E+W+S+N.I.

Drouly Fund Act 1838

1838 CHAPTER 89 1 and 2 Vict

An Act respecting the transfer of certain Funds to the Secretary at War and the Paymaster General

[14th August 1838]

Whereas John Drouly esquire, late a colonel in his Majesty’s army and governor of Cowes Castle in the Isle of Wight, who died on the eleventh of September one thousand eight hundred and eighteen, did by his will and codicil, in the terms recited in the schedule hereto annexed, bequeath to the secretary at war and paymaster of the forces for the time being the sum of ten thousand pounds three pounds per centum reduced bank annuities, upon trust to be by them applied in payment of certain annuities to officers widows:

Annotations:

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Modifications etc. (not altering text)

C1 Short title “The Drouly Fund Act 1838” given by Short Titles Act 1896 (c. 14)

C2 Functions of Secretary at War now exercisable by a Secretary of State: Secretary at War Abolition Act 1863 (c. 12), s. 1 and Defence (Transfer of Functions) Act 1964 (c. 15), s. 1(2)

C3 Part of Preamble omitted under authority of Statute Law Revision (No. 2) Act 1890 (c. 51)

C4 Certain words of enactment repealed by Statute Law Revision (No. 2) Act 1888 (c. 57)

C5 Certain words of enactment and other words repealed by Statute Law Revision (No. 2) Act 1890 (c. 51)

[1.] Transfer of the Fund. Nature of the Account. Death of Officer. E+W+S+N.I.

There shall be raised an account in the books of the Bank of England, and such account shall be entitled “The Stock Account of the Secretary at War and the Paymaster General, as Trustees under the Will of the late Colonel John Drouly;” and immediately after the passing of this Act the said sum of ten thousand pounds three per centum reduced bank annuities, now standing in the books of the Bank of England in the names of the right honourable Henry John viscount Palmerston and the right honourable Charles Long, shall stand transferred to the said account, subject to the trusts of the said will, and thenceforth the said account shall be a public account; and upon the death, resignation, or removal of either of them, the said secretary at war and paymaster general for the time being, and until the appointment of his successor, the balance of the said account shall vest in the other of them, but upon every such appointment the said balance shall again vest jointly in the then secretary at war and paymaster general; and in the case of the death of any such secretary at war or paymaster general such balance shall not constitute assets of the deceased, nor be in any manner subject to the control of his personal representatives.

2 Vesting the fund in the Paymaster General for the time being. E+W+S+N.I.

And whereas the said Colonel John Drouly did direct one half of the residue of his estates to be paid to the treasurer of the Royal Military Hospital at Chelsea, for the benefit of the pensioners of the said Hospital, as the governors thereof should from time to time order: There shall be raised an account in the books of the Bank of England, and such account shall be entitled “The Stock Account of the Paymaster General, as Trustee in regard to the Drouly bequest to Chelsea Hospital,” and such account shall be a public account; and upon the death, resignation, or removal of any such paymaster general, and the appointment of his successor, the balance of such account shall vest in such successor; and in case of the death of any such paymaster general such balance shall not constitute assets of the deceased, nor be in any manner subject to the control of his personal representatives.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C6 Part of recital omitted under authority of Statute Law Revision (No. 2) Act 1890 (c. 51)

3 Transfer of the fund. E+W+S+N.I.

The sum of sixteen thousand seven hundred and thirty-nine pounds three shillings and five-pence three per centum consolidated bank annuities, standing in the names of the said Richard Neave and William Henry Spicer, the surviving trustees of the said last-mentioned fund on behalf of Chelsea Hospital, shall stand transferred to the said account, so that the same may be held by the said paymaster general, subject nevertheless to the direction of the said commissioners of Chelsea Hospital as to the application thereof; . . . F1

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1 Words repealed by Statute Law Revision (No. 2) Act 1874 (c. 96)

Modifications etc. (not altering text)

C7 Functions of Commissioners of the Royal Hospital for Soldiers at Chelsea so far as they relate to pensions or grants to which War Pensions Acts 1915 to 1921 apply or those in respect of wounds or disabilities suffered in any war before 4.8.1914 or those payable on account of disablement or death arising out of service after 2.9.1939 now exercisable by Secretary of State: Ministry of Pensions Act 1916 (c. 65), s. 2(1)(b), War Pensions Act 1920 (c. 23), s. 1(1), S.R. & O. 1939/1194 (Rev. XV, p. 169: 1939 II, p. 2557), S.I. 1953/1198 (1953 I, p. 1228), Ministry of Social Security Act 1966 (c. 20), s. 2 and S.I. 1968/1699

4 Power to grant power of attorney for purchase or sale of stock, and for receipt of dividends; exempt stamp duty. E+W+S+N.I.

And with respect to the purchase or sale of any public stock made in pursuance of the trusts of the will of the said colonel John Drouly upon either of the accounts herein mentioned, standing in the names of the secretary at war and paymaster general, or in the name of the paymaster general, and with respect to the receipt of the dividends of the said stocks, be it enacted, that the secretary at war and the paymaster general jointly, as to the said first-mentioned fund of ten thousand pounds three per centum reduced bank annuities, or the paymaster general alone as to the said last-mentioned fund of sixteen thousand seven hundred and thirty-nine pounds three shillings and five-pence three per centum consolidated bank annuities, may by power of attorney authorize any person to make such purchase or sale of stock on the said accounts respectively, and may by power of attorney authorize any person to receive the dividends now due, or hereafter to grow due thereon; and every such power shall be under the hands and seals of the secretary at war and paymaster general, or under the hand and seal of the paymaster general, as the case requires; and the execution thereof shall be attested by two credible witnesses; and every such power of attorney shall be exempt from stamp duty.

SCHEDULE E+W+S+N.I.

to which this Act refers

Extract from the Will of the late Colonel John Drouly

“Idirect that the said Alexander Fraser, George Ridge senior, and George Ridge junior, and John Ridge, my said trustees, and the survivor of them, his executors or administrators, do and shall transfer into the name of the secretary at war and paymaster general for the time being the sum of ten thousand pounds three pounds per centum reduced bank annuities, upon trust to be by them applied in payment of the annuities or yearly sums hereinafter mentioned; videlicet, to the widows of officers in the army who shall be killed or die in the service, and whose yearly income shall not exceed the sum of thirty pounds exclusive of their annual pensions, (that is to say,) to the widows of five captains the sum of twenty-five pounds each per annum, to the widows of five lieutenants the sum of twenty pounds per annum each, and to the widows of five cornets or ensigns the sum of fifteen pounds per annum each; the nominations to be made by the secretary at war and the paymaster general for the time being, subject to his Majesty’s approbation.”

Extract from a Codicil to the Will of the said Colonel John Drouly

“Now my intention and meaning is, that the widows of such officers as are killed upon service shall upon all occasions have preference; and that in making a selection of proper objects the secretary at war and paymaster general will always keep in view that such widows as have most children born in wedlock are to be preferred to those of the same description who have fewer in number.”