Elders Widows' Fund (India) Act 1878
| Jurisdiction | UK Non-devolved |
Elders Widows' Fund (India) Act, 1878
(41 & 42 Vict.) CHAPTER 47.
An Act to enable the Trustees of the Elders Widows' Fund to apply the Capital of the said Fund in aid of Income; and for other purposes in relation thereto.
[8th August 1878]
W HEREAS in the year one thousand eight hundred and twenty a fund, commonly known as ‘The Elders Widows' Fund,’ was established for the relief of the widows and orphans of persons employed in the Extra Department of the Home Service of the East India Company:
And whereas upon the establishment of the said fund the East India Company agreed to grant a contribution of one thousand pounds a year in aid of the fund, and such contribution is now payable by the Secretary of State for India in Council:
And whereas for some years after the establishment of the said fund the income thereof was more than sufficient to meet its current liabilities, and the surplus income was accordingly invested and accumulated for the benefit of the fund:
And whereas in the year one thousand eight hundred and thirty-four it was apprehended that, by reason of reductions in the home establishment of the East India Company, consequent upon the Act of the third and fourth William the Fourth, chapter eighty-five, the said fund would prove inadequate to meet the payments provided for by the then existing regulations thereof, and thereupon, at the request of the trustees of the said fund, it was resolved by the Court of Directors of the East India Company, with the sanction of the Commissioners for the Affairs of India, that the deficiency should be made good by the East India Company as compensation under the seventh section of the said Act, on condition that, if the capital of the said fund and the income thereof from interest and subscriptions should be more than sufficient to provide for the permanent charge of pensions, the excess should be appropriated, so far as it would go, to repay to the East India Company the advances which they might make under that arrangement, together with interest:
And whereas on the seventeenth of May one thousand eight hundred and sixty the said fund was closed, and since that date no fresh subscribers have been admitted:
And whereas the advances made lay the East India Company and the Secretary of State for India in Council, under the said arrangement of one thousand eight hundred and thirty-four, have amounted to upwards of nineteen thousand pounds:
And whereas the invested capital of the said fund standing in the names of the trustees thereof now consists of the sum of...
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