Guarantee by Companies Act 1867
| Jurisdiction | UK Non-devolved |
| Citation | 1867 c. 108 |
Guarantee by Companies Act, 1867.
(30 & 31 Vict.) C A P. CVIII.
An Act to provide for the Guarantee of Persons holding Situations of Trust under Government by Companies, Societies, or Associations.
[20th August 1867]
W HEREAS Persons having Offices or Employments in the Public Service are frequently required to give Security by means of Sureties for the due Performance of the Duties of such Offices or Employments, and it is expedient that the Guarantee of Companies which comply with certain Conditions should be authorized to be accepted in lieu of such Sureties:
Be it enacted by the Queen'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:
1 Definitions of Terms.
1. The following Terms shall in this Act, unless the Context otherwise requires, have the Meanings hereby assigned to them; that is to say,
The Term ‘Company’ shall mean and include any Company, Corporation, Society, or Association incorporated by Act of Parliament or by Royal Charter, or under any Act relating to Joint Stock Companies:
The Term ‘Directors’ shall include the Managing Body of any Company:
The Term ‘Office or Employment in the Public Service’ shall mean every Office or Employment which is remunerated out of the Consolidated Fund, or out of Monies provided by Parliament, or out of or by Fees authorized by some Public Act of Parliament, or by some Order made thereunder:
The Term ‘the Treasury’ shall mean the Lord High Treasurer or the Commissioners of the Treasury for the Time being.
2 Security for certain Officers may be accepted from Companies who comply with Conditions named here-after.
2. Where any Person has any Office or Employment in the Public Service, and such Person is required to give Security by means of a Surety or Sureties for the due Performance of the Duties of such Office or Employment, the Head of Department or other Person or Persons in whom is vested the Discretion of determining the Nature, Amount, and Sufficiency of the Security (herein-after referred to as ‘the Employer’) may, in the Exercise of such Discretion, accept as Security the Guarantee of any Company which complies with the Conditions contained in this Act, and which has received a Certificate from the Treasury as herein-after provided, and may fix in each Case the Amount to be guaranteed.
3 Conditions on which Guarantee of Company may be accepted.
3. The Conditions on which the Guarantee of a Company may be accepted under this Act are as follows:
(1) (1.) The Capital which has been actually subscribed must not be less than Fifty thousand Pounds:
(2) (2.) The Amount of Capital paid up must not be less than Twenty thousand Pounds:
(3) (3.) The Company shall set aside a Special Fund of such Amount and invested in such Manner as is herein-after mentioned, and in any Case in which the Amount of Capital paid up shall be less than Thirty thousand Pounds, the First Ten thousand Pounds set aside for the Creation of such Special Fund shall be raised by new Calls on the existing Capital of the Company, or by Calls on new Capital created for that Purpose, or by both:
(4) (4.) The Amount of any One Guarantee shall not exceed the Sums herein-after mentioned:
(5) (5.) The Company shall within Three Weeks after their First Meeting in...
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