Clerical, Medical and General Life Assurance Act 1850

Publication Date:January 01, 1850
 
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Clerical, Medical and General Life Assurance Act 1850

(13 & 14 Vict.) c. ix

An Act for better enabling the Clerical, Medical, and General Life Assurance Society to sue and be sued; and to alter certain Provisions of their Deed of Constitution; and to give further Powers to the Society.

[17th May 1850]

ANNO DECIMO TERTIO VICTORLE REGIN^E *************************************************** Cap. ix. An Act for better enabling the Clerical, Medical, and General Life Assurance Society to sue and be sued; and to alter certain Provisions of their Deed of Constitution ; and to give further Powers to the Society. [17th May 1850. w HEREAS by an Indenture bearing Date the Fourteenth Deed of Day of February One thousand eight hundred and Constitution9 twenty-seven, whose Names were thereunto nunarea ana dated uth and made between the several Persons Day of Fe- thereunto affixed, (except the several Persons Parties thereto of the Second and Third Parts,) of the First Part, Oeorge Pinckard subscribed, and whose Seals were bary 1827- sfc Doctor of Medicine, Christopher Benson Clerk, Clerk, and Robert Bree Doctor of Medicine, of the Second Part, and James Carden Esq., Arthur Chichester Esq., Henry James Cholmeley Doctor of Medicine, and Thomas Davis Esq., of the Third Part, (being the Deed of Constitution of the Clerical, Medical, and General Life Assurance Society,) after reciting (amongst other things) that on or about the Eighteenth Day of June One thousand eight hundred and twenty-four it was agreed that a Society under the Name of " The Medical, Clerical, and General Life Assurance [Local] Cc Society sr 13 VICTORIA, Cap.ix. The Clerical, Medical, and General Life Assurance Act, 1850. Society " should be formed for the Purposes therein-after expressed, and that for the Purpose of forming the same a Subscription should be opened for raising a Capital of Five hundred thousand Pounds in Five thousand Shares of One hundred Pounds each, to be paid by such Instalments as might thereafter be determined upon, and that upon each Share an Instalment of Two Pounds Ten Shillings should be paid at the Time of subscribing, and reciting, that the several Persons Parties to the Indenture now in recital had taken Shares in the Capital of the Society, and the Number of the Shares taken by each of the said Parties was written opposite to his or her Name and Seal subscribed and affixed by him or her respectively to the said Indenture now in recital, and that each of the said Parties had paid down the Sum of Two Pounds Ten Shillings on each of the Shares taken by him or her as the First Instalment thereon, and also reciting, that at a General Meeting of the Members of the Society holden on or about the First Day of December One thousand eight hundred and twenty-five it was resolved, that the Title of the said Society should be changed to that of " The Clerical, Medical, and General Life Assurance Society/' it was witnessed, that for the Purpose of forming the said Society each of the said several Persons Parties to the said Indenture now in recital of the First and Second Parts did thereby covenant with the several Persons Parties thereto of the Third Part, their Executors and Administrators, and each of them the said several Persons Parties thereto of the Third Part did thereby covenant with the several Persons Parties thereto of the Second Part, their Executors and Administrators, in manner therein and in part herein-after mentioned ; (that is to say,) that the said several Persons Parties thereto, all of whom were therein-after distinguished by the Title of Proprietors, and the several other Persons who should become Proprietors as therein-after mentioned, should, while holding Shares in the Capital of the Society, which Capital should consist of the said Sum of Five hundred thousand Pounds, subscribed for as therein-before mentioned, be and continue, until dissolved under the Provisions therein-after contained, a Society by and under the Name or Style of " The Clerical, Medical, and General Life Assurance Society;9 that the Object and Business of the Society should be to make or effect Assurances on Lives and Survivorships, and all such other Assurances connected with Life as might be effected according to Law, including Endowments for Children and other Persons, and to grant Annuities, either for Lives or otherwise, or on Survivorships, and to receive Investments of Money for Accumulation; that the Affairs arid Concerns of the Society should be conducted and managed under and subject to the several Rules, Regulations, Clauses, and Agreements therein-after contained and in part hereinafter mentioned ; (that is to say,) That the Proprietors of the Society should assemble at the House or Office of the Society, or at some 0 other 13 VICTORIA Cap.ix. The Clerical, Medical, and General Life Assurance Act, 1850. other convenient Place, at the fixed Time in every Year thereinafter mentioned, and at such other Times as they should be duly convened in manner therein-after mentioned: That every such Assembly should be styled a General Meeting, and every such Assembly at the fixed Time therein-after mentioned should be styled an Annual General Meeting, and every such other Assembly should be styled an Extraordinary General Meeting : That an Extraordinary General Meeting specially called for that Purpose, and to be held on the First Thursday in the Month of January One thousand eight hundred and thirty-two, and on the First Thursday in the Month of January in every Fifth Year after the Month of January One thousand eight hundred and thirty-two, should enter into a Resolution that a Bonus should be declared out of-"The Consolidated Fund," as follows; (that is to sa}%) to the Persons assured by the Society for the whole Period of Life a Bonus of Three equal Sixth Parts, and to or for the Benefit of the Proprietors of the Society a Bonus amounting to a Sum to be then fixed, not exceeding One equal Sixth Part of the Sum which, according to the Accounts and Calculations to be produced at the Extraordinary General Meeting by the Board of Directors, in pursuance of the Directions therein-after contained, might with Safety be taken out of the same Fund without Prejudice to the existing Claims and Demands thereon ; provided nevertheless, that no Resolution should, so far as the same related to a Bonus to be declared to or for the Benefit of the Proprietors of the Society, be carried into effect, unless the Resolution, so far as related to that Bonus, should be confirmed at a Second Extraordinary General Meeting to be held within Thirty Days after the Extraordinary General Meeting at which such Resolution should have been entered into: That Two successive Extraordinary General Meetings, specially called for that Purpose, should have full Power to make any new Laws, Regulations, and Provisions for the Society, or to amend, alter, or repeal all or any Part of the existing Laws, Regulations, and Provisions of the Society; provided such new, amended, or altered Laws, Regulations, and Provisions did not extend to amend, alter, or repeal all or any Part of the Laws, Regulations, and Provisions established and settled by the Indenture now in recital for declaring, appropriating, and apportioning a Bonus to the Persons assured by the Society, and for confining the individual Responsibility of each Proprietor of the Society to the Amount of his or her Shares in the Capital thereof: That all Assurances, Endowments, and Annuities to be effected or granted by the Society should be effected or granted at such Rates and on such Terms as the Board of Directors should think proper : That the Board of Directors should effect and grant, upon such Terms as they should think proper, Assurances, Endowments, and Annuities, the Proposals for which should have been accepted by them under the Provisions 13 VICTORIA, Cap.hi. The Clerical, Medical, and General Life Assurance Act, 1850. , ??? _ 1_| _ ^M ? Mill II ? M^m ?? | l|MI !?? I ,_^^^^_,_^__^M_^^^^^^^^_^^^^,__^^^^^^___^M ^^_^^ __ _ ._. H| ,, ,HI , ^MM^-H^-H^H^^hA*^^V^^^^^HHlHM.MM^M|.^^^^^^^hH^v^HI Provisions therein-before contained, and should cause all Policies, Annuity Deeds, and other Securities which should be issued or granted- by or on behalf of the Society to be signed by Three of the Directors at the least: That the Board of Directors should cause to be inserted in every Policy, Annuity Deed, and other Security to be issued, granted, and given by or on behalf of the Society the Substance of the Clause therein-after contained for confining the individual Responsibility of each Proprietor of the Society to the Amount of his or her Shares in the Capital thereof: That the Board of Directors should form Two several Funds to be called "The Proprietors Guarantee Fund," and " The Consolidated Fund/* and should keep separate and distinct Accounts of the said Funds, and of the Disbursements which should from Time to Time be made out of the same Funds, respectively, and the said Accounts should be respectively called 4t The Proprietors Guarantee Account" and "The Consolidated Account;" and c* The Proprietors Guarantee Fund" should be composed of the Sums paid as the first Instalment on the Shares in the Capital of the Society, and of such further Sums as might be called for as Instalments on the Shares in pursuance of the Provisions in the said Indenture now in recital in that Behalf contained, and of the Sum or Sums of Money which at the Times and in the Manner therein-after mentioned might be appropriated as a Bonus thereto, out of " The Consolidated Fund ;" and " The Consolidated Fund5' should be composed of all Sums including all the annual Profits accruing from the Investment of the Funds or Property of the Society received and to be received by the Society, except those of which " The Proprietors Guarantee Fund" were therein-before directed to be composed : That within Four Calendar Months after the Period of Seven Years...

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