Scottish Provident Institution Act 1927
| Jurisdiction | UK Non-devolved |
| Citation | 1927 c. xv |
| Year | 1927 |
[17 & 18
GEO.
5.] Scottish Provident [Ch. XV.]
Institution Act, 1927.
CHAPTER xv.
An Act to consolidate with amendments the
A.D.
1927.
provisions of the deed of constitution Acts
Order and regulations under which the Scottish
Provident Institution is carrying on its business
to confer further powers on the Institution and
for other purposes. [29th June 1927.]
W
HEREAS the Scottish Provident Institution (herein-
after called " the Institution ") was established in
the year 1837 on the principle of mutual life assurance
under a deed of constitution and laws and regulations
of date the twelfth day of May eighteen hundred and
thirty-seven and subsequent dates and recorded in the
Books of Council and Session at Edinburgh the eighth
day of June in the same year and was by the Act
11 & 12 Victoria Cap. 106 intituled " An Act for incor-
" porating the Scottish Provident Institution for con-
" firming the Laws and Regulations thereof for enabling
"the said Society to sue and be sued to take and to
" hold property and for other purposes relating to said
" Society " incorporated and authorised to carry on
the business of effecting assurances on lives and survivor-
ships purchasing and selling annuities and reversions
granting endowments receiving money for investment
and accumulation and in general to carry on all the
business connected with a life assurance society in all
the various branches thereof in any part of Her then
Majesty's dominions of Great Britain and Ireland and
the Colonies or elsewhere :,
[Price Is. U. Net.] A I
[Ch. XV.] Scottish Provident [17
&
18
GEO.
5.]
Institution Act, 1927.
A.D.
1927.
And whereas by the following Acts and Order
— (namely):—
The Scottish Provident Institution Act 1884 ;
The Scottish Provident Institution Act 1893; and
The Scottish Provident Institution Order 1901;
further powers have been conferred on the Institution
and further provision made for the management of the
affairs of the Institution :
And whereas it is expedient that the said deed of
constitution and the said recited Acts and Order and
the regulations of the Institution should be consolidated
and amended and that such further powers as are
contained in this Act should be conferred on the
Institution and the directors thereof :
And whereas the purposes aforesaid cannot be
effected 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 (that is to say) :—
Short title. 1. This Act may be cited as the Scottish Provident
Institution Act 1927.
Interpreta- 2. In this Act and in the schedule to this Act unless
tion. the context otherwise requires the following expressions
have the meanings hereby assigned to them (that is to
say) :—
" The Institution " means the Scottish Provident
Institution;
" The directors " and " the board" mean the
directors and the board of directors of the
Institution at Edinburgh;
" Laws of the Institution " means this Act and
any subsequent Act of Parliament or Order
confirmed by Parliament relating to the affairs
of the Institution and the regulations of the
Institution as from time to time existing;
" Regulations of the Institution " or " regulations "
means the regulations set forth in the schedule
to this Act as the same may from time to time
2
[17 & 18
GEO.
5.] Scottish Provident [Ch. XV.]
Institution Act, 1927.
be lawfully amended or extended or other the A.D. 1927.
regulations for the time being lawfully sub-
stituted in place
thereof;
" Policy " means the deed or document evidencing
a contract of assurance annuity or insurance
by the Institution or in respect of which the
Institution has undertaken liability for payment
of any money on the happening of any con-
tingency or event;
" Life policy " means any policy which is required or
permitted to be included in life assurance
business under and for the purposes of any
general Act governing the business of assurance
and for the time being in force;
" Member " means a member of the Institution;
" Common fund " means the whole funds of the
Institution excepting any special funds in which
any class of policy-holders shall be interested
to the exclusion of all other policy-holders;
"General meeting " means a general meeting of the
members of the Institution;
" The manager " means the manager of the Institu-
tion and includes the assistant joint or acting
manager of the Institution at the head office;
" The secretary " means the secretary of the Insti-
tution and includes the assistant joint or acting
secretary of the Institution at the head office
or other duly authorised officer acting as
secretary;
" Head office " means the principal office of the
Institution;
" Seal " means the common seal of the Institution;
" Existing " means existing at the commencement
of this Act.
3.
Nothing in this Act shall be deemed to exempt Saving, for
the Institution from the provisions of the Assurance general
Companies Act 1909 or of any general Act passed during Acts-
the present or any future session of Parliament affecting
assurance companies formed previously to the passing
thereof.
A 2 3
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