https://www.taxtmi.com/caselaws?id=96920 A pre-existing dividing-scheme fund claim ceased to be enforceable once the Insurance Act, 1938 came into force, except to the extent permitted by the statute's distribution proviso. The association could validly amend its articles by special resolution to substitute a guaranteed scheme, because the statutory power to alter articles cannot be contracted away and remains effective if exercised within the statute, bona fide, and for the association's benefit. The amended articles were therefore binding on members, and the revised scheme prevailed over the challenge. en-us Mon, 12 Feb 1945 00:00:00 +0630 Fri, 13 Jan 2012 11:38:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96920 A pre-existing dividing-scheme fund claim ceased to be enforceable once the Insurance Act, 1938 came into force, except to the extent permitted by the statute's distribution proviso. The association could validly amend its articles by special resolution to substitute a guaranteed scheme, because the statutory power to alter articles cannot be contracted away and remains effective if exercised within the statute, bona fide, and for the association's benefit. The amended articles were therefore binding on members, and the revised scheme prevailed over the challenge. Case-Laws Companies Law Mon, 12 Feb 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96920