§ Mr. O'SHAUGHNESSYasked whether the policy holders in the Irish Provident Assurance Company, which is now before the Chancery Division of the High Court of Justice in Ireland on petition for its formal winding up, will be returned the premiums paid by them to the company on their policies, or whether, without forfeiting their premiums, they will be bound to continue as policy holders in a new company which it is understood is being formed to take over the engagements of the old company; and whether, in the interval, till a scheme was prepared, the policy holders will be bound to pay their premiums?
§ Mr. TENNANTThe first part of the hon. Member's question depends on the amount of the assets possessed by the Irish Provident Assurance Company and the contract between the company and its policy-holders. Both these questions will be ascertained by the Court in the event of the Court making an order for winding-up. With regard to the second part of the question, a transfer of policies from one assurance company to another company may be effected either by order of the Court, after hearing policy-holders desiring to object, or by means of agreements made with the policy-holders individually. If the scheme of arrangement, the preparation of which has been approved by Mr. Justice Barton, is proceeded with, it cannot, as I have already pointed out, become binding on the policy-holders unless agreed to by a majority in number representing three-fourths in value of the policy-holders present, either in person or by proxy, at the meeting, and it must be approved by the Court. In no case has the Board of Trade any power of control or of supervision, nor is the Board of Trade in a position to give advice to policy-holders with regard to the payment of their premiums.
§ Mr. O'SHAUGHNESSYIf the company be transfered, will the three-fourths majority bind the one-fourth?
§ Mr. TENNANTI would like to have notice of that.