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Article GENERAL MEETINGS. ← Page 2 of 14 →
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General Meetings.
G . J . FARRANCE , Esq ., responded to this vote . A vote of thanks , moved by the very Rev . the DEAN OF HEREFORD , and seconded by the Rev . CHARLTON LANE , Vicar of Kennington , was then unanimously awarded to the Chairman , who responded , in a very feeling address ; at the conclusion of which the court was declared dissolved .
SOVEREIGN LIFE ASSURANCE COMPANY , Jan . 3 . —The third annual general meeting of the proprietors of the Sovereign Life Assurance Company took place at the Thatched House Tavern . Lord Arthur Lennox in the chair . Report : — " The number of proposals made to the board during the past year , have been one hundred and ninety-one , in respect of which one hundred and seven policies have been granted , covering assurances to the amount of 53700 / . and ieldingwith renewal premiumsan
, , y , , annual income of 3 , 501 / . 4 * . 5 d . " The proprietors are aware that many of the policies effected in the Sovereign are issued in connection with loans . During the crisis which prevailed in the commercial world , towards the close of 1847 and the beginning of the past year , the Directors thought it prudent to suspend almost entirely all operations arising from that department of business . " It having been thought desirable to ascertain the exact position of
the company ' s affairs , and the value of its assets and liabilities , from the commencement up to the close of the year ending the 9 th October last , the Directors took the opinion of Mr . Arthur Morgan , the Actuary of the Equitable Assurance Office , for that purpose . " The Directors have recently felt themselves at liberty to resume , to some extent , what so far has proved a safe and most valuable source of profit , and the result has been , that in the interval between the 9 th of October and the present time , sixty-seven proposals have been submitted to the Directors , out of which they have accepted forty-seven , and
already granted thirty-five policies , the others not having yet been taken up . " Two deaths only have occurred amongst the assured between the 9 th of January . 1846 , when the company commenced business , and the Sth of October last , in respect of which claims , amounting to the sum of 900 / ., have arisen , and which sum is included and allowed for in Mr . Morgan ' s valuation . On the other hand , an annuity granted by
the company , for which a consideration of 400 / . was received , has fallen in by the decease of the annuitant . " * In compliance with the unanimous resolution of the proprietors at the last general meeting , the Directors have declared all shares forfeited on which the call remained unpaid . " The Directors recommend that a dividend out of the interest arising from the subscribed capital of the company , shall be declared after the
rate of 41 . per cent , for the past year . " The Directors and Auditors retiring in rotation , offer themselves for re-election . " The report was , after some discussion , unanimously adopted . Several resolutions were unanimously passed , comprising the re-election of Directors and Auditors , and expressive of entire confidence in their management . Thanks were then voted to the Chairman and officers of the company , and the meeting terminated . VOL . VII . p
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
General Meetings.
G . J . FARRANCE , Esq ., responded to this vote . A vote of thanks , moved by the very Rev . the DEAN OF HEREFORD , and seconded by the Rev . CHARLTON LANE , Vicar of Kennington , was then unanimously awarded to the Chairman , who responded , in a very feeling address ; at the conclusion of which the court was declared dissolved .
SOVEREIGN LIFE ASSURANCE COMPANY , Jan . 3 . —The third annual general meeting of the proprietors of the Sovereign Life Assurance Company took place at the Thatched House Tavern . Lord Arthur Lennox in the chair . Report : — " The number of proposals made to the board during the past year , have been one hundred and ninety-one , in respect of which one hundred and seven policies have been granted , covering assurances to the amount of 53700 / . and ieldingwith renewal premiumsan
, , y , , annual income of 3 , 501 / . 4 * . 5 d . " The proprietors are aware that many of the policies effected in the Sovereign are issued in connection with loans . During the crisis which prevailed in the commercial world , towards the close of 1847 and the beginning of the past year , the Directors thought it prudent to suspend almost entirely all operations arising from that department of business . " It having been thought desirable to ascertain the exact position of
the company ' s affairs , and the value of its assets and liabilities , from the commencement up to the close of the year ending the 9 th October last , the Directors took the opinion of Mr . Arthur Morgan , the Actuary of the Equitable Assurance Office , for that purpose . " The Directors have recently felt themselves at liberty to resume , to some extent , what so far has proved a safe and most valuable source of profit , and the result has been , that in the interval between the 9 th of October and the present time , sixty-seven proposals have been submitted to the Directors , out of which they have accepted forty-seven , and
already granted thirty-five policies , the others not having yet been taken up . " Two deaths only have occurred amongst the assured between the 9 th of January . 1846 , when the company commenced business , and the Sth of October last , in respect of which claims , amounting to the sum of 900 / ., have arisen , and which sum is included and allowed for in Mr . Morgan ' s valuation . On the other hand , an annuity granted by
the company , for which a consideration of 400 / . was received , has fallen in by the decease of the annuitant . " * In compliance with the unanimous resolution of the proprietors at the last general meeting , the Directors have declared all shares forfeited on which the call remained unpaid . " The Directors recommend that a dividend out of the interest arising from the subscribed capital of the company , shall be declared after the
rate of 41 . per cent , for the past year . " The Directors and Auditors retiring in rotation , offer themselves for re-election . " The report was , after some discussion , unanimously adopted . Several resolutions were unanimously passed , comprising the re-election of Directors and Auditors , and expressive of entire confidence in their management . Thanks were then voted to the Chairman and officers of the company , and the meeting terminated . VOL . VII . p