The Sydney Insurance Company's Act of 1855 as amended by the Act of 1860 No sic (NSW)

An xict to amend an Act intituled “ An Act to “ incorporate a (hnipany to he called ‘ The “ Sydney Insurance Company.' ” [26 /̂i April,

I860.]

\¥7^ IIEREAS an Act was ])asso(l l)y the Governor and Legislative rrcamWo.

Council of Xew South Wales in the nineteenth year of the

Conipany to he called ‘ The Sydneu Insurance Company' ” for the pur- couutiny Act!'''̂ ”

pose; of carrying on the business ealhal or known as lire and lift̂ and

marine insurances And wherc'us it is expedient and necessary to

amend tlie said Act by extending the powers and authorities thereby

eonlerred so as to (arable 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 shareholders to apply all or any portion of the moneys

for the tim(i being standing to the credit of the contingent fund and

reserved fund or (utlier 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

? y

reign of Her present Majesty intituled “ A# Act to incorporate « i:> vic in Parliament assembled and by the authority of the same as follows—

1.               Erom the time of the passing of this Act the sixty-sixth Scc. (;r. of lo vict.

section of the said Act intituled “ Au Act to incorporate a Company to he called ‘ The hSydney Insurance Company' ” shall be and the same is hereby repealed.

$58 23 ̂ VIC. 1860,

Mount Keirn Tramroad.

Powers of dirfiotors.

2. I t shall he lawful for and the directors for the time being of the said company are hereby empowered before apportioning the half-yearly profits to be divided among the shareholders to set aside thereout such sum or sums as they may think proper to meet 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 Hescrve Eund” 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 applied 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 tlic 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.

3. The said recited Act may be cited for all purposes as “ The Sydney Insurance Company’s Act of 1855 as amended by the Act of 1860.”