Pelican and British Empire Life Office Act 1903
| Jurisdiction | UK Non-devolved |
| Citation | 1903 c. xiii |
| Year | 1903 |
13
b
EDW.
7.1
Pelican
and
British
%pire
hye
Ofice
[Ch.
xiii.!
Act,
1903.
CHAPTER
xiii.
An
Act
to
effect
n
combination
of
the undertakings
of
A.D.
1903.
-
the
Pelican
Life
Irisurance Company and the British
Empire Mutual Life Assurance Company and
for
other
purposes.
[30th
June
1903.1
HERE
AS
the Pelican Life Insurance Company (hereinafter
called
“
the Pelican
”)
was
established
in
1797 for the purpose
Gf
granting insurances
on
lives and survivorships and securing
portions for children
:
And whereas the Pelican
was
reconstituted by the Pelican Life
Insurance Company’s ilct 1891 and subsequen t’ly adopted pursuant
to the said Act new
laws
for
defining its objects and
new
regulations
for its government
and
for
the maEagement of its affairs
:
And whereas the Pelican was
in
pursuance
of
Part
VII.
of the
in
the month
of
October
1901
duly registered
under
the
Companies Acts 1862
to
1900:
And whereas ths capital of the Pelican was
by
the said Act
fixed
at
,Cl,OOO,OOO
divided into
100,000
shares of
210
each with
power to issue additional capital as therein mentioned
:
And whereas the whole of the shares in the capital
of
the
Pelican have been issued and are
now
heid by the members thereof
and
the sum of
Sl
per share and
no
more has beer paid up thereon
:
And whereas the British Empire Mutual Life Assurance
Company (hereinafter called
‘‘
the British Empire Company
”)
was
established in
the
year 1847 by deed
of
settlement and became subject
to
the provisions of the British Empire Mutual Life Assurance Act
1852
and
was subsequently registered under the Companies Acts
1862 to
1883:
And
whereas by an order of the High Court
of
Justice dated
the
1st
day
of
February
1896 and made under the provisions
of
the
[Price
2s.
sa.]
A
1.
A.D.
1903.
Companies (Memorandum
of
Association) Act
lS90
8
memorandum
and articles
of
association were substituted for the said deed
of
settlement and such memorandum
and
articles
mere
subsequently
registered
pnrsuant
to
the provisions
of
the said Act
and
the registrar
of joint stock companies duly certified snch Yegistr
a
t'
ion
:
And whereas in
tho
year
1896
the British Empire Compny
took
over the
bcsiiiess
of
the
Positive Government
Security
Life
Assurance
Company
LiEited (hereinaftcr calied
"
the Positive
")
on
tlie
ternis
of
ai1
npement dated the 22ad day
of
October
1895
and
iiiatle
bctween
the
Hononrnblc
Edward
Roclen
Bourke
on
behalf
of
the Positive
of
the one part
ant1
'die
Right Honourable
Sir
Jolirl
Eldon Gorst
on
behalf
of
the British Empire Cornymny
of
the other
prt
which agreement
was
duly sanctioned
and
confirmed
by
Order
of
the
High Court dated the 7th day
of
March
1896
:
And whereas the
said
agreemenb was subsequently modified
by
an
agreement datpd the 9th
day
of
March
IS97
and made between
thc
Positivc
o€
the one part
and
the Honourable Edward Roden
Bourkc:
and others
of
the second
pa14
arid the British Empire Company
of
tho third part which agreement was
also
sanctioned
by
order
of
the
High Court
of
Justice dated the 26th
clay
of
March
PS9S
:
And whereas under the said agreements (hereinafter called
"
the Positive Agreements
")
a
fund called the Positive
Funcl
has
been established
anti
such fund comprises divers funds regulated by
trust deeds (hereinafter called
"
the Positive Trust Deeds
")
:
And
vhereas
t'hc
British Empire Company has a premium
income
of
more than
2670,000
per annum and has assets exceeding
And whereas proposak have been suggested for the transfer
of
the undertaking
of
the British Empire Company to the Pelican and
those
proposals
are
set forth in the memorandum of terms contained
in
the Pirsi Schedule hereto
:
Ancl
whereas the said Companies
haw
been actuariallJ
ndvi~pil
fjliat thc adoption
of
the proposals
aforcsaitl
wculd
bij
to
their
ti
dvan
t
age
:
Ancl
whereas
it
is
cspedient that
the
Pelican should be
empowcred
to
take
over and that the British Empire Comp2,nx
slmuld
bc
cmpowered
to
make over the said assets and busineFs
on
the
terms
of
thc said proposals and that effect should bc
gl\-c:l
to
tlie
heid
proposals
:
And
whereas
it
is
desirable to provide for the substitution
of
n
tiwiior'indurn
and
articles
of
association
in
the
terms
set
forth in
-
'B,ooo,ooo
:
2
the
Second Schedule hereto
for
the preaeiit
iams
and regulations of
A.U.
1903,
the Pelican
:
And
whereas it
is
expedient to repeal the Pelican
Life
Insurance
Company’s Act
1891
and
the
British Empire Mutual Life Assurance
Act
1852
:
A.nd
whereas the objects
of
this Act cannot be attained without
the authority
of
Parliament
:
May
it therefore
please
Yon13 Majesty that it
may
be enacted
and be
it
enacted
by
the King’s inost Excellent Majesty
by
and wit11
tlie advice and consent of
the
Lords
Spiritual and Teinporal
and
C‘oniinon~ in this present Parliament assenibled and
by
the authority
of
the same
as
I’ollows (that
is
to
szy)
:-
Office Act
1903.
-
1.
This
Act
may
be cited as the Pelican
mil
British
Ernpirn
Life
Short
title.
2.
This
Act shaii come into operation on the
first;
Tuesday
Conlmunce-
mcsnt
of
Act.
dter
its passing which
date
is liercinafter referred
tc
as
“
the
~omniencement
of
this Act.”
3.
In
this
Act
‘*the memorandum
of
terms”
means tha
said
1nterp~et:i-
tiou.
proposals
set
forth
in the
First
Schedule hereto and
“the
British
Empire Fund
”
means
the Briti5h Empire
Fund
referred to in tlie
rriemorandum
of
terms
slid
in
tllis
Act
and
in the inemoranduni
of
t~rins
“
the Combined
Office
’’
means tlie Pelican
by
its new name
hereinafter meiitioned.
4.
On and after t’lie commencement
of
this Act the name of
As
tn
name
tlie
Pelican
shall
be
“
Pelican
and
Eritish Empire Life Office
”
and
the memorandum
and
articles
of
association set forth in the Second
of
(>oml)ined
Schedule hereto
shall
subject
to
the provisions
of
the Companies
~1ct.s
lSGd
to
1900
(including the powers
as
regards alteration
con-
tained in
tLose
Acts)
be
the memorandum and articles of association
of
the C‘ombinerl Of‘rjcc in substitution
for
the existing
laws
and
i~egulations
of
the Pelican made purhuaarit
to
the Pelican Life
Insurnrice
C’onipiifs
Act
189
I
and
shall be treated
as
haviii~
been
registered accordingly and all the provisions
of
the
said
Act
(save
so
far
as
the same shall be re-onnctetl herein)
shall
be and the
same
are
by
this Act rel)ealed.
tho Combined Office and on the British 13mpirc
Co1ng~il;~
and
the
Of
tprxY.
holders
of
Rritish
Empire policies
and annuity contracts and
on
thc
inombvrs
of
both companies and on all othcr
p~rsons
inlcrcstcd
:uid
~ti:ill
b~
~~li~cl
illto
P~CC~
accortliil~~!*.
rnnclurii
kc.
5.
The
mernorandum of terms
is
bj
this
Bet
made hi;ling
on
Confiimntic
n
A2
3
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