression
‘‘
the new Fuiid” means the Fund
as
defined by
the Act together with any accretions or additions thereto which
may be made after the passing of tlie Act;
The expression
“
bank
”
means
B
corporation or
firin
carrying on
tlie business of bankers in Great Britain or Ireland (inclucling
the Isle
of
Ifan and the Channel Islands)
;
The expression
‘‘
directors
”
means the directors for the time
being of the Trust for wliose appointiiient provision
is
made
by tlie Act
;
The expression
“
member” means member of the new Fund
as
defined by the Act
;
The expression
‘‘
representatire council
”
means the representative
council provided for by the Act;
‘‘
Em-
ployers.”
Tlie expression
‘‘
employers
”
unless a contrary intention appears
includes
a
bank
as
defined
by
the Act and
a
county council
and
a
borough conncil or other local authority
and
an assiirance
company employing
a
member
as
defined by the
Act.
2.
The
oEce
of
the Trust sliall be at No.
16
St. Helen’s Place in
the city
of
London or at such other place or places
as
may
be
froin
time to time appointed by
the
directors.
3.
The directors and president other than
the
first directors
and
presidelit
shall
be selected by the existing directors from tlie persons
constituting the boards
of
directors or being local directors
of
incor-
poratecl banks or partners in unincorporated banks which hold
or
have
held the guarantee policies
of
tlie Trust but no person sliall be qualified
to become
a
director of the Trust if
two
of
the then existing directors
are eo-directors
or
eo-partners with liini in any
such
bank and in the
evelit
of
any director
of
the Trust not being one
of
the first directors
Place
of
business.
Appointment
Of
and pre-
sident.
10
[lo
EDW.
7.1
Bmtlcers
Gtccwantee
aitd
Tmst
Fuizd
[Ch.
vi.]
Atcolpoyation
Act,
1910.
named in tlie Act llecoming
a
director
of
or
partner in any bank
of
or
in wliich two
of
the directors or partners are directors
of
the Trust
such first-iiientioned director sliall cease to be a director
of
tlie Trust.
4.
The ofice
of
a
director sliall be vacated-
(-1)
If
he resign his directorsliip by iiotice in writing
to
the
Trust
;
(n)
If
he become bankrupt
or
compound with his creditors;
(c)
If
lie become lunatic
;
(D)
If
not being one
of
the first directors named in the Act
lie cease
to
ansn-er the description set out in Regulation
3
hereof
;
(Ej
If
he be requested in writing by not less than two-thirds
of
his eo-directors to resign office;
(~j
If
tlie directors sliall have passed at one meeting
and
con-
firmed at
a
subsequent meeting held within one month
thereafter a resolution that
such
director lias vacated office by
reabon
of
his having llecoiiie of unsound iiiind or liaving
been absent
froin
meetings of the directors
for
six consecutive
months.
5.
No
person except the directors and persons authorised in writing
by theni and acting within the liinits
of
the authority
so
given shall
liave
any
authority to inake accept
or
indorse any promissory note or
bill
of
exchange
on
belialf
of
the Trust or to enter into any contract
or
engagement
so
as
to iiiipose thereby any liability on the Trust
or
otherwise to pledge the credit
of
tlie Trust.
6.
Ordiiiary meetings of the directors sliall be held at such times
and places
as
niay be horn tiiiie to time resolved upon
by
the directors
and
failing any
such
resolution sliall be held
on
the first Friday in
each iiionth at the o&e
of
the Trnst.
7.
Any
director may at any time call
an
extr8,orclinary meeting
of
the directors to be held at the place where the ordinary meetings
of
tlie directors for the tirile being are held by giving not
less
tliaii seven
days’ notice in writing signed
by
liiiii
or
011
his behalf to the other
clirectors stating tlie time and objects
of
the intended nieeting Sucli
notices shall be sent by
post
to
each director and shall
be
deemed to
be given
011
the day following tlie day
on
which they are posted.
8.
The procedme at ineetings in matters iiot provided for by the
Act or
by
these regulations shall be regnlatctl by the standing orders
(if
any)
of
tlie directors
ancl
iii defanlt
of
standing orders
and
so
far
as
they sliall not
cxtciid
as
the directors present tliink
fit.
9.
The directors may appuint
awl
re1uoT-e
sucli
committees
of
.
their
own
nuniber
as
they thiilli fit
and
rnay determine
and
regulate
mittees,
of
colll-
11
A.D.
1910.
-
Vacation
of
office
of
director.
Power to
pledge the
credit
of
the
Tyust.
Meetings
of
directors.
Extra-
ordinary
meetings
of
directors.
Procedure at
meetings.
Appointment
[
Ch.
Vi.]
Balzkers Guarantee
md
Tmdst
l4.d
[
10
RD~.
7.1
fiizcolyo?atio?% Act,
1910.
A.D.
1910.
their quoruiii powers duties and procedure aiid may delegate to
any
such committee all or any
of
the powers
of
tlie directors.
Appointlnent
10.
Tlie directors shall appoint
a
fit aiid proper person to be
of
secretary.
secretary
of
the Trust
and
any person
so
appointed sliall hold
ofice
for such time and
on
such terms
as
the directors inay determine.
11.
Minutes of the proceedings at every meeting of the directors
or
of
any committee
of
the directors and
of
the attendance
of
tlie
directors thereat sliall before the close
of
such
meeting or with all
convenient speed thereafter be recorded by the secretary in a book
kept for the purpose and shall be read at the next following meetiiig
of
the directors or committee of tlie directors
as
the case inay be and
shall be signed by the chairiiiaii of tlie iiieeting to which they relate
or
of
the meeting at which tlieg are read aiid such minutes when duly
signed shall be evidence
of
the facts therein recorded and
of
the
regular holding of the meeting to which they relate.
Appointment
12.
The directors maj- appoint
aiid
remove such oflicers agents
of
Officers
aiid servants of the Trnst and on such terms
as
they
sliall
from time
and agents.
to time deem necessary.
Election
of
13.-(a)
The representative council sliall be appointed in manner
represenha-
following and sliall hold oflice
for
a
period
of
three years The members
tive council.
of
the new Fund
who
are employed by the same lsank may den
occasion requires meet together and appoint one
of
their number
to
act
as
delegate for such members for the purpose
of
appointing a repre-
sentative couiicil and the delegates
so
appointed
may
den occasion
requires meet together and appoint such of their number or other
member or members or other suitable person
or
persoiis employed at
a
bank
as
by
a
majority
of
votes given at the meeting may be
determined to be
a
member or members
of
the representative council
Provided that tlie iiuinber
so
appointed by the meeting sliall not
exceed tlie iiiaximuiii prescribed by the Act aiid that two-thirds at least
of the representative council sliall be members of the new Funcl and
further provided that tlie nuniber
of
T-otes to mliicli each delegate
so
present
at
any meeting shall be entitled at such meeting shall be in
proportion to the number
of
members who sliall Lave
so
elected him
as
a
delegate and further provided that only one inember belonging to
the staff
of
any one bank or one oficial
of
any one bank shall be
on the representative council at any one time but this proviso shall
not apply in the case
of
an arnalgamation
of
one bank with another
bank in which case tlie respective members
or
other officials representing
the banks
so
anialgamateci may remain members
of
the representative
council until tlie next election thereof
(b)
h
inember
of
the representative
council do is
a
member
of
tlie new Fund shall cease to be
a
member
of
such council on ceasing
lo
be
a
member of the new Fund
(e)
Any
vacancy in the representative council sliall be filled up
by
those delegates
~vho appointed the representative council appointing
a
qnalifiecl person to
-
Minutes
to
be recorded
and
to
be
evidence.
12
[lo
Euw.
7.3
Baiikem
Guamihtee
and
Twst
Ftm?
[Ch.
vi.]
Ihcorporation
Act,
1910,
fill such vacancy
for
wliich purpose the representative council niay
*4.T!.
1910.
suninion a meeting
of
such delegates on not less tlian three days'
-
previous notice given to each
of
them
(d)
One month prior to the
expiration
of
tlie said period
of
three years for which the representative
council is elected it shall cause notice to be given to the
barilis
whose
members are entitled to appoint delegates requiring such members to
appoint tlie necessary delegates
for
the election
of
the new represent
a
t' ir7e
council
(e)
The representatiue council may iiialre liyelaws governing
the
time
aiid niaiiner
of
suiiimoning and holding meetings
of
the
clelcgntes aiid representative conncil and any other matter iii relation
to the exercise
of
their respective functions Provided that such
byelaws be not inconsistent witli the Act or regnlations.
14.
The salaries aiid remuneration of officers agents and servants
Salaries
to
and all charges or expenses incurred in conducting the business
of
the
be
a
prior
Trust
or
in
any
nianner arisiiig out
of
or relating
to
the same shall
be paid out
of
the fimds
of
the Trust in priority to all other claims.
agree to admit
as
a
ineniber any person
mho
is employed or about
to
be employed in any bank provided that
he
signifies his desire to be
admitted by filling up and signing
a
form
of
application
to
be pro-
vided
for
that purpose by the directors and answers all such inquiries
and procures such references as shall be deemed necesaai-y by them
and
provided further that the directors shall not admit or continue as
Persons in
a ineniber any person employed
or
about to be employed by any bank
ipJr,o$lz
on service
in
any colony
or
dependency
of
the United Kingdom
or
in
country not
any foreign country
or
any person filling the situation
of
porter
or
membership. eligible
for
messenger or other menial servant.
16.
In
case any applicant shall at the time
of
application be
Applicants
employed
by
any bank and shall
have
held his situation twelve
In
banking
months and shall have been already guaranteed either by private
service.
sureties or otherwise the directors may if they in their discretion
thiiili fit dispense with the inquiries and references required by Hegula-
tinn
15
hereof provided the application shall be accompanied
by
a
certificate froin the employers
of
the applicant that he
has
conducted
himself to their eiitirc satisfaction for the preceding twelye months.
17.
As
soon as
ni:ij-
he
after the agrcenicnt
for
the admission
of
Issue
of
an
applicant
as
a
meniher there shall be issued to
his
employers
policies.
(being
a
bank)
a
policy
of
the Trust
for
his guarantee for such amount
as may be agreed in the form herein-after described and on the terms
arid at the subscription following
:-
claim.
15. The directors
inay
if in their absolute discretion they think fit
Admission
of
members.
(A)
He shall
pay
down
an
entrance fee
of
four shillings per one
Rates
of
hundred pounds on the
amouii
t
of
security required
by
his
snbscription*
cmployers and also shall pay
a
siiliscription
of
one pound
per cent. on the amount
of
the security
so
recliiired such
one pound per cent. to be
paid
at the times aiid in the
13
AD.
1910.
[Ch.
vi.]
Bankers
Guarantee
amd
Z'?*ust
Fund
[lo
Euw.
7.1
Azcolpo?*atio?z
Act,
1910.
manner herein-after providecl ailcl when such entrance fee
aid one pound per cent. shall hare been fnllg paid the
member shall lie sn1)ject to no further contributions to the
Trust except in the case
oE
the issue
of
a further policy on
his behalf
or
under the circumstances herein-a
fter
specified
in Regulation
28
:
Payment
by
instalments.
(B)
Such one pound per cent. may be paid in one
sum
Tvhen the
policy is issued or niay be spread by instalments over
such period not exceeding five years as the directors shall
think fit:
Non-pay-
(c)
If
default shall be made in pajmeiit
of
any instalment or
ment of in-
stalments.
other payment required to be made by a member under
these regulations at the time appointed by the directors
Additional
charges for
deferred
payments.
for payment thereof or within fifteen days afterwards the
liability of the Trust to the employers shall cease
as
from
such appointed time as regards any subsequent act
of
the
member but the member shall nel-ertheless be bound and
obliged
to
pay to the Trust such part
of
his subscription
and any additions thereto
as
shall reniain unpaid unless he
shall have previously left the service
of
the employers
:
(D)
The principle upon which the Trust is established requiring
that upon the admission
of
a
member the full amount of
his subscription sliall be payable at
all
events whether the
Trust shall or shall
not
remain liable to the employers of
the meinlier if any member elects to pay his subscription by
five annual instalments there shall be paid with each instal-
ment an additional sum
of
one shilling per one hundred
pounds upon the amount
of
security required
as
an equiva-
lent for interest on such deferred payment and
for
any
consequences which may arise therefrom as provided by
subsection
(c)
of
this regulation.
Member
leaving
banking
service.
18.
If
a
member shall leave the service
of
the employers
to
whom
a policy
of
the Trnst has been issued
on
liis helialf he shall not be
called upon to
pay
any further subscriptions to the Trust except under
the circumstances mentioned in Regulation
26
and subject thereto and
to any liability for past acts under his policy he shall ceaBe to be a
member.
19.
NG
policy or policies issued for any one member at the rates
mentioned in Regulation
17
sliall exceed in respect
of
any single
employment
a
total guarantee
of
three thoiisancl pounds
A
policy or
policies
for
any larger amount niay however be issued at such increased
rates
of
snbscription nncl upon su'ch terms as the directors shall think
reasonable in each particular case but no policies
or
guarantees in favour
of
any one member shall exceed in respect of
any
single employment
an aggregate sum of five thousand ponnits.
Ordinary
gunrantee
not
to
exceed
3,0001.
14
[lo
EDW.
7.1
Bankers
Gtcarantee
aid
Tmst
Fmd
[Ch.
vi.]
Ii~o~porcction
Act,
1910.
Where a policy or policies shall be issued in respect
of
any
A.D.
1910.
particular risk
of
the employers of a member
or
tlie fraud dislionesty
__
or
criminal misconduct of any member while acting in the employment
gualantee
of a county council
or
a borougli conncil or other local anthority or of
may
be
give11
an assurance company
or
while holding any office or position not being
helms.
strictly connected with banking service such policy
or
policies shall
be issued for such amoiuit at such rates and upon such terms as the
directors may think reasonable The directors
Inay
also issue at such
rates
ancl
upon such term as they may think reasonable counter
Counter
guarantees to any person
or
persons or corporation mho inay have
guarantees.
entered into
or
issued any bontl agreement
or
policy guaranteeing the
fidelity
of
any person to whose employers the directors can under the
Act or these regulations issue a guarantee.
Special
upon
specid
20.
The directors may if they see fit at any time grant guarantee
Porters
01’
policies
of
the Trust at such annual premiums and on such terms
as
they may consider reasonable ancl proper
to
the einployers (being
a
bank) of any person
who
fills the situation
of
porter
or
messenger
or
other menial servant but such person shall not thereby be admitted
as
a member.
21.
When it has been agreed that
an
applicant shall be admitted Policy
and
as a member the directors shall in such form as they shall from time ~~~~~~.
to time approve issue to the employers of such applicant an agreement
or policy of assurance whereby the Trust shall
be
made liable to pay
to such employers within three calendar months after receipt at the
office
of
tlie Trust of
full
and satisfactory particulars and proof of loss
and
the nature and extent thereof (verified by a statutory declaration
if
the directors require tlie same) all such loss not exceeding the amount
mentioned in such agreement or policy which such employers may
sustain from any act of fraud dishonesty or criminal misconduct of the
member committed after the date
of
such agreement or policy in the
course of his employment with such employers and during his uninter-
rupted continnance in their service Such agreement or policy shall be
expressed to be determined and become void in tlie event
of
ancl
as
from
the
member becoming bankrupt or compounding with his
creditors or serving his employers in any colony or dependency
of
the United Kingdom or in
any
foreign comitry Eut subject and without
prejudice to the liability of the Trust in respect
of
any previous
misconduct
of
the member and shall provide that no claim for any
sach loss shall be admissible unless tlie employers shall within fourteen
days after the discovery
of
any matter in respect
of
which any claim
niay be intended to
be
macle give notice in writing at the office
of
the Trust as far as the case will admit
of
all the particulars thereof
nor unless sncli
loss
shall have accrued within six years before
any
such discovery and also that after the discvvery
of
any fraud
or
clishonesty or criminal misconduct
of
the inerliber the liability
of
the
15
A.D.
1910.
The
fiinds
only liable.
Priority
of
claims.
Proceedings
against
defaulters.
Defanlter’s
estates.
Directors
may
termi-
[Ch.
vi.]
Bmzkem
Gua?*afitee and l%zcst
Fzcizd
[lo
Euw.
7.1
lizcoqjomtion Act,
1910.
Trust shall
as
to loss by any act or default committed subsequent
thereto absolutely cease ancl all
sunis
of
money which the Trust shall
pay under such agreement
or
policy the member shall upon demand
repay to the Trust.
Such agreement or policy of assurance shall
also
expressly provide
that the funds for the time being
of
the Trust
or
so
much thereof
as
shall remain undisposed
of
and not lie applical~le to
prior
clainis
and
deinaiicls shall alone be subject to
any
claiin in respect
of
any snch
fraud dishonesty or criminal niiscontliict
ant1
that
no
director
nor
any
member (except the defaulter in respect
of
x-hose
fraiid
dishonesty or
criminal misconduct aiiy claim iiiay lie made) shall be individually
liable in respect
of
aiiy
such
claim beyontl the amount
of
the funds
then accumulated
and
not subject to prior claims and demands.
22.
All claims shall be settled
in
the order
in
which they are
received.
23.
The employers
of
any c1ef:dting member sliall
if
so
required
by
or on behalf
of
the Trust when lawful cause sucli defaulter
to
be
arrested and prosecuted
for
any offence or offences he
may
have committed
in such default
ancl
afford all necessary information and evidence
previous to
anti
at
his
trial and siich employers shall also if
so
required
by
or
on behalf
of
the Trust furnish all snch particulars aid proofs
as
shall enable tlie Trust
to
prosecute such defaulter or to proceed against
hiin in any other nianiier
and
the Trust shall be at liberty
to
prosecute
snch defaulter and to institute any proceedings against him in such
name
or
names
as
shall be legally necessary
and
as they niay be advised
for the benefit
and
reimhnrsenient of the Trust
and
shall indemnify
out of the funds
of
the Trust the eiiiploj-ers
or
persons whose names
shall be
so
used from all damages
and
expeiises in respect thereof and all
costs and expenses occasioiied by any such prosecutions and proceedings
or
by reason
of
any such indeiiiiiity ancl incidental thereto respectively
shall be boriie by the Trust Provided nevertheless that in any case
mliere a prosecution
or
proceetlings shall be instit,uted by the employers
without the consent
of
the Trnst the costs
and
expenses thereof
shall
be boriie by the Trust
if
a coiiviction
is
secured and if the amount
of
such costs and expenses togetlier with the amount
of
the loss snstained
by tlie einployers by reason
of
any act
of
fraud or dishonesty
or
criminal
riiisconcluct
of
tlie defaulting member shall not exceed the
total amount of the guarantee issued to the eniployers on his behalf
but if tlie amount
of
such costs and expenses together wit11 the
amount of such loss exceed the amount of such guarantee then such
costs and expenses shall under this proviso only be borne by the
Trust to the extent
of
tlie excess (if “119)
of
the amount
of
such
guarantee over tlie amount
of
sucli loss but not further.
24.
The directors
inay
at their discretion at any time by
giving
..
three calendar nionths’ previous notice
to
a rneniber and his employers
deterniine any existing guarantee for liini and
if
at the expiration
01
natememher-
ship.
16
the saiil three months the eiiiployers sliall have no claim
111
respect of A.D.
1910.
suclL
guarantee the Trust shall repa!' to
any
such
iiiember
all
such
---
h~tliis
as
they
iiiay
hare received
from
hiiii arter retaining thereout
such
n
suiii
as
in their discretion tliej- shall think
fit
not
exceeding
tlie
rate
of
thee sliillings per one hnndrecl pounds per annum
on
the
amount
of
sncli
guarantee (luring the period
for
diicli the same shall
Iii1i.e
beeii
subsisting
A11
sucli
notices shall
be
sent to the priiicipal
place
of bnsiiiess
of
the eiiiployers
aiicl
shall coiiinieiice to
ruii
froiii
the date
tliereof
,Iny
sncli notice iiiay lie giren to a messenger
or
porter
and
his employers
and
shall expire at the
elid
of the year for
whicli he
iiiay
hare
sulmrihetl
No
aiiiiual subscriptioii \hall be repaid
in whole
or
in part.
011
liis part to iiialie
any
coiitrilintioii to the Trmt beyolid his original
may
suliscriptioii by
gkhg
to the Trust
sis
calendar
nioiiths'
notice in ivritiiig
ship,
of
such iiiteiitioii
aiicl
the Trust
sliall
coiniiiunicate such notice to the
eiiiployers
of
such
nieniber
1-iitil the expiration
of
such six nlonths
tlie rights ant1 liabilities of such nieiliber shall continue tlie sallie as
if
no
such notice hacl beeii gireii bnt upon the expiration thereof the
liability
of
the Trust to the employers
of
such
niernber shall as to any
future misconduct
of
his absolutely
cease
aiirl
all
payments
m-Iiich
he
iiiay liave inade to the Trust slid be alxolutely forfeited Provided
tliat
snch
cleterniination
of
the policy sliall iiot affect the liability
of
the Trust
in
respecat
01
aiiy previous misconduct
of
the member.
26.
If'
any
illember Shall cliiit tlie serrice
of
any bank
in
order to
Reinoral
enter aiiotlier baiil; to w1iic.h tlie policies of the
Trnst
are issuecl and
F::!)
iF
sliall
gi1-e notice
to
the Trust
of
liis intention to
do
so
the directors if
another
they
thiiilc
fit
inay
upoii
snrxnder
of
the policy lieltl
by
the late
employers
of tlie iiieiirber
issw
a
nen-
policy
rendel-ing tlie Trust liable
for
the fidelitx
of
the iiieiiiber to his
iien-
eiiiployers
on
tlie same terms
and
for. the
same
amount
as
the old policy niid subject to the
pagnient
of
the
saiiie
iiistahiieiits of siibscription (if
any)
as
those reiiiaining
unpaid
on
the oh1 policy
Before
doing
so
the directors
may
require
such
iiiforiiiation
aiitl
references
ab
tliey are entitled to
receive
from
per5ons iiot alreaily acliiiittecl
as
uieiiibers
ancl
iriay
make
siwh
charges
as
they think
fit
.
tlie accounts
of
tlic Trust
tu
lle sulmiittecl to
a
duly qualified actuary
Of
accollllts.
to
lje
appoiiitetl
by
the clirectors
for
tlie purpose
of
investigating tlie
iiiiaiicial position
of
the
Trust.
28.
In
the went
of
the funds
of
the Trust
at
any time by tlie
Calls under
pyiiieiit of
claiiiis
or
otherwise beiiig reduced below such
a
suin
as
what circum-
stances to
he
ill
the judgiiient
of
a
majority
of
the directors shall
be
necessary
to
madealldill
]lieet future claims
aiicl
expenses the directors shall
and
inay
by
minute
what manner
23,
Aiig
ineiiiber may at
any
time put
ai1
end to
all
flitnre liability
Members
natemember-
27.
Tlie
directors sliall oiice
at
least in every sereii
years
cause
Investigation
B
17
[Ch.
vi.)
Bucizkem
Gzmmiztee
uizd
Trust
FumZ
[lo
13~~.
7.1
fizcoypomtioiz
Act,
1910.
A.J.
1910.
or
order in writing under the comnion seal
of
the Trust or
under
calls upon the members to c.ontribiite
a
siiin not exceeding at ally
om
tiiiie five shillings per one hiin(lrec1 pouncls npoii
tlie
anioiuits in
irhich
they are respectively gnaraiiteecl siicli
calls
to
lie
paid
at
sucli
times
and
in such nianner
as
the tlirectors sliall require
liy
notice iuicler
the
coninion seal
of
the Trust
or
uiider tlie
liantl
of
any officer appointed
by them to
be
sent
by
the post addre5becl to each iiieniber at tlie liead
oflice
of
the
Imik
lq
~vhicli lie
is
einploj-ed
ancl
a
similar notice
shall
also
lie
sent
by
post to the respective employers at the sanie atldre>s
The nioneys to be received
by
ineaiis
of
calls
shall lie tlealt with iii
all respects
as
the moneys originally received from iiieinbers
C'alls
shall
iiot
lie made
at
iiitervals
of
less
tliaii three
cdeitclar
Iiioiiths
between them
In
case
any
ineiiiber shall iiot
pa9
aiiy
call
at
tlie the
and
in the manner recluired
hj-
the clirectors the guarantee given
to
his employers shall thereupon tleteriniiie and all iiionej-s prei-ionsly
subscribed by him
to
the
Trust
shall lie absolutely fo~feitecl The
member shall nevertheless
be
bound ailcl
obliged
to pay the (.all
No
messenger
or
porter shall
he
liable
to
calls.
-
the
hand
of
any officer appointed by tlierii
nialce
Rwii
time to tiiiie
Trust to be
29.
If
any
member
or
eiiiplo?er\
resitlent in
Scot
laiid
sliall take
siW=tto the
any
action against the Trust
or
the directors
in
any
way
relating
jurisdiction
of
the
Scotch
to the Trust
sncli
action may
be
raised
ant1
prosecnted before any
conrts.
court in Scotland conipeteiit
to
try tlie question
and
sncli action shall
be
siifficientl
y
ser\-ecl
111~~11
aut1 intimated to tlie Trust
ant1
the tlirectors
by herrice
or
iiitiniation to any agent
for
them in Scotlantl
aiicl
the
directors
shall
not
make
or
suffer to he macle on their lielialf
my
objection to the jurisdictioii
of
the said conrts and all
order5
iiiter-
locators
or
decrees
to
I)e
iriacle
or
pronoiince(1
hj-
the \aid courts
shall
be equally binding
011
thc directors ant1 tlie
Triist
as
if'
they
mere resident
in
ant1 the principal
office
of
the
Trust
was
in
Scotland.
Regulations
30.
A
printed
copy
of
these
regulatioiis
sliall
lie ~nppliecl
by
the
to
be
printed.
Trust to any person Iioltling
:in
office
or
situation ill
a
lianli
on
cleiiiand
at
the
oiKce
of
the Trnst
aid
oil
paynient
of
one shilling
or
such less
si1111
as
may
from tinie
to
time
be prescrilied l)y the
directors.
Priiitc(1
by
EYRE
i~iiil
SPOTTIL~ODE,
Lttl.,
I~OTVLAND
BAILEY.
Esq.,
M.Y.0..
tile
King's
l'riiitcr
of
Acts
of
l'nrlinmeiit.
Aiid
to
be purchased, either tlirectlg
or
throupli
my
Bookseller,
from
WYXAS
ASLI
$OKs,
LTD.,
FETTER
L.\sE.
E.G.
;
or
FOIL
OLIVER
ASD
BOYD,
TTEEDDALE
COl'R'l',
E~ISl~Ul!OH
;
or
E.
PONSONDY,
LTD.,
IlK
GHAI~TOS BTIIRKI',
Dh~liIJX.
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