This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 Excerpt: ... in pursuance of the Life Assurance Companies Acts paid into, and there is now in the Bank of England, as a security for the policy-holders,, and the residue ( ) of the subscribed capital has been as above appears expended in preliminary expenses. 12. The directors have not yet published or prepared the balancesheets ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 Excerpt: ... in pursuance of the Life Assurance Companies Acts paid into, and there is now in the Bank of England, as a security for the policy-holders,, and the residue ( ) of the subscribed capital has been as above appears expended in preliminary expenses. 12. The directors have not yet published or prepared the balancesheets and accounts of the company for the year, nor have the investigation and statement required by the Life Assurance Companies Act, 1870, yet been deposited as provided by that Act or published. Such investigation, balance-sheet, and accounts have been purposely delayed and kept back by the company and the directors thereof in order not to disclose the insolvent position of the company. Your petitioner is therefore unable to state exactly what has been the business done by the company since the: --day of. But it is the fact that such business haB been carried on in the same manner as heretofore and as hereinbefore stated by the company, and the expenditure of the company during such period has exceeded the receipts, and the financial position of the company is now worse than it was on the day of, the date up to which the last published balancesheets and accounts of the company were made up. 13. The company has no "assurance fund" properly so called, whatever. Apart from the said sum of invested as aforesaid the existing assets of the company are very small, and totally insufficient to enable the company to carry on its business and meet claims as they fall due. Further the company is indebted on various open accounts to the amount of or thereabouts, whereas the present assets of the company available for payment thereof do not exceed or thereabouts. 14. Here state other particular reasons shewing that a w...
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