The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

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Identifikator:: 875232663

URN:: urn:nbn:de:zbw-retromon-2698

Document type:: Monograph

Title:: The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

Place of publication:: with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index$gTenth edition, revised and enlarged

Publisher:: Shaw and Sons

Year of publication:: 1881

Scope:: 1 Online-Ressource (XII, 303 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

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Title:: Part II. Friendly societies not registered

Collection:: Economics Books

FRIENDLY SOCIETIES NOT REGISTERED. 141 those issuing or liable under policies of assurance upon human life, or granting annuities upon human life. (1st.) By sect. 4 of the Companies Act, 1862, it is provided that “ no company, association, or partnership, consisting of more than twenty persons, shall be formed after the com mencement of this Act for the purpose of carrying on any business (a) that has for its object the acquisition of gain by the company, association, or partnership, unless it is registered as a company under this Act, or is formed in pursuance of some other Act of parliament, or of letters patent, or is a company engaged in working mines within and subject to the jurisdiction of the Stannaries.” On this the commissioners remark that “it would seem at least doubtful whether an unregistered society of more than twenty members, which places out at interest the contribu tions of its members, and divides its funds among them at stated periods, is not, since the Companies Act, 1862, an illegal company.” This point is of great importance, and, while the doubt which it raises exists, all societies having a rule or practice of dividing funds should accept the benefits of registration under the Friendly Societies Act of 1875. If it should prove correct that all societies for mutual assurance (or even only those which have a practice of dividing), that exceed twenty in number and are not registered, are illegal, it becomes important to consider what is the effect of such illegality. The question arises, whether all persons concerned might not be found guilty of misdemeanor at common law, for violation of the re quirements of the statute, since, in the words of Lord Campbell, “ to violate an Act of parliament, although there is no specific penalty attached to the violation, is a misde meanor, and a person who does so is liable to be indicted mid punished It is not the practice, however, of (a) The word “business” lias a more extensive signification than “trade.” Per Willes, J., in Karris v. Amory, where fanning was held to be a business within the meaning of the Companies Act, L. It. 1 C. P. 148. (b) Longworth’s case, 1 De Gex, F. & J. 31. Further as to illegality in contracts of partnership, see Scratchley and Bra- brook on Building Societies, pp. 99-101.

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