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THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 28, 1917.
4.-(1.) No company which has amongst its objects the New com- carrying on of fire or marine insurance business, or of both panies. fire and marine insurance business, whether within or without the Colony, shall hereafter be registered until such deposit or deposits as would be required under this Ordi- nance if the company were actually incorporated, and were carrying on fire or marine insurance business, or both fire and marine insurance business, as the case may be, within the Colony, shall have been made.
(2.) The deposit or deposits may be made by the 9 Edw. 7, subscribers of the memorandum of association of the com- c. 49, s. 2 (3), pany, or any of them, in the name of the proposed company,
and upon the incorporation of the company shall be deemed
to have been made by, and to be part of the assets of, the company.
(3.) Every such deposit shall be maintained by the company whether it carries on any business within the Colony or not.
5.—(1.) Every insurance company which carries on Deposits. business within the Colony shall deposit and keep deposited 9 Edw. 7, with the Registrar of Companies the sum of one hundred c. 49, s. 2. thousand dollars or securities to that value.
(2.) At least one half in value of the said deposit shall
consist of securities of the following nature :-
(a) fixed deposits in banks approved by the Gover-
nor in Council ;
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(b) British, Indian, or Colonial Government bonds
or stocks; or
(c) securities authorised by law for the time being
in the United Kingdom for the investment of 1rust funds.
(3.) Every such deposit shall be held by the Registrar of Companies in trust for the insurance company which shall have made the deposit in question.
(4.) If an insurance company carries on within the Colony both fire and marine insurance business a separate sum of one hundred thousand dollars, or securities to that value, shall be deposited under this section in respect of each class of business.
(5.) Subject to the provisions of this Ordinance and to Ordinance any regulations for the time being in force thereunder. the No. 11 of Governor in Council shall be the sole judge of the nature 1907, s. 3 (1) of the securities to be accepted and of the value of any securities deposited or proposed to be deposited under this Ordinance.
(6.) Insurance companies carrying on business in the Colony at the date of the commencement of this Ordinance shall have a period of six months from such commencement
o make such deposit.
and s. 5.
6.-(1.) Every insurance company which carries on Accounts business within the Colony shall at the expiration of each and balance financial year prepare and cause to be printed :-
(a) a revenue account for the year in Form No. 1
in the Second Schedule hereto;
(b) a profit and loss account in Form No. 2 in the
Second Schedule hereto; and
(c) a balance sheet in Form No. 3 in the Second
Schedule hereto.
(2.) Every such account and balance sheet shall, if the Governor in Council so orders, be audited by an auditor approved by the Governor in Council.
(3.) A copy of every such account and balance sheet shall be filed with the Registrar of Companies within six months after the close of the period to which the account or balance sheet relates, and every such copy so filed shall be signed by the following persons ;-
(a) in all cases, by the auditor referred to in sub-
section (2) of this section;
(b) if the insurance company is a corporate body, by the secretary or principal officer and two directors of the company, such directors to include the chairman, and the managing direc- tor if any;
sheets to be prepared and filed.
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