Legal and General Assurance Society Limited Act 1922
| Jurisdiction | UK Non-devolved |
| Citation | 1922 c. xvii |
112*& 13
GEO.
5.] Legal and General [Ch. XViL]
Assurance Society Limited Act, 1922.
CHAPTER xvii.
An Act to provide for the substitution of a memor-
A.D.
1922.
andum and articles of association for the existing
constitution and regulations of the Legal and
General Assurance Society Limited and to repeal
the Legal and General Life Assurance Society's
Act 1878 and the Legal and General Assurance
Society's Act 1919 and for other purposes.
[31st May 1922.]
W
HEREAS prior to the date of the deed of settlement
hereinafter recited divers persons engaged in the
profession of the law formed themselves into a society
or partnership under the name of " The Legal and
General Life Assurance Society" (hereinafter called
"the Society") for the purpose of carrying on the
business of life assurance :
And whereas by a deed of settlement dated the
fourteenth day of April one thousand eight hundred and
thirty-eight provision was made for the establishment
of the Society with a capital of one million pounds in
twenty thousand shares of fifty pounds each and by
clause 2 of the said deed of settlement it was provided
that the object and business of the Society should be to
make or effect assurances on lives and on survivorships
and all such other assurances connected with life as might
be effected according to law including endowments for
widows children and other persons and to grant and sell
annuities either for lives or years and on survivorships
and either immediate deferred reversionary or contingent:
And whereas by the Legal and General life Assurance
Society's Act 1878 (in this Act referred to as " the Act of
[Price 3s. Net.] A .1
[Ch.
XVii.] Legal and General [12 & 13
GEO.
5.]
Assurance Society Limited Act, 1922.
AD.
1922. 1878") provision was made for the Society suing and
— being sued in the name of a public officer and for the
appointment by the directors of the Society of " Estate
Trustees " and " General Trustees " of the Society and
the enrolment of successive memorials of their names
in the Chancery Division of the High Court of Justice
and also for the vesting (with certain exceptions) of all
the estates property and effects real personal and mixed
from time to time held upon trust for the Society in the
persons who should from time to time appear by the
memorials so successively enrolled to be the Estate
Trustees of the Society :
And whereas by the Legal and General Life Assurance
Society's Act 1895 (in this Act referred to as " the Act of
1895 ") the objects of the Society were extended so as to
include in addition to the business mentioned in clause 2
of the said deed of settlement the other businesses and
purposes mentioned in the Act of 1895 and certain
provisions were made for the event of the Society being
registered and incorporated under the Companies Acts
1862 to 1890 or any Acts amending or extending the same:
And whereas by the Legal and General Assurance
Society's Act 1919 (in this Act referred to as " the Act of
1919 ") the name of the Society was altered to the Legal
and General Assurance Society -and the objects of the
Society were defined and extended so as to consist of
and comprise the objects therein mentioned and the
Act of 1895 was repealed and certain of its provisions
were re-enacted with amendments and provision was
made for the maintenance so far as possible of the rate of
bonus theretofore declared by the Society on its partici-
pating policies of fife and endowment assurance which
rate was fixed as the maximum to be thereafter attached
to such participating policies:
And whereas on the first day of April one thousand
nine hundred and twenty the Society was duly registered
under the Companies Acts 1908 to 1917 with limited
liability:
And whereas on the registration of the Society all the
property then vested in the Estate Trustees of the Society
became by virtue of section 14 of the Act of 1919 vested
in the Society and no property has since been transferred
to or otherwise become vested in the said Estate Trustees
in trust for the Society:
2
[12 & 13
GEO.
5.] Legal and General [Ch. XVii.]
Assurance Society Limited Act, 1922.
And whereas it is expedient and would be of advan- AD. 1922.
tage to the Society in carrying on its business that the
objects and regulations of the Society should be expressed
in a memorandum and articles of association and that the
memorandum and articles of association set forth in the
Schedule to this Act should be substituted for the said
deed of settlement as varied altered extended or added
to under the power contained in clause 37 thereof and for
the Act of 1878 and the Act of 1919 and that the said
Acts should be repealed :
And whereas section 14 of the Act of 1919 did not
operate to vest in the Society on its registration powers
of attorney then vested in the Estate Trustees of the
Society and if the Act of 1878 is repealed it is expedient
that such powers should be vested in the Society:
And whereas it is expedient to make such other pro-
vision as this Act contains :
And whereas the objects of this Act cannot be
attained without the authority of Parliament:
May it therefore please Your Majesty that it may be
enacted and be it enacted by the King's most Excellent
Majesty by and with the advice and consent of the Lords
Spiritual and Temporal and Commons in this present
Parliament assembled and by the authority of the same
as follows:—
1.
This Act may be cited as the Legal and General Short title.
Assurance Society Limited Act 1922.
2.
In this Act the expression " the Society " means Interpreta-
the Legal and General Assurance Society Limited. tion-
3.
On and after the passing of this Act the memoran- Memoran-
dum and articles of association set forth in the schedule d™n1and
hereto shall subject to the provisions of the Companies ^soc^tion
Acts 1908 to 1917 or any enactment amending or extend- ^0 -^ su^.
ing those Acts or substituted therefor (including the stituted
powers as regards alteration contained in such Acts) for deed
become and be the memorandum and articles of associa- of settJe-
tion of the Society in substitution for the said deed of
settlement as varied altered extended or added to under
the power contained hi clause 37 thereof and for the
Act of 1878 and the Act of 1919 and shall be treated as
having been registered accordingly.
ment &c.
A 2 3
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