ance, may be made notwithstanding that by the contract of insurance or a previous declaration the insurance money is payable to a trustee for preferred beneficiaries. Inalienable Policies. [1916, c. 25, s. 13.] assignment or 14. (1) Whenever by the terms of any policy of insur- Prohibition of ance, or by any subsequent declaration the policy moneys- charge of policy (a) are made payable to any preferred beneficiary inalienable or beneficiaries; and (b) are declared to be inalienable, such policy moneys or such part thereof as is hereinafter mentioned shall be payable to the said beneficiary or beneficiaries in accordance with the terms of the policy and not otherwise, and shall not be capable of being assigned, or charged, taken in execution or attached, or in any other way assigned or charged, voluntarily or involuntarily, or with or without legal process. declared of section (2) This section shall only apply to any part of that Application monthly or periodical payment to a beneficiary, which, together with like parts of the other monthly or periodical payments payable to him, does not exceed twenty-four hundred dollars per year. incurred for (3) Nothing in this section contained shall prevent Debts the recovery by process of law of any debt incurred for the food, clothing, necessary food, clothing or medical attendance of a beneficiary or his or her infant children. etc. of removal of (4) In addition to the other powers conferred by this Declaration Act upon the assured in respect of a contract of insurance inalienability for the benefit of preferred beneficiaries, he may by written notice to the insurer or by will declare that the policy moneys or any part thereof shall no longer be inalienable, whereupon the provisions of this section shall not apply to the said policy moneys or part thereof, unless and until he makes a later declaration that such policy moneys or part thereof shall be inalienable. [1922, c. 4, s. 13.] Payment of Shares of Infants. trust company 15. (1) If no trustee of the insurance money is named Payment to or appointed, shares of infants may be paid to a trust company appointed as trustee by the Supreme Court or a judge thereof under the provisions of The Trust Companies Act upon the application of the infants or their parents or guardian, and such payment shall be a discharge to the insurer. to widow (2) When insurance money not exceeding two thousand Payment dollars is payable to the wife and children, or to the children of the assured, and one or more of the children Investment Order for payment into Court are infants, the Court may, if the assured is dead and if the widow of the assured is the mother of such infants, appoint such widow as their guardian with or without security, and such insurance money may be paid to her as such guardian. (3) A trustee, subject to the terms of the trust instrument, or a guardian, may invest the money received in any security in which trust companies under the provisions of The Trust Companies Act may invest trust funds, and may from time to time alter, vary and transpose the investments, and where the money is held for infants may also apply all or part of the annual income arising from the share or presumptive share of each of the infants in or towards his maintenance and education in such manner as the trustee or guardian thinks fit; and may also with the approval of the Supreme Court or a judge thereof advance to and for any of the infants notwithstanding his minority, the whole or any part of his share for his advancement or preferment in life or on his marriage. [1916, c. 25, s. 14.] 16. If there is no person competent to receive the share of an infant in the insurance money and the insurer admits the claim or any part thereof, the insurer at any time after the expiration of two months from the date of the admission of the claim or part thereof may obtain an order from the Supreme Court or a judge thereof for the payment of the share of the infant into Court; and in such case the costs of the application shall be paid out of the share, unless the Court or judge otherwise directs, and the residue shall be paid into Court pursuant to the order, and such payment shall be a sufficient discharge to the insurer for the money paid; and the money shall be dealt with as the Court or judge may direct. [1916, c. 25, s. 15.] HIS CHAPTER 173. An Act respecting Mutual Fire Insurance. IS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: Short Title. 1. This Act may be cited as "The Mutual Fire Insur- Short title ance Act." [1903(2), c. 21, s. 1.] Interpretation. 2. In this Act, unless the context otherwise requires, Interpretation (b) "Mutual fire insurance company" or "mutual "Mutual insurance" shall mean insurance against (d) "Premium note" shall mean an instrument given (e) "Registrar" shall mean the Registrar of Joint Stock Companies. Incorporation. company 3. (1) Any thirty or more persons each having an Formation of insurable interest in property real or personal exposed to damage by fire who may desire to form a mutual fire insurance company under this Act may make and sign a certificate in writing in which shall be stated (a) that the persons signing have agreed to form a (c) the name of the city, town or other place in which Incorporation First general meeting (d) that each person signing will become a member of the company by insuring with the company property in which he has an insurable interest according to the mutual insurance plan and subject to the rates, tariffs and entrance fees to be determined by the provisional directors of the company; (e) the number and names of the provisional directors of the company, who shall not be less than seven nor more than fifteen and who shall manage all the affairs of the company until the first general meeting of the company; (f) that the members are not individually liable for the debts of the company beyond the amounts due under the premium notes given by each to the company. (2) Such certificate shall be in duplicate and shall be signed in the presence of at least one witness and shall be accompanied by an affidavit of the witness proving the signatures made before some person authorized to take affidavits for use in the Supreme Court. (3) The total amount of insurance proposed to be taken under such certificate shall be not less than thirty thousand dollars. [1903(2), c. 21, s. 3.] 4. A duplicate of the said certificate shall be filed with the Registrar accompanied with a fee of ten dollars and thereupon the subscribers thereto and other persons thereafter becoming members shall be a body corporate by and under the name adopted and approved by the Registrar and have a common seal. [1903(2), c. 21, s. 4.] 5. The Registrar shall thereupon fix the date and place of the first general meeting of the company and cause a notice to be published in the next and one following issue of The Alberta Gazette in the form following, viz.: "MUTUAL FIRE INSURANCE ACT. "Certificate filed for incorporation of the.. Mutual Fire Insurance Company of this date. "Head office in.. Province of Alberta. "The following are the provisional directors of the com pany, viz.: (insert names and addresses). "The liability of the members is limited. "The first general meeting of the company will be held in of certified 6. A copy of any certificate of incorporation filed in Admissibility pursuance of this Act certified by the Registrar or a copy copy of of The Alberta Gazette containing the Registrar's notice of cof such certificate or a certificate of the Registrar of any facts respecting any mutual company shall be prima facie evidence of the facts therein stated. [1903(2), c. 21, s. 6.] incorporation company 7. A mutual company so incorporated may sue or be Powers of sued in any Court under its corporate name; it may purchase, lease, hold, sell, convey or mortgage any real or personal property required for the business of the company or for the investment of any reserve fund or other moneys belonging to the company; it may also invest funds belonging to the company or mortgage on real estate; or in the purchase of Dominion, provincial or municipal bonds or on such other securities or investments as the directors may select; and it may appoint such officers or agents as the business of the company shall require and define their powers and duties and fix their remuneration and the amount of the security to be required of them; and it may make by-laws not inconsistent with this Act for the management of its business, the regulation of the tariff of rates, the levying of assessments and the terms and conditions of its insurance policies. [1903(2), c. 21, s. 7.] the corporate 8. The corporate powers of every mutual company shall Forfeiture of be forfeited and cease, except for the purpose of winding powers up, if either (a) there are not before the lapse of one year from the or (b) at any time thereafter the total amount of such powers by directors 9. The corporate powers of every mutual company may Exercise of be exercised by the provisional board of directors prior to provisional the date of the first meeting of the company and thereafter by the successive boards of directors appointed by the members of the company. [1903(2), c. 21, s. 9.] 10. The provisional directors of every mutual company Provisional shall (a) within one month after the incorporation thereof directors to appoint officers |