Neptune Marine Insurance Company Act 1841

Publication Date:January 01, 1841
 
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Neptune Marine Insurance Company Act 1841

(4 & 5 Vict.) c. xciii

An Act for regulating Legal Proceedings by or against the Neptune Marine Insurance Company.

[21st June 1841]

ANNO QUARTO & QUINTO VICTORLE REGIME *^**^************^#*^*^*^^********^^*^^*^^**^^***** Cap. xciii. An Act for regulating Legal Proceedings by or against the Neptune Marine Insurance Com pany. [21st June 1841.] ^ w HERE AS a Number of Persons, by and under an Indenture or Deed of Settlement bearing Date the Thirty-first Day . of October One thousand eight hundred and thirty-nine, have formed themselves into a Company or Partnership in the City of London, by the Name of " The Neptune Marine Insurance Company ," and have subscribed or raised considerable Sums of Money, in order to effect Insurances upon Ships and Vessels, Goods and Merchandize, at Sea, or going to Sea, and on the Freights or Hire of Ships or Vessels against the Perils and Dangers of the Seas and other Marine Risks, and to carry on the Business of Insurance Brokers, and generally to carry on the Business usually called or known as Marine Underwriting, or the insuring of Marine Risks and Matters connected therewith, and to lend or advance Money on Respondentia or Bottomry Bonds : And whereas Difficulties have arisen and may hereafter arise in Legal Proceedings by or against the said Company, 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 should 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 K [Locah~} 4 & M *.. * . XC11I Company may sue and be sued,in the Name of the Secretary or of any Director. Queen's most Excellent??Maj^St^bf' and with the Advice and Consent of the Lords^Spiritual and* temporal, and Commons, in this present Parliament assembled, arrdv by the Authority of the same, That in all Actions, Suits, and other Legal Proceedings, other than Proceedings of a Crimlnal ^Nature, and in all Proceedings in Lunacy or Bankruptcy; ^fetlto-by way of Petition, Fiat, or, in Scotland, Sequestration orfeth^Hvisev to be hereafter instituted or prosecuted by of on behal#%ftfhe Brfid Coinpany, either alone, or jointly with any other necessarv r *^ - ?-- . -v - ments, or other incidental Proceedings, used, executed, or applied for in the Dependence or in the Course of such Proceedings, it shall be sufficient tb state and to proceed in the Name of the Secretary or One of the'Directqrs for the Time being of the Company as the nominal Plaintiff representing the Company in such Proceedings j and that in all Actions, Suits, or other Legal Proceedings to be hereafter instituted or prosecuted against the Company, either alone, or iojnfclv with any other necessary Parties, it shall be~ sufficfent to state ;&f-the Directors or Share- ' *? ^^-^and in all Arrestments, Inhibitions, Attach- theMame of the. Secretary or some One Holders for the Time being of the Company as the nominal Defendant representing the Company in such Proceedings : Provided always, that any Party suing the Companyjftiay, if he^think ft) join an$ (Shareholders of tha Cotri,p.a^|ir: Persiop who shall* have been Shareholders of the Company, together with sucb nominal Ptoyy as Defendants in Equity, for the Purpose of Discovery or in ca& of Fraud. Notice to be given to the Company of Actions brought - w against them giv£h to th^ Company of the Institution of such Proceedings; and in Name of " ^'-' " ' ?? -n - , ~ ., ,. . .~ their Shareholders. II. Provided always, and be it enacted, That where any such jettons, Suits, or Legal Proceedings are instituted against tjie Company by making One or more of the Shareholders of the said Company tfe^noininal Defendant or Defendants, Notice in Writing stygjl be such Notice shall specify the Name and Residence of the Plaintiff, and of the Shareholder or Shar^hoJ^ers, against whom such Proceedings am direct^ and the S\x\x\ claitnedj or other Demand sought to be made effectual: and in dase of any Trial to be had in thecodtse of such, Proceedings due Notice in Writing of such Trial spall be given, not only to such Shareholder oi; Sharehqldei;s, but als&tpthe Company. Death, &c. of Officer suing not to abatetheSuit. III. And be.it http://be.it enacted, That the Death, Resignation, or Removal of any such n^jnalvPai;ty shallj not abate or, prejudice any such Action, Suit, or otter Proceeding agains^ or by or, op, behalf of tlve CJornpany, but arte ^me tuay ;b^conpn^,;; {?i;ogectuted, and car,ri;ed,:on i^ the Naro-e o^km other See.r^Jta^ Dir^c^or,, (or PrOr prietor/ of the Conlpaiiy, * - \ Actions by , TV. And be it enapted,; ThaJ; n5^ ActipioV $&Jt, or Proceeding by or against Gr against th,e/Cottfpa,n^ shall be in anvwise affected by reason of the Shareholders, ^g^ being a Shareholder o/fbrmeif Share- bpldet; of thie..C6riilpaflyj:"but any such Shareholder, either alone, or jointly ^itb another Person, as against the Company, or the Company as ^g%sj^ any such. Shareholder^ either; alons or jointjjj w^h any ^'Tsbn. shall have the same Action and Remedy.'in respect of any 4 & 5 VICTORIA, O.xciii. 2155 any Cause of Action, Suit, or Proceeding whatever, which such Share-holder or Company might have had if such Cause of Action or Proceeding had arisen with a Stranger. w V. And be it enacted, That the Proceedings in any Action or Suit Plea in bar by or against such nominal Party, in which the Merits in respect of of former the Demand thereby sought to have been enforced shall have been u tried and determined, ijiay be pleaded in bar of any other. Action or Suit for the same Demand by or or against the Company, or any other such nominal Party as aforesaid. VI. 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 n.ot ^pa- Proceeding instituted or prosecuted under the Authority of this Act, \vjatlnessas *l be incapacitated from being a Witness in any such Action or Pro ceeding, if in other respects admissible. suing not to affect the VII. 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 " * be the Bankruptcy, Insolvency, or stopping Payment of the Company, Suiu 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. VIII. And be it enacted, That every Judgment, Decree, or Order Decree or of any Court of Justice, in any Proceeding against any such nominal Judgment to Party as aforesaid, may be lawfully executed against, and shall have be ?nforced the like Effect on, the Estate, Funds, and Property of the Company, ^sftTnnnv!nrf i i t^i ti -n i t i-* /*? f/i v^O ill pull\ allU and upon the Person, Estate, funds, and Property of every Share- the Shareholder thereof, as if every individual Shareholder had been by Name Holders. a Party to such Proceedings. ; IX. And be it enacted, That it shall be lawful for the Plaintiff to Execution cause Execution upon any Judgment, Decree, or Order obtained by against for- hiin, in any such Action or Suit against any such nominal Party as nier Share" 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 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 : Extent of Provided always, that no Person having ceased to be a Shareholder of lability of th! Company shall be liable ftr the Payment, of any Debt fon which beholders any such Judgment, Decree*, or Order shall have been; so obtained, for ^'. m ?d* . .J m 4 & 5 VICTORIA * ^u ,m more of such; Parts, upon Dejmand, toj the^Shaiifthotder against whom such Execution shall1 have: been isstiedilor tetfisiEiecutors ot it shall Reimbursement of individual Shareholders. Individuals paying under Execution to recover against the Company. Contribution _o...

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