Scottish Provident Institution Act 1927

Publication Date:January 01, 1927
 
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Scottish Provident Institution Act 1927

(17 & 18 Geo. 5) c. xv

An Act to consolidate with amendments the 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]

[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 (hereinafter 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 survivorships 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 contingency 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 Institution and includes the assistant joint or acting manager of the Institution at the head office; " The secretary " means the secretary of the Institution 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 [Ch. xv.] Scottish Provident [17 & 18 Geo. 5.] Institution Act, 1927. A.D.1927. AH life policies of Institution deemed within Policies of Assurance Act 1867. Repeal of deed of constitution Acts &c. Corporate status of Institution. Continuance of present directors &c. in office. Saving for assurances actions &c. For the purposes of the Policies of Assurance Act 1867 every life policy issued by the Institution shall be deemed to be a " policy " or a " policy of life assurance " within the meaning of that Act. Subject to the provisions of this Act the deed of constitution of the Institution bearing date the twelfth day of May one thousand eight hundred and thirty-seven and subsequent dates and recorded in the Books of Council and Session at Edinburgh on the eighth day of June in the same year and the Scottish Provident Institution Acts and Order 1848 to 1901 and the existing laws and regulations of the Institution are hereby repealed and cancelled, without prejudice to anything done or suffered or to any contracts entered into thereunder. 6.(1) Notwithstanding such repeal as aforesaid the Institution shall continue to be incorporated by the name of the Scottish Provident Institution with perpetual succession and a common seal with power from time to time to change and renew the seal and with power to sue and be sued by such name as aforesaid. (2) Subject to the provisions of this Act the existing members shall continue to be members of the Institution and the Institution and any trustee on its behalf shall continue to hold and be entitled to enjoy and recover all property of every description (including things in action) which immediately before the commencement of this Act belonged to or was vested in the Institution or to or in such trustee on its behalf or to which the Institution or such trustee on its behalf was then entitled. Notwithstanding such repeal as aforesaid, the directors honorary directors local referees trustees auditor officers and servants of the Institution who are in office at the commencement of this Act shall continue to hold and enjoy their respective offices and employment subject to the laws of the Institution. Notwithstanding such repeal as aforesaid or any other provisions of this Act (a) All assurances deeds mortgages bonds contracts agreements securities awards and other acts and things made and entered into executed or done by or with the Institution or any person or persons on its behalf and in force at the 4 [17 & 18XtE0. 5.] Scottish Provident [Ch. XVJ Institution Act, 1927. commencement of this Act shall be as vahd and A.D. 1927. effectual to all intents in favour of against or with reference to the Institution as df this Act had not been passed : (b) All policies bonds and other obligations and generally all debts and liabilities of whatsoever kind made granted issued incurred or undertaken by and vahd and subsisting against the Institutipn at the commencement of this Act shall be and are hpreby declared to be, valid and subsisting against the Institution as if the same had been made granted issued incurred or undertaken by the Institution under the authority of this Act1 and all existing policies shall entitle the holders thereof to the same benefits and remedies secured by the terms of such policies as they would have had if this Act liad not been passed : (c)'Any action arbitration or other proceeding or right of action reference to arbitration or other proceeding pending or existing at the commencement of this Act ~by with against or in favour of the Institution or any person or persons on its behalf shall not abate or be prejudicially affected by the passing of this Act but may. be continued or commenced and carried on by with against or in favour of the Institution as if this Act had not been passed : (d) All books and documents of or concerning the Institution which if this Act had not. been passed would have been admitted in evidence shall be admitted in evidence as if this Act had not been passed: (e) All or any -byelaws minutes rules resolutions orders and forms in force at the commencement of this Act pursuant to the statutory provisions theretofore governing the Institution shall continue in force unless, and until the same are altered by resolution of the directors. 9. The membership of the Institution shall comprise Member-every person who either was a member of...

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