Edinburgh Slaughterhouses Act 1849

Publication Date:January 01, 1849
Rock Life Assurance Act 1849

(12 & 13 Vict.) c. lxx

An Act for better enabling the Rock Life Assurance Company to sue and be sued, and to alter certain Provisions of their Deed of Settlement, and to give further Powers to the Company.

[28th July 1849]

ANNO DUODECIMO & DEC1MO TERTIO VICTORLE *************************************************** Cap.hoi, An Act for better enabling the Rock Life Assurance Company to sue and be sued, and to alter certain Provisions of their Deed of Settlement, and to give further Powers to the Company. [28th July 1849.] HEREAS some Time in the Year One thousand eight hundred and six a Number of Persons formed themselves into a Society or Partnership under the Name of " The Rock Life Assurance Company," for the Purpose of making or effecting Assurances on the Life or Lives of any Person or Persons whomsoever, and on Survivorships, and of making or effecting all such other Assurances, whether connected with Life or not, as might be effected according to Law, and of granting arid selling Annuities, either for Lives or otherwise, and on Survivorships, and it was agreed that the Capital Stock of the said Society or Partnership should be One Million Sterling in equal Shares of Twenty Pounds each, and that the Sum of One hundred thousand Pounds, being Ten per Centum on the x^mount of the said Capital Stock, should be subscribed^and forthwith paid up by the Shareholders in the saidSociety or Partnership, who should thereupon be designated the Proprietors thereof; And whereas Deed of by the Deed of Settlement of the said Society or Partnership bearing Settlement; Date the Twentieth Day of August One thousand -eight hundred and lated1^£i1 r t j ~\ * ~t a "-tie. loUY. [LocaLy 1\S seven & 990 12 & 13 VICTORIA, Cap.lxx. seven divers Rules, Regulations, and Provisions were established and agreed upon for the Conduct and Management of the Affairs of the said Society or Partnership ; and it was thereby provided (amongst other things), that the Proprietors of the Company should assemble together once in every Year at least, and at such other Times as they should be duly convened in the Manner therein-after mentioned ; that every such Assembly of Proprietors should be styled a General Court; that Two successive Extraordinary General Courts, or the Annual General Court with One Extraordinary General Court specially called for that Purpose, should have full Power to make any new Laws, Regulations, and Provisions for the Company, or to amend, alter, or repeal all or any Part of the existing Laws, Regulations, and Provisions of the Company, provided such new, amended, or altered Laws, Regulations, and Provisions did not extend to amend, alter, or repeal all or any or any Part of the Laws, Regulations, and Provisions established and settled by the said Deed now in recital for confining the individual Responsibility of each Proprietor of the Company to the Amount of his or her Shares in the Capital thereof; that an Extraordinary Court of Directors specially called for that Purpose should appoint the Trustees and Actuary of the Company, and should always proceed within Sixty Days to fill up any Vacancy occasioned in either of those Offices by Removal, Death, Resignation, or any of the other Means by which such Offices might become vacant; that for the more easy and convenient Management of such of the Funds or Property of the Company as were to be held by the Trustees thereof the Court of Directors should divide the Trustees into as many Classes as they should think proper, but no Class should consist of less than Three or more than Four Trustees ; that as to such of the Funds or Property of the Company as should from Time to Time remain unapplied and undisposed of, after answering the Claims which Persons assured and Annuitants should from Time to Time have on v the Company, and the Expenses attending the Purchase and Support of the House and the various other Claims upon and Expenses of the Company, and which it should not be necessary to resort to immediately for the Payment thereof, (except so much of the Company's said Capital of One Million as should for the Time being remain unpaid by the Proprietors thereof,) the Court of Directors should lay out and invest the same in the Public Stocks of Great Britain, or at Interest on Government or Real Securities in the United Kingdom of Great Britain ; that, subject and without Prejudice to the Claims which Persons assured and Annuitants should from Time to Time have on the Company, and the Expenses attending the Purchase and Support of the House and the various other Claims upon and Expenses of the Company, the Court of Directors should accumulate in any of the Stocks and Securities therein-before mentioned the Interest, Dividends, and annual Produce of the Funds or Property so to be laid out and invested as aforesaid ; that the Court of Directors should, in such Proportions as they should think proper, distribute and apportion amongst the Classes into which the Trustees of the Company should be divided, as therein-before is mentioned, the Funds or Property so to be laid out and invested as aforesaid, and their Accumulations, and the Stocks and Securities thereof respectively; that the Court of Directors might from Time to Time, and as often as they should think proper, cause any of the Funds or Property so to be laid 5 out 12 & 13 VICTORIA Cap.lxx. out and invested as aforesaid, and the Accumulations thereof, to be T * * transferred, changed, and varied into any of the other Stocks and Securities therein-before mentioned ; that out of the "Funds or Property-so to be laid out and invested as aforesaid the Court of Directors should always keep separate and apart from the rest the Sum of One hundred thousand Pounds (the Amount of the Ten Pounds per Centum so paid by the Parties to the said Deed now in recital on their respective Shares, as therein-before mentioned), and the Accumulations thereof* and the Stocks and Securities in which the said Sum and its Accumulations should for the Time being be invested, and the Interest, Dividends, and annual Produce thereof respectively; that the Court, of Directors might from Time to Time and as often as they should think proper cause the House of the Company, or any of the Funds or Property so to be laid out and invested as aforesaid, to be conveyed, assigned, transferred, or changed into the Names of any other of the Classes into which the Trustees of the Company should be divided, as therein-before is mentioned ; that after the Time and on the Terms therein-after mentioned it should be lawful for an Extraordinary Court of Directors specially called for that Purpose to declare an annual Dividend amongst the Proprietors of the Company out of the Subscription Capital Stock ; that at the Times and in the Manner therein-after mentioned the Court of Directors should divide and distribute the Dividends to be from Time to Time declared by the General Courts out of the Assurance Fund; that the Funds or Property of the Company should consist of the said Capital of One Million, of all Sums to be from Time to Time received by the Company for Assurances effected by the Company, for the Revival of forfeited Policies for Annuities granted by the Company, and for such Shares in the said Capital of One Million as should from Time to Time be forfeited and sold for the Benefit of the Company, and of all Sums (besides any Part or Parts of the said Capital of One Million) as should from Time to Time bq, recovered in any Action or Suit that might be prosecuted against any Person or Persons breaking or refusing to perform or comply with any of the Covenants, Conditions, and Stipulations contained in the Deed of Settlement, and which on his, her, or their Part ought to be performed and complied with, or against the Heirs, Executors, or Administrators of. such Person or Persons, and of the Interest, Dividends, and annual Produce and Accumulations of so much of the said Capital of One Million, and of So much of the Sums to1 be received and recovered from Time to Time as aforesaid as should from Time to Time be actually in the Hands of the Company, and remain unapplied and undisposed of after answering the Claims which Persons assured and Annuitants should from Time to Time have on the Company, and the Expenses attending the Purchase and Support of the House, and the various other Claims upon and Expenses of the Company, and also of the Stocks, Securities, House and other Property, in or upon which, in pursuance of the Powers, Authorities, and Directions therein contained, the said Sums,- Interest, Dividends, and annual Produce and Accumulations, or any Part thereof respectively, should be laid out and invested ; that the said Sum of One hundred thousand Pounds so to be kept separate and apart as - herein-before is mentioned, and the Accumulations thereof, and the Interest, Dividends, and annual Produce thereof respectively, should be called "The Subscription Capital Stock'' of 992 Actions, Suits, and Pioceedings on behalf of the Company to be in the Nafne of the Actuary. 12 & 13 VICTORIA, Cap.hn; the Company ; that all the Funds or Property so to be laid out and invested as aforesaid, except the said Subscription Capital Stock of the Company, should be called the Assurance Fund of the Company : And whereas the Public hath been greatly benefited by the Formation of the said Rock Life Assurance Company, and a considerable Revenue is derived to Her Majesty therefrom: And whereas the said Company hath been very successful, and the Subscription Capital Stock thereof hath very much increased in Value, and the same now amounts ;to upwards of the Sum of One Million Pounds Sterling: And whereas it would be greatly for the Benefit of the said Company and of the Public at large that the said Company should be enabled to sue and be sued in the Name of their Actuary, and should be empowered to lay out and invest their Funds in and upon other Property...

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