Version No. 001
The Colonial Mutual Life Assurance Society Act 1912
Act No. 2372/1912
Version as at 1 November 1999
table of provisions
SectionPage
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SectionPage
1.Short title
2.Memorandum of Association
3.Articles of Association
4.Construction of Articles
5.Memorandum of Association
6.Inspectors
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SCHEDULE
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ENDNOTES
1. General Information
2. Table of Amendments
3. Explanatory Details
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Version No. 001
The Colonial Mutual Life Assurance Society Act 1912
Act No. 2372/1912
Version as at 1 November 1999
An Act relating to The Colonial Mutual Life Assurance Society Limited.
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Act No. 2372/1912
The Colonial Mutual Life Assurance Society Act 1912
Preamble
WHEREAS The Colonial Mutual Life Assurance Company Limited was formed and has been carried on as a Mutual Life Assurance Company:
AND WHEREAS doubts have arisen as to whether the provisions in the Articles of Association of the said Company providing therefor are in accordance with the Memorandum of Association of the said Company:
AND WHEREAS it is desirable to remove such doubts and to that end to alter as from the date of registration the Memorandum of Association of the said Company:
AND WHEREAS the Directors and certain members of the Society have made application to the Governor in Council to appoint one or more competent Inspectors to investigate the affairs of the Society:
BE IT THEREFORE ENACTED by the King's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows:
1.Short title
s. 1
This Act may be cited as The Colonial Mutual Life Assurance Society Act 1912.
2.Memorandum of Association
The Memorandum of Association set out in the Schedule hereto shall be deemed to be and to have been from the fourth day of November One thousand eight hundred and seventy-three the Memorandum of Association of the said Society.
3.Articles of Association
The Articles of Association adopted by the said Society on the twenty-sixth day of May One thousand eight hundred and seventy-four and on the twelfth day of June One thousand nine hundred and seven and as amended from time to time shall be deemed to have been properly adopted and shall be read and construed as the Articles of Association of a Company having as its Memorandum of Association the Memorandum of Association in the Schedule hereto.
4.Construction of Articles
The policy-holders who under the said Articles are designated "shareholders" shall have and be deemed to have had such rights subject to such limitations as between themselves and all other members and policy-holders as are or have been from time to time expressed in the said Articles, but save as aforesaid shall not be deemed to be shareholders within the meaning of the Companies Acts including the Companies Act 1910; and the word "share" or "shares" wherever used in the said Articles shall be deemed to refer to the interests of such shareholders and shall not be deemed to mean share or shares within the meaning of the Companies Acts including the Companies Act 1910.
And that for the purpose and to the extent herein mentioned the provisions in the said Articles as existing from time to time relating to shareholders and shares shall be deemed to be and have been within the competence of the said Society.
5.Memorandum of Association
s. 5
The subscribers of the original Memorandum of Association of the Society for which the Memorandum of Association in the Schedule hereto is hereby substituted shall be deemed to have been the Directors of the said Society from the fourth day of November One thousand eight hundred and seventy-three until the twenty-sixth day of May One thousand eight hundred and seventy-four, and all acts of such Directors as such shall be deemed to be valid and effectual.
6.Inspectors
(1)Notwithstanding anything contained in the Companies Act 1910 the Governor in Council may appoint one or more competent Inspectors to investigate the affairs of The Colonial Mutual Life Assurance Society Limited; and for such purpose such Inspectors shall each have and may exercise the same powers and duties (including the power to administer oaths) as are conferred on Inspectors by section one hundred and seventeen of the Companies Act 1910 and the provisions of the said section as to the duties and liabilities of officers and agents of a company when Inspectors have been appointed by the Governor in Council shall extend and apply to the officers and agents of the said Society in regard to the investigation authorized by this Act.
(2)The Governor in Council may remove any Inspector from office and shall lay on the Table of each House of Parliament a statement of the reasons for any such removal.
(3)In the event of the death resignation incapacity or removal from office of any Inspector the Governor in Council may appoint some other person to fill any such vacancy as Inspector.
(4)The remuneration of each Inspector shall be fixed by the Governor in Council.
s. 6
(5)Once at least in every two months the Inspectors shall report to the Governor in Council as to the position of the Society so far as ascertained by them, and a copy of every such report shall be laid before each House of Parliament as soon as practicable.
(6)At the conclusion of the investigation the Inspectors shall furnish a joint report of their opinion to the Governor in Council and a copy of the report shall be forwarded by the Governor in Council to the registered office of the Society and a copy thereof shall be laid before each House of Parliament as soon as practicable.
(7)All expenses of and incidental to the investigation by the Inspectors (including the remuneration of the Inspectors) shall without further or other authority than this section be paid out of the funds of the said Society.
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Sections 3, 5.
THE SCHEDULE ABOVE REFERRED TO
COMPANY LIMITED BY GUARANTEE
Sch.
MEMORANDUM OF ASSOCIATION OF THE COLONIAL MUTUAL LIFE ASSURANCE SOCIETY LIMITED
1.The name of the company is The Colonial Mutual Life Assurance Society Limited.
2.The objects for which the Company is established are:
The assurance of lives
The granting of annuities and endowments
And all other cognate business
And to do all such other things as are incidental or conducive to the attainment of the above objects.
3.Every member of the Company undertakes to contribute to the assets of the Company in the event of the same being wound up during the time that he is a member or within one year afterwards for payment of the debts and liabilities of the Company contracted before the time at which he ceases to be a member and the costs charges and expenses of winding up the same and for the adjustment of the rights of the contributories amongst themselves such amount as may be required not exceeding One shilling.
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ENDNOTES
1.General Information
Endnotes
TheColonial Mutual Life Assurance Society Act 1912 was assented to on 22October 1912 and came into operation on 22October 1912.
2.Table of Amendments
Endnotes
There are no amendments made to TheColonial Mutual Life Assurance Society Act 1912 by Acts and subordinate instruments.
3.Explanatory Details
Endnotes
No entries at date of publication.
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