HC Deb 17 April 1888 vol 324 cc1480-1
DR. CLARK (Caithness)

asked the President of the Board of Trade, Whether he is aware that a Company, calling itself the Provident Association of London (Limited), carrying on business which has been described by the Managing Director as that of both an Insurance Association and a Building Society, offers to the representatives of deceased members, beneficial advantages to which living members are not entitled, under the Rules of the Association; whether a Company carrying on business of this nature is required, under the provisions of "The Insurance Companies Act, 1870," to deposit with the Accountant General the sum of £20,000; and, whether this Company has complied with this provision of the Statute?


I am informed that the Memorandum and Articles of the Company referred to by the hon. Member were first produced at the Office of the Registrar of Joint Stock Companies on the 29th of April, 1884; but were referred back for the Objects Clause to be so amended as to make it quite clear that life insurance was not included. This was done, the words added to the Memorandum being— Provided that nothing herein contained shall authorize the Company to grant annuities or assurance on human life. With this amendment the registration was allowed without the deposit of the £20,000 being made. I further understand that, since the date of registration, nothing is known of the Company, except that the Registrar has received regularly the Annual Returns, and has filed a copy of one immaterial Special Resolution. If any facts are brought under the notice of the Board of Trade, showing that the business of life assurance is being carried on by the Company, I will direct that further inquiry be made as regards the position of the Company under the Act referred to.