The Sydney Insurance Company's Act of 1855 as amended by the Act of 1860 23 Vic (NSW)

An Act to amend an Act intituled " dn cet to %' Gay 'incorporate «a Company to be called ' The * Sydney Insurance Conpany. " [26th April, 1860.]

yr ITERLEAS an Act was passed by the Governor and Legislative Preamble. Council of New South Wales in the nincteenth year of the

reign of Mer present Majesty intituled "ude Act to incorporate a Sd 1

Company to be called « The Sydney Insurance Company " for the pur- Ph alr a

pose of carrying on the business called or known as fre and life and

marine insurances And whereas it is expedient and necessary to

amend the said Act by extending the powers and authorities thereby

conferred so as to enable the directors of the said company to apply

all or any portion of the moneys for the time being standing to the

credit of the contingent fund to the payment of dividend and' with the

consent of the sharcholders to apply all or any portion of the moneys

for the time being standing to the eredit of the contingent fund and

reserved fund or cither of them to the augmentation of the paid up

capital of the said company Be it therefore enacted by the Queen's

Most Excellent Majesty by and with the advice and consent of the

Legislative Council and Legislative Assembly of New South Wales

in Parliament assembled and by the authority of the same as follows—

1. From the time of the passing of 'this Act the sixty-sixth Sec. 66 of 19 Viet. section of the said Act intituled "An Act to incorporate a Company "rte to be called * The Syduey Insurance Company?" shall be and the same is hereby repealed.

2.

Powers of diréctors.

23° VIC. 1860.

Mount Keira Tramroad.

2. It shall he lawful for and the directors for the time being of the said company are hercby empowered before apportioning the half-yearly profits to be divided among the sharcholders to set aside thercout such sum or sums as they may think proper to mect contingencies And also such further sum or sums as they shall think proper to be appropriated to the formation increasing or maintaining a fund to be called "The Reserve Fund" which shall be a reserved fund of capital to meet any unforeseen emergencies losses or extraordinary demands upon the company and the same shall and may be applicd for the purposes aforesaid by the directors And the directors shall when they deem it advisable or necessary apply all or any portion of the moneys standing to the credit of the contingent fund to the payment of dividend And also with the consent of the shareholders of the company to be obtained at a general meeting to apply all or any portion of the moneys for the time being standing to the credit of the contingent fund and the reserved fund or cither of them to the augmentation of the paid up capital of the company.