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THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 28, 1917. 717
Exemptions.
application of one or more policy holders or shareholders, direct), the default shall be a ground on which the Court may order the winding up of the insurance company, in accordance with the Companies Ordinances, 1911-1915.
11.-(1.) Every insurance company which proves to the satisfaction of the Registrar of Companies that it is main- taining a deposit in respect of insurance business under any enactment in force in the United Kingdom, or in respect of fire or marine insurance business under any enactment in force in any British possession or protectorate, shall be exempt to the extent of such deposit from making a deposit under this Ordinance.
(2.) For the purposes of this section one pound sterling, or five gold dollars, or ten Straits Settlements dollars, or fifteen rupees, shall be deemed to be equivalent to ten Hongkong dollars, tel
Passed the Legislative Council of Hongkong, this 27th day of December, 1917.
Ї
A. G. M. FLETCHER,
Clerk of Councils.?
Assented to by His Excellency the Governor, the 27th day of December, 1917.
CLAUD SEVERN,
Colonial Secretary.
FIRST SCHEDULE.
REGULATIONS.
Deposit.
1. One half of the deposit may be in approved leasehold property in the Colony of Hongkong or in other approved securities.
2. If the insurance company proposes to make any part of the deposit in leasehold property or other securities it shall submit a list of such leasehold property or securities to the Registrar of Companies for the approval of the Governor in Council.
3. The value of any securities other than leasehold property shall be the market value of the securities on the day on which they were submitted to the Registrar of Companies, and the Governor in Council shall be the sole judge of what the market value was in any particular
case.
4. Any part of the deposit which consists of leasehold property* shall take the form of a legal mortgage to the Registrar of Companies.
5. If any part of the deposit consists of securities other than leasehold property such document or documents shall be executed by or on behalf of the insurance company as will either transfer the legal ownership to the Registrar of Companies or as will enable him to complete such transference without any further concurrence on the part of any other person.
6. If at any time the Registrar of Companies is of opinion that any leasehold property or other securities have fallen below the value at which they were accepted he shall call upon the insurance company to make a further deposit in order to make up the deficiency.
7. If the insurance company is dissatisfied' with any such requisition it may appeal to the Governor in Council who shall thereupon determine whether any further deposit is necessary, and if so to what
amount.
8. Subject to the provisions of sub-section (1) of section 5 of the Ordinance, an insurance company shall be entitled at any time to sub- stitute approved securities for any part of its existing deposit, and the -provisions of these regulations with regard to the original deposit shall
apply mutatis mutandis to any such substituted deposit.