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Standard Life Assurance Company Act 1991

1991 c. 3 · Enacted 7 March 1991

Original text. legislation.gov.uk does not revise this item, so later amendments are not shown here. Changes made to it are listed under each provision when known.

An Act to repeal the Standard Life AssuranceCompany Acts 1925 to 1980 and to make newprovision for the regulation and management of the Company; and for other purposes.

[7th March 1991]

WHEREAS by a contract of copartnery bearing date 29th August 1825 and various subsequent dates certain persons therein named and designed and thereto subscribing formed themselves into a company under the name of “The Life Insurance Company of Scotland” for the purpose of carrying on the business of making or effecting assurances on lives and survivorships and of making or effecting other assurances connected with life, and of granting and selling annuities:

And whereas by the 1832 c. lxxxi.Standard Life Assurance Company’s Act 1832 the name of the said company was changed to “The Standard Life Assurance Company” (hereinafter referred to as “the Company”) and by that Act and the Standard Life Assurance Company’s Acts 1845 to 1891 further powers were conferred on the Company:

And whereas by the 1910 c. x.Standard Life Assurance Company’s Act 1910 the said contract of copartnery was annulled, the Standard Life Assurance Company’s Acts 1832 to 1891 were repealed and the Company was incorporated as a company limited by shares:

And whereas by that Act and the 1919 c. iv.Standard Life Assurance Company Order Confirmation Act 1919 further powers were conferred on the Company:

And whereas by the 1925 c. xlii.Standard Life Assurance Company’s Act 1925 (hereinafter referred to as “the Act of 1925”) the Standard Life Assurance Company’s Acts 1910 and 1919 were repealed, the Company was reincorporated as a mutual assurance company by the name and designation of “The Standard Life Assurance Company” with the objects, powers and privileges set forth in the Act of 1925 and further and better provision for the regulation of the Company’s affairs was made:

And whereas the regulations set forth in the Schedule to the Act of 1925 have been altered from time to time in accordance with powers in that Act contained:

And whereas by the 1976 c. vii.Standard Life Assurance Company Act 1976 and the 1980 c. xxvi.Standard Life Assurance Company Act 1980 further powers and authority were conferred on the Company:

And whereas it is expedient, in order to enable the Company to carry on its business to the best advantage and to regulate the management of its affairs in accordance with present-day requirements and practice, that the Standard Life Assurance Company Acts 1925 to 1980 should be repealed and that further provision should be made for the regulation and management of the Company:

And whereas it is expedient that the other powers and provisions contained in this Act should be enacted:

And whereas the purposes of this Act cannot be effected without the authority of Parliament:

May it therefore please Your Majesty that it may be enacted, and 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, that is to say:—

Contents

  1. 1Short title
  2. 2Interpretation
  3. 3Appointed day
  4. 4Repeals
  5. 5Savings for incorporation of Company, existing policies, actions, etc
  6. 6Existing directors, officers, etc., to continue in office
  7. 7Name of Company
  8. 8Head office, etc
  9. 9No policy deemed to be effected until payment of premium
  10. 10Policies to be liable for claims of Company against members
  11. 11Execution of assignations, etc., of policies
  12. 12Effect of assignation to Company of its own policies
  13. 13Liability of members
  14. 14Regulations of Company
  15. 15Special resolution
  16. 16Redemption of stock
  17. 17Ranking of claims under policies in winding up
  18. 18Surplus assets on winding up
  19. 19Service of writs and notices on Company
  20. 20Companies Clauses Acts not to apply
  21. 21General Acts to apply
  22. Schedule: Regulations of The Standard Life Assurance Company
  23. Interpretation
  24. 1Definitions
  25. Objects
  26. 2Objects of Company
  27. Powers
  28. 3Powers of Company
  29. Trusts
  30. 4Company not to regard trusts
  31. Members
  32. 5Members
  33. 6Admission of members
  34. 7Cessation of membership
  35. 8Duration of membership
  36. 9Assignees, etc
  37. Notice to owner of policy
  38. 10Owners of policies bound by notice to previous owners
  39. Meetings of members
  40. 11Annual general meeting
  41. 12Special general meeting
  42. 13Special resolutions
  43. 14Business at annual general meeting
  44. 15Quorum
  45. 16Absence of quorum
  46. 17Chairman of general meetings
  47. 18Adjournment of meeting
  48. 19Voting
  49. 20Taking of poll
  50. 21Chairman’s casting vote
  51. Voting of members
  52. 22Qualification of member to vote
  53. 23Representatives of corporations
  54. 24Votes of incompetents
  55. 25Proxies
  56. 26Form of proxies
  57. 27Deposit of proxies and authorities to vote
  58. 28Authority conferred by proxies
  59. 29Validity of proxies
  60. 30Objections to voting
  61. 31Number of votes
  62. Directors
  63. 32Management of Company vested in directors
  64. 33Number of directors
  65. 34Directors may act notwithstanding vacancy
  66. 35Qualification of directors
  67. 36Continuance in office of present directors
  68. 37Vacation of office of director
  69. 38Directors may contract with Company
  70. 39General notice as to director’s interests
  71. 40Disclosure of interest to officer of Company
  72. 41Directors may hold other office except auditor
  73. 42Directors may become members or directors of any company promoted, etc., by Company
  74. 43Remuneration of directors
  75. 44Additional remuneration and expenses
  76. Retirement and election of directors
  77. 45Retirement and election of directors
  78. 46Election of directors
  79. 47Eligibility for election
  80. 48Co-option of directors
  81. Committees of directors
  82. 49Committees
  83. 50Chairman of committees
  84. 51Proceedings of committees
  85. Meetings of directors
  86. 52Meetings of directors
  87. 53Notice of meetings
  88. 54Chairman and deputy chairman
  89. 55Quorum
  90. 56Voting
  91. 57Resolution in writing
  92. 58Validity of acts and proceedings
  93. Local directors
  94. 59Local directors
  95. 60Remuneration of local directors
  96. 61Qualification of local directors
  97. 62Meetings of local directors
  98. Minutes
  99. 63Minutes
  100. Officers, employees, etc.
  101. 64Chief executive, actuary and secretary
  102. 65Professional advisers, employees, officers, agents, etc
  103. 66Power of directors to delegate
  104. Attorneys
  105. 67Attorneys may be appointed by directors
  106. Trustees or nominees
  107. 68Appointment of trustees or nominees
  108. Borrowing powers
  109. 69Power to borrow and give security
  110. Seal
  111. 70Common seal
  112. 71Seal for use abroad
  113. 72Canadian seal
  114. 73Authentication of documents
  115. Execution of deeds, etc.
  116. 74Execution of deeds, etc
  117. Separation of funds
  118. 75Formation and application of separate funds
  119. 76Prospectuses for separate funds
  120. Reserve funds
  121. 77Reserve funds
  122. Actuarial report
  123. 78Actuarial valuation and report
  124. Distribution of profits
  125. 79Appropriation of surplus
  126. 80Bonus distribution
  127. 81Encashment of bonus
  128. 82Bonus on claims between distributions
  129. 83Directors may by arrangement limit, postpone, restrict or commute right of participation
  130. 84Power to declare distributable surplus not to be delegated
  131. Accounts
  132. 85Accounts to be kept
  133. 86Books to be kept at head office or elsewhere
  134. 87Members' right to inspect books
  135. 88Annual accounts and balance sheet
  136. 89Annual report of directors
  137. 90Copies to be sent to members, etc
  138. Auditors
  139. 91Qualification and duties of auditor
  140. 92Audit of separate funds
  141. Indemnity, etc.
  142. 93Indemnity of officers, etc., of Company
  143. 94Individual responsibility
  144. Claims in bankruptcy, etc.
  145. 95Representative in bankruptcy, etc
  146. Surrender of assurances
  147. 96Surrender, alteration, etc., of assurances
  148. Notices
  149. 97Service of notices by Company
  150. 98Service of notices upon Company