Britannia Life Assurance Company Act 1841

Publication Date:January 01, 1841
 
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Britannia Life Assurance Company Act 1841

(4 & 5 Vict.) c. ix

An Act for regulating Legal Proceedings by or against the Britannia Life Assurance Company

[10th May 1841]

ANN0 QUARTO VICTORI& REGINZ. Cap. ix. An Act for regulating Legal Proceedings by or against the Brz'taiznia Life Assurance Company. [loth Muy 1841.1 HEREAS a Number of Persons have formed themselves into a Company or Partnership in the City of London, by W the Name and Style of '' The Britannia Life Assrirance Company," in order to carry on the Business of' making or effecting Insurances on Lives and Survivorships, and to sell and purchase Endowments for Widows, Children, and others, and Life and other Annuities, either immediate, deferred, or reversionary, and generally to undertake and to transact and negociate all other Matters and Busi- ness whatever which may be in any way connected with or depend- ing on the Contingencies of Human Life, and which may be effected accordiiig to Law: And whereas Difficulties have arisen and may hereafter arise in Legal Proceedings by or against the said Com- pany, since by Law all the Members for the Time being of' the said Company must be named in such Proceedings: And whereas it is expedient that the said Company shall be rendered capable of suing and being sued in the Name of' some one Individual as a nominal Party to such Legal Proceedings: May it therefore please Your Majesty that it may be enacted ; and be it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Yarlia- ment assemblecl, and by the Authority of the same, That in all [Local.] z Actions, 90 4" VICTORIB, cup. ix. Company Actions, Suits, and other Legal Proceedings, other than Proceedings nlay sueand of a Criminal Nature, and in all Proceedings in Lunacy or Bank- be sued In ruptcy, whether by way of Petition, Fiat, or, in ScolZand, Sequestration the Name of thesecretary, or otherwise, to be hereafter instituted or prosecuted by or on behalf Resident of the said Company, either alone, or jointly with any other necessary Director, or Parties, it shall be sufficient to state and to proceed in the Name of the Secretary, Resident Director, or one of the other Directors for any Director of the Coni- pany. the Time being of the Company, as the nominal Plaintiff representing the Company in such Proceedings; and that in all Actions, Suits, and other Legal Proceedings to be hereafter instituted or prosecuted against the Company, either alone, or jointly with any other necessary Parties, it shall be sufficient to state the Name of the Secretary, Resident Director, or some one of' the other Directors, or of the Shareholders for the Time being of the Company, as the nominal Plaintiff representing the Company in such Proceedings : Provided always, that any Party suing the Company may, if he think fit, join any Shareholders of the Company, or Persons who shall have been Shareholders of the Company, together with such nominal Party, as Defendants in Equity, for the Purpose of Discovery, or in case of Fraud. Deatll, &c. 11. And be it enacted, That the Death, Resignation, or Removal of Officer of any such nominal Party shall not abate or prejudice any such Suing not to Action, Suit, or other Proceeding against or by or on behalf of the Suit. Company, but the same [nay be continued, prosecuted, and carried on in the Name of any other Secretary, Resident or other Director, or Proprietor of the Company. Actions by 111. And be it enacted, That no Action or Suit by or against the or against Company shall be in anywise affected by reason of the Plaintiff or Shareho't'ers* Defendant therein being a Shareholder or former Shareholder of the Company, but any such Shareholder, either alone, or jointly with another Person, as against the Company, or the Company as against any such Shareholder, either alone, or jointly with any other Person, shall have the same Action and Remedy in respect of any Cause of Action or Suit whatever which such Shareholder or Company might have had if such Cause of Action had arisen with a Stranger. abate the Plea in bar of former Sitit. IV. And be it enacted, That the Proceedings in any Action or Suit by or against such nominal Party, in which the Merits in respect of the Demand ther.eby sought to be enforced shall have been tried and determined, may be pleaded in bar of any other Action or Suit for the same Demand by or against the Company or any other such nominal Party as aforesaid. Secrztary 17. And be it enacted, That the Secretary of the said Company suing not in- shall not, by reason of his being such nominal Party in any Action callacitated or other Proceeding instituted or prosecuted under the Authority of this Act, be incapacitated from being a Witness in any such Action as a Witness. or Proceeding if in other respects admissible. Bankruptcy of Officer VI. And be it enacted, 'l'hat the Bankruptcy, Insolvency, or stopping Payment of any such nominal Party, or of any Shareholder 1 Of 4" VICTORIB, Cap. ix. 91 of the Company, in his individual Capacity, shall not be construed suiog not to to be the Bankruptcy, Insolvency, or stopping Payment of the Com- ::Et the pany, nor shall in any way abate or prejudice any such Action, Suit, or other Proceeding as aforesaid ; and, notwithstanding such Bank- ruptcy, Insolvency, or stopping Payment, such Action, Suit, or other Proceeding may be continued in the Name of such nominal Party, and the Property and Effects of the Company shall in all respects be liable in the satne Manner as if such Bankruptcy, Insolvency, or stopping Payment had not taken place. VII. And be it enacted, That every Judgment, Decree, or Order Decree or of'any Court of Justice in any Proceeding against any such nominal JudgInent to Party as aforesaid may be lawfully executed against and shall have the like Eflect on the Estate, FUII~S, and Property of the Company, cornpally and upon the Person, Estate, Funds, and Property of every Share- and SItare- holder thereof, as if every individual Shareholder had been by Name holders. a Party to such Proceedings. VI". And be it enacted, That it shall be lawful for the Plaintiff Execution to cause Execution upon any Judgment, Decree, or Order obtained against by him in any such Action or Suit against any such nominal Party as aforesaid to be issued against all or any of' the Shareholders for the Time being of the Company, and if' such Execution shall be ineffectual to obtain Satisfaction of the Sums sought to be recovered thereby, then it shall be lawful for him to cause Esecution to be issued against any Person who was a Shareholder of the Company at the Time the Contract was entered into upon which such Action or Suit shall have been instituted ; but no such Execution against any Person havirig ceased to be a Sliareholder shall be issued without Leave first granted by the Court in which such Judgment, Decree, or Order shall have been obtained upon Motion in open Court, and after Notice of such Motion given to the Person sought to be charged : Provided always, that no Person having ceased to be Extent of a Shareholder of the Company shall be liable for the Payment of any Liability of Debt for which any such Judgment, Decree, or Order shall have ~;:~~;,olders, been so obtained, for which he would not have been liable as a Partner in case a Suit had been originally brought against him for the same, nor shall this Act be deemed to enable any Party to a Suit to recover from any individual Shareholder of' the Compaiiy, or any other Per- son whomsoever, any other or greater Sum than might Iiave been recovered if this Act had not been passed. Shareholders. IX. And be it enacted, That every Person against whom any Reimburse- such Execution shall have been issued shall be reimbursed out of the *wit of Funds or Property of the Company for all Monies paid, and for all Shareholders. Damages, Costs, and Expences incurred by him by reason of such Execution, or of the Action or Suit in which the same shall have issued, or, in default of such Reimbursement, by Contribution from the other Shareholders ofthe Company. x. And be it enacted, That if any srich Execution be issued ltidividuals against any present or former Shareholder of the Company, and if qa~iv under within Fourteen Days next after the levying of such Esecution he ~~~~~"" be 92 against the Company. Contribu- tions to be recovered from other Shareholders. Further fteiiiedy in rase of Bank- ruptcy, &c. of Co-Share- holders. 4" VICTORIlfE, Cap. ix. be not reimbursed, on Demand, out of the Funds or Property of the Company, all such Monies, Damages, Costs, and Expences as he shall have paid or incurred in consequence of such Execution, it...

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