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THE HONGKONG GOVERNMENT GAZETTE, FEBBUARY 22, 1918. 65
On Council resuming, the Attorney General reported that the Bill had passed through Committee with amendments and moved that it be read a third time.
The Colonial Secretary seconded. Question-put and agreed to.
Bill read a third time and passed.
FIRE AND MARINE INSURANCE COMPANIES DEPOSIT BILL.-The Attorney General addressed the Council and moved the Second reading of the Bill intituled An Ordinance to provide for the making of deposits by certain persons firms and companies carrying on fire or marine insurance business.
The Colonial Secretary seconded. Question-put and agreed to.
Bill read a second time.
Council in Committee on the Bill.
On the motion of the Attorney General the following amendments were agreed to:- In section 2, sub-section (1), the words "within the Colony" at the end thereof were deleted.
In section 4, sub-section (1), the words "or of both fire and marine insurance business," were inserted after the word "business," in the second line; the words “ or both fire and marine insurance business, as the case may be, within the Colony," were inserted after the word "business," in the sixth line; and the following new sub-section, num- bered (3), was added to the section :-
“(3.) Every such deposit shall be maintained by the company whether it carries on
any business within the Colony or not.”
In section 5, sub-section (1), the words "which carries on business within the Colony" were inserted after the word company" in the first line.
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In section 5, sub-section (4), the words "or intends to carry on or is empowered to carry on" in the first and second lines were deleted and the words within the Colony were substituted therefor.
In section (6), sub-section (1), the words Colony" were inserted after the word "company
*C
which carries on business within the
in the first line.
In section 6, sub-section (5), the words " a copy of" were inserted after the word "Companies" in the second line and after the word "and" in the sixth line respectively; and the words "and every such copy so filed shall be signed in the same manner as is provided in the case of accounts and balance sheets by sub-section (3) of this section ' were inserted at the end of the sub-section.
Section 1 was deleted and the following substituted therefor :----
11.-(1.) Every insurance company which proves to the satisfaction of the Registrar Exemptions.
of Companies that it is maintaining 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 pos- session 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."
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In Regulation 9 in the First Schedule the words "and typhoon" were inserted. after the word 'fire" in the third line; and the words value which such property represents for the purpose of the deposit" in the fourth and fifth lines were deleted and the words "full insurable value thereof" were substituted therefor.
On Council resuming, the Attorney General reported that the Bill had passed through Committee with amendments and moved that it be read a third time.
The Colonial Secretary seconded.
Question-put and agreed to.
Bill read a third time and passed.
ADJOURNMENT.-The Council then adjourned until after the meeting of the Finance
Committee.