521
www
Deposits.
9 Edw. 7, c. 49, s. 2.
Ordinance
No. 11 of
5.-(1.) Every insurance company shall deposit and keep deposited with the Registrar of Companies the sum of one hundred 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;
(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 trust 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 [or intends [ ] to carry on or is empowered to carry on] 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 any regulations for the time being in force thereunder, the 1907, s. 3 (1) Governor in Council shall be the sole judge of the nature of the securities to be accepted and of the value of any securities deposited or proposed to be deposited under this Ordinance.
and s. 5.
Accounts
and balance
sheets to be prepared
and filed.
(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 to make such deposit.
6.-(1.) Every insurance company shall at the expiration of each 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 au 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;
(c) if the insurance company is not a corporate body, by the three principal officers of the in- surance company.
(4.) If any question arises as to whether any particular persons come within the descriptions referred to in sub- section (3) of this section, it shall be lawful for the Registrar of Companies to direct by what persons the copics to be filed shall be signed,
(5.) With every account and balance sheet so filed there shall be filed with the Registrar of Companies ▲ every ▷ a copy of report on the affairs of the insurance company submitted to the shareholders or policy holders of the insurance company in respect of the financial year to which such account or