Church of England Life and Fire Assurance Trust and Annuity Company Act 1841

Publication Date:January 01, 1841
 
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Church of England Life and Fire Assurance Trust and Annuity Company Act 1841

(4 & 5 Vict.) c. xcii

An Act to enable the Church of England Life and Fire Assurance, Trust, and Annuity Company to sue and be sued in the Name of the Managing Director or other Officer of the said Company.

[21st June 1841]

ANNO QUARTO & QUINTO VICTORLE REGIME ^^^*^^**^#***^^*^*****-****^**^*^*^*********^******* Cap. xcii. An Act to enable the Church of England Life and Fire Assurance, Trust, and Annuity Company to sue and be sued in the Name of the Managing Director or other Officer of the said Company. [21st June 1841.] w 1 HEREAS several Persons have formed themselves into a Company or Partnership, in the County of Middlesex, by the Name of " The Church of "England Life and Fire Assurance, Trust, and Annuity Company," in order to carry on the Business of making or effecting Assurances on Lives and Survivorships, and against Loss by Eire, and all such other Assurances or Events and Contingencies, either connected with the Duration of Life or otherwise, as may be effected according to Law, and of granting Annuities immediate, deferred, and contingent on Survivorship or otherwise, and Endowments, and of purchasing and selling Reversionary, Life, and other Interests and Securities, and to make Loans and Advances, to be assured out of or in proportion to the Premiums and Sums paid by them, and to execute Trusts and testamentary Dispositions, and generally to carry on the Business usually called or known as Life Insurance and Fire Insurance, and all Matters connected therewith: And whereas Difficulties may hereafter arise in recovering the Debts and Monies due to the said Company called * The Church of England Life and Fire Assurance, Trust, and [Local.'] 24 G Annuity 4* & 5 VICTORIA, Cap.xcn. and carried on in the Name of the said Company^ or iitJtfee Name Annuity Company," and in maintaining Actions for Damages done to the said Company, or to the Property of the said Company* since by Law all the Members for the Time being of the said Company must be named in every Action or Suit carried on for such Purpose: And whereas it would be convenient that Persons having Demands against the said Company should be entitled to sue the Secretary or one of the Directors for the Time being of the said Company.:-And whereas it would be convenient that Prosecutions for Emb|^|me(nt, Robbery, or stealing the Property of the saidCompany, QEjpj^Kud or any other Offence against the said Company, should .jjfi"***1*"'"*4'1' ' of the Secretary or one of the Directors for tlreTime^f^| of the said Company : Wherefore, for obviating and removing tfifc Difficulties Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of Company the^ same; That in all Actions, Suits, and other Legal Proceedings^ may sue and qther t^avIVoieegdings .of a Criminal Nature, and in all Proceedings the^ame of *B Lunacy of Bankruptcy; whether by way of Petition, Fiat, or, in theSecre- Scotland, Sequestration, or otherwise, to be hereafter, instituted oh tary or of auy prosecuted by or on behalf of the said Company, eitfadjr atehep r jointly Director. with anyi other necessary Parties, it shall be sufficient to ;State%artd to proceed in the Name of the Secretary or one of the Directors for the Time being of the Company as the nominal Plaintiff representing the Company in such Proceedings ; and that in all Actions, Suits, and ojkher^Iiegal Proceedings to be hereafter instituted or prosecuted agpinaM?he Company, either alone, or jointly with any other necessary ~jfe|3^it shall be sufficient to state the Name of the Secretary, or iiife one of the Directors or Shareholders fbr;tteJ|ime being, of the Company, as the nominal Defkwdlflt^!^^ *n such Proceedings JPrpyidgjd ^a$sylt}*t| any Party suing the Company may, if he'think fit, joiCahy Shareholders of the Company, or Person^^who shall have been Shareholders of the Company, together with such nominal? Party, as Defendants in Equity, for the Purpose of Discovery or in case of Fraud. v \ ,- T - ^ " b * " r. Death, &c. of Officer suing not to abate Suit. II. And be it, enacted, That the Death, Resignation, or Removal of any such nominal Party she'll, not abate or prejudice any such Action, Suit, or .otlier Proceeding against or by or on behalf of the Company, but the same may fc^Jpontinued, prosecuted, and carried on in, the Name of any other Secretary, Director, or Proprietor of the i -I -* Actions bv IH. And, be it enacted, That nq Action o£ Suit by or against the or against Company,shall; be in anywise affeqted by reasons of the*Plaintiff ;oi; Shareholder?. j)efen(]ant therein, being a Shareholder or former .Shareholder qf ,th$ Company, but any such,Shareholder, either alone, or jointly wte 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, whatever, which such Shareholder or. Company might have had. if such Cause of Action or Suit had arisen with a Stranger. IV. And 4 & 5 VICTORIA Cap.xcii. 2143 IV. And be it enacted, That the Proceedings in any Action or Suit Plea in bar of by or against such nominal Party, in which the Merits in respect of former Suit. the Demand thereby 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. ? * Witness. V. And be it enacted, That the Secretary of the Company shall Officer suing not, by reason of his being such nominal Party in any Action or other not incapa- Proceeding instituted or prosecuted under the Authority of this Act, ^f^!18 a be incapacitated from being a Witness in any such Action or Pro ceeding, if in other respects admissible. VI. And be it enacted, That the Bankruptcy, Insolvency, or Bankruptcy stopping Payment of any such nominal Party, or of any Shareholder of officer of the Company, in his individual Capacity, shall not be construed to *J^f "1* t0 b:e the Bankruptcy, Insolvency, or stopping Payment of the Com- suit. wJ nor shall in any way abate or prejudice any such Action, Suit, or other Proceeding as aforesaid; and notwithstanding such Bankruptcy, 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 same Manner as if such Bankruptcy, Insolvency, or stopping Payment had not taken place. j VII. And be it enacted, That every Judgment, Decree, or Order Decree or of any Court of Justice, in any Action, Suit, or Proceeding, against Judgment to any such nominal Party as aforesaid, may be lawfully executed b£ enforced against and shall have the like Effect on the Estate, Funds, and company and Property of the Company, and upon the Person, Estate, Funds, and the Share- Property of every Shareholder thereof, as if every individual Share- holder?. holder had been by Name a Party to such Proceedings. VIII. And be it enacted, That it shall be lawful for the Plaintiff Execution to cause Execution upon any Judgment. Decree, or Order obtained !|SainstQ. i i i A , J o -. - ,. \ i n i formerShare- by him in any such Action or Suit against any such nominal Party as uoiders. aforesaid to be issued against all or any of the Shareholders for the Time being of the Company; and if such Execution shall be in* effectual to obtain Satisfaction of the Sums sought to be recovered thereby, then it shall be lawful for him to cause Execution 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 having ceased to be a Shareholder 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 ^^hmm 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 j nor shall this Act be deemed to enable any Party to a Suit to recover WmiM) Cap.mm. 144 M recover from anyMffi^p^pipiolder of the Company, or any other Person whomsoe ieltpiiiipiifcgreater Sum than might have been recovered rf thisc^^MIPWiifen passed. Reimburse- IX., And fae^h^^^^^b^^e^y Person- against whom any sueti...

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