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The Pamphlet Collection of Sir Robert Stout: Volume 7

XXV. Death of Investment Members

XXV. Death of Investment Members.

Death of investment members, payment to representatives.

1. In case of an investment member dying no right or benefit of survivorship shall be had or claimed by the surviving members of the Society, but the investment share or shares and interest of such deceased member shall go and belong to his executors or administrators, who shall have and take as much benefit and advantage by from and under these rules as the deceased member might have had in case he had been living. Such executors or administrators of the deceased member may vote and act in all cases whatsoever as fully as the deceased member whom they represent might have done if living; nevertheless, one executor or administrator only shall vote, and if two or more claim to vote preference shall be given to the one whose name has priority in the Probate of the Will or Letters of Administration. Provided that if no Probate or Letters of Administration be produced to the Board of Directors at any monthly meeting within two months after the decease of such member, then the Board of Directors shall be at liberty to pay or distribute the investment of the said shareholder, if the same shall not exceed the sum of £20, to his widow or children or next of kin, as the Board of Directors shall think fit, subject to any condition the Board of Directors for the security of the Society may think proper to require from the parties receiving the money.