Re the Athenaeum Life Assurance Society and Re the Prince of Wales Life Assurance Society Vice-Chancellor Wood
| Jurisdiction | England & Wales |
| Judgment Date | 09 December 1858 |
| Date | 09 December 1858 |
| Court | High Court of Chancery |
English Reports Citation: 70 E.R. 347
HIGH COURT OF CHANCERY
Affirmed, 3 De G. & J. 660; 44 E. R. 1423. See also Johns. 633.
Insurance Company. 7 & 8 Vict. c. 110. Policy limiting Liability of Individual Shareholders. Joint Stock Companies Winding - up Acts. Calls
[80] In re the athenaeum life assurance society. And In re the prince of wales life assurance society. Vice-Chancellor Wood: Dec. 9, 1858. Lords Justices : Feb. 19, 1859. [Affirmed, 3 De G. & J. 660; 44 E. E. 1423. See also Johns. 633.] Insurance Company. 7 & 8 Vid. c. 110. Policy limiting Liability of Individual Shareholders. Joint Stock Companies Winding-up Acts. Calls. Individual members of an insurance company (registered under the 7 & 8 Viet, c. 110), which, by its policies, has provided that the capital stock and other the property of the company remaining, at the time of any claim, undisposed of and inapplicable to prior claims, shall alone be liable to make good all claims thereunder, and that no shareholder shall be individually liable to any such claim beyond the amount unpaid of his shares in the said capital stock, are not liable under the Joint Stock Companies Winding-up Acts to calls in respect of the amount for which judgment has been recovered at law upon any policy beyond the amount unpaid of their shares; notwithstanding the company had assets when the claim was made under the policy. The Athenaeum Life Assurance Society was a joint stock company registered under the Act 7 & 8 Viet. c. 110. The 28th section of the deed of settlement of the Athenseum Society contained a proviso as follows :-" That in every policy there shall be contained a reference to these presents, and a proviso limiting the scope and effect of the contract thereby created, so that the same shall take effect and be satisfied only out of such funds and property of the society as under the provisions hereafter contained shall, at the time at which such liability shall accrue, be at the disposal of the directors in that behalf, and negativing an unconditional liability: Provided always that nothing herein or in such contract contained shall limit the liability of any shareholder as to the performance of such contract, or prejudice the rights of any person or persons against any shareholder under or by virtue of the aforesaid statute," meaning the 7 & 8 Viet. c. 110. In 1854 the Athenseum Society granted to the Prince of Wales Life Assurance Society three policies of insurance upon the life of a Mr. Jodrell for sums amounting to 10,500. [81] Each policy contained the following proviso :-" Provided also, that the capital stock of 100,000, and other the stock, securities, funds and property of the 348 IN RE ATHEN^UM SOCIETY JOHNS. 82. society remaining, at the time of any claim or demand made, unapplied and undisposed of and inapplicable to prior claims and demands in pursuance of the provisions of the society's deed of settlement, shall alone be liable to answer and make good all claims and demands upon the society or otherwise under or by virtue of such policy; and that no director, officer or shareholder of the society, his heirs, executors or administrators, shall by reason of such policy be in anywise individually or personally liable or subject to any such claims or demands, or be in anywise charged by reason thereof, beyond the amount unpaid of his shares in the said capital stock, nor longer than he shall retain the same shares." Mr. Jodrell died in November 1855. The Athenaeum Society was...
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