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2. Clause 2 of the Bill, which replaces sub-section 5 (2) sets out the nature of the securities to be deposited. In future only cash or gilt-edged securities will be accepted as deposit. The proviso allows those companies which have already made a deposit a period of three years within which they must comply with the new requirements.
June, 1940.
C. G. ALABASTER,
Attorney General.
[No. 21-19.6.40.-1.]
:
A BILL
INTITULED
An Ordinance to amend the Life Insurance Companies
Ordinance, 1907.
BE it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Life Insurance Short title. Companies Amendment Ordinance, 1940.
of Ordinance
2. Sub-section (5) of section 3 of the Life Insurance Amendment Companies Ordinance, 1907, is repealed and the following No. 11 of sub-section is substituted therefor
1907, s. 3 (5).
(5) The deposit shall consist of securities of the following Nature of
nature--
deposit. [ef. Ordin- ance No. 18
(a) fixed deposits in banks approved by the Governor in of 1934, Council;
(b) stocks, funds or securities, other than the security of a charge on land by way of legal mortgage or otherwise, authorized by the Trustee Act, 1925, or in any manner which may be authorized by any Act amending or replacing the said Act:
(c) any Government securities of the Colony :
Provided that any company which has, before the 1st day of July, 1940, deposited securities not of the aforesaid nature shall have a period of three years from such date to replace such securities by securities of the aforesaid nature.
s. 4].
of Ordinance
3. Sub-section (8) of section 3 of the Life Insurance Amendment Companies Ordinance, 1907, is amended by the deletion of ordinar the words other than bank deposits in the name of the 1907, Official Trustee ".
s. 3 (8).
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