The Board of Directors to appropriate the dividend to the Shareholders. Interest per Cent on original subscriptions, on additions to shares payable half-yearly. per Cent A shareholder withdrawing and giving a month's notice shall receive in purchase of his share, the price fixed by the Auditors, on receiving which such share shall be surrendered to the Trustees, and upon such withdrawing, the Board of Directors may make known that he has retired. The Board of Directors may purchase shares of withdrawing Shareholders, on behalf of remaining Shareholders. The Board of Directors may sell shares. The Board of Directors may take into consideration notice of Shareholders which mentions a nominee. The Board of Directors may issue new shares to nominees. The Board of Directors to enter in a book the names and residences of Shareholders. The Board of Directors to wind up in case of general dissolution The Board of Directors to cause proper books of account to be kept. The Board of Directors to cause the Auditors' reports to be produced at the respective Annual General Courts. The Board of Directors to direct actions to be brought in the names of the proper parties, and such parties not to become non-suit, and to be indemnified. REGULATIONS AFFECTING DIRECTORS. Directors to be chosen quinquennially by General Courts. Directors to be from to in number. of them are to be Trustees, and to hold no shares, nor be beneficially interested in any Assurance. Directors to be qualified by holding each shares. Trustees taking shares or becoming beneficially interested in any Assurance to vacate their offices. Office of Director to become vacant in case of Bankruptcy or Declaration of general Insolvency. Chairman, Deputy Chairman, and Trustees may resign their offices but remain Directors. REGULATIONS AFFECTING TRUSTEES. The Trustees to be in number, and to be irremove able except in cases of Bankruptcy or Insolvency. Trustees not to be Shareholders, nor beneficially interested in any Assurance, but mere stake-holders. The receipts of Trustees and Directors, or any two of them, to be good receipts. Trustees to authorize Bankers to pay cheques signed by any three Directors. Trustees not to execute any Policy except under an order of the Board of Directors, and which limits the responsibility of the Shareholders. No receipt to issue until money received at principal office. REGULATIONS AFFECTING THE SECRETARY. Secretary to give daily and constant attendance. Secretary to give security. Secretary to make quinquennial reports. Secretary to keep accounts. Secretary to make calculations. REGULATIONS AFFECTING AUDITORS. Auditors are to be То in number go out of office at the Annual General Courts, but to be re-eligible. To hold no other office. To make Annual Reports, and to fix the purchase price of the shares for the ensuing year. REGULATIONS AFFECTING ALL THE OFFICERS. The officers of the Company not to be officers to another office. The officers of the Company to be indemnified, except against their own defaults. REGULATIONS AFFECTING SHAREHOLDERS. The shares to be paid up. The responsibility of the Shareholders to be limited to the amount of their subscrptions. Letters sent to the registered abode of a Shareholder to be notice to him. Shareholder's receipt to be a sufficient discharge to the Company. Executors, and husbands of Shareholders, not ipso facto Shareholders. Executors, and husbands of Shareholders to leave notice of their wish to become Shareholders. Executors, and husbands of Shareholders to leave will of Testator, or Certificate of marriage at the office. Executors, and husbands of Shareholders if approved, to sign Deed. Executors, and husbands of Shareholders to become Shareholders after such signature. The assignees of bankrupt or insolvent Shareholders not ipso facto Shareholders. The assignees of bankrupt or insolvent Shareholders to leave. Deed of Assignment at the office. The assignees of bankrupt or insolvent Shareholders intitled in sale to arrears of interest. Shareholders and their representatives may sell their shares to the Company, at the price fixed by the Auditors. Shareholders and their representatives in the surrender of their shares may nominate a new shareholder, whom the Directors at their discretion may admit. After surrender, the Shareholder's interest in the Fund to determine. REGULATIONS AFFECTING THE ASSURED. Every policy shall be under the hands of the Trustees, and charge the funds with the payment of the claim, and render the Trustees liable to the due administration of those funds, but limit the responsibility to the Trustees only; and shall also contain a contract by the Trustees, that in case of death or removal of any Trustee or Trustees, the survivors with such new Trustee or Trustees, will execute a new Policy to the same purport and effect, on receiving the stamp duty, so as to charge the funds in the hands of the new Trustees. Sums due on policies to be paid to the assured, their executors or administrators. Company to notice legal claims only. The receipts of Contributors to be discharges to the Company. Shareholders and Trustees not to be liable on engagements beyond the funds of the Company in the hands of the Trustees. On agreement to dissolve, by three-fourths of the Shareholders as before mentioned, the Contributors' claims to be provided for, and the rest of the Company's property then to be sold, and this agreement finally to determine. Disputes to be referred to three barristers as arbitrators. |