Imperial Fire Insurance Act 1869
| Jurisdiction | UK Non-devolved |
| Citation | 1869 c. xvi |
| Year | 1869 |
[32 VICT.] The Imperial Fire Insurance Act, 1869. [Ch. xvi.]
CHAP. xvi.
An Act to subdivide the shares of the Imperial (Fire) A,D-1869-
Insurance Company, and for other purposes with respect to
the future management of the same Company.
[13th May 1869.]
"HEREAS by a deed of settlement bearing date the twelfth Deed of
day of February. 1803 a company under the title of "The ^SuSft
" Imperial Insurance Company " was constituted " for the insurance Feb. 1803.
" of ships and other vessels in port or in dock, building or repairing,
" and goods oh board
thereof,
also barges and other vessels on
" navigable rivers and canals, and goods on board
thereof,
buildings,
" goods, stores, merchandises, and effects in Great Britain and
" Ireland, or in any other part of the world, against loss or damage
". by fire," and'by the said deed it was declared that the capital of
the said company was 1,200,000/. divided into shares of 500/. each,
upon each of which shares a payment or deposit of 10/. per cent, had
been made, and had been invested in the names of the trustees and
denominated " capital stock;" and it was by the said deed of settle-
ment provided that the accumulations of the said capital stock until
the year 1808 should (unless the same should be required to pay
claims upon the company) be invested, and at the expiration of the
term of five years from the foundation of the company (namely, in
the year 1808), and so of every succeeding five years, an account
should be taken of the affairs of the company; and if it should
appear that the company had been successful three fourths or four
fifths (as a general meeting of the company should determine) of the
monies arising from the premiums on insurance should be transferred
to and become part of the capital stock; and clause 49 of the said
deed provides that if at the expiration of the said five years the
affairs of the company authorize such transfer to the capital stock,
then that " the whole of the interest or produce of the capital stock,
" together with the accumulation thereof during such five years,
" should be forthwith divided amongst and be paid to the members
[Local.--/6.] A 1
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