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The Pamphlet Collection of Sir Robert Stout: Volume 7

Death or Lunacy of Investing Members

Death or Lunacy of Investing Members.

7. No right or benefit of survivorship shall accrue to or amongst members generally of this Society; but in the event of the death, or insanity, or lunacy of any investing member before receiving an advance, and upon the application of the widow, wife, or legal or other apparent representative of such deceased, lunatic, or insane member to withdraw from the Society, such widow, wife, or representative shall be entitled to a preference before ordinary members, and to withdraw at any time, and to receive back at the time fixed by the Board the amount of subscriptions or shares which such deceased or insane member may have paid to the Society, less all fines due and unpaid by the deceased or insane member at the time of his death or becoming insane, together with the interest, and realised profits appearing at the credit of such shares at the time of the last previous balance sheet of the Society's books; and all payments made by the Society of such moneys shall be deemed valid on the part of such Society, if made to the parties appearing to the Board to be legally entitled thereto. Nevertheless, if such moneys shall be wrongfully paid, the party entitled thereto shall have remedy for the recovery of such money against the person or persons who received the same.