THE HONGKONG GOVERNMENT GAZETTE, JULY 19, 1907.
The term "poliey holder" means the person who
for the time being is the legal holder of a policy for securing the life insurance, endow- ment, annuity or fire or marine insurance or other contract with the company.
The term "policy" includes a contract for a policy for securing a life insurance, endowment, or annuity or a fire or marine insurance. The term "financial year" means each period of twelve months at the end of which the balance of the accounts of the company is struck; or if no such balance is struck, then each period of twelve months ending with the thirty-first day of December.
The term "Court" means the Supreme Court of
Hongkong.
The term Registrar “ ineans the Registrar of Companies under The Companies Ordin-
ance 1865".
The term "Official Trustee" means the Official Trustee for the time being appointed under
The Trustee Ordinance, 1901 ".
CONDITIONS TO BE COMPLIED WITH BY LIFE ASSURANCE COMPANIES.
Vict. e. 61.
s. 3.
3. Every life insurance company wherever estab- Deposit. lished or
to be established which shall after the com- 33 and 34 mencement of this Ordinance begin to carry 011 the business of life insurance within the Colony, and every company registered in Hongkong which shall after the commencement of this Ordinance begin to carry on the business of life insurance in China, shall and is hereby required to deposit with the Registrar of Companies securi- ties to be approved by the Governor-in-Conneil to the value of fifty thousand dollars,
ness, must
And every life insurance company wherever estab- Existing lished which before the passing of this Ordinance carried Companies, on the business of life insurance in Hongkong, if it before con-
tinuing busi- continue to carry on such business in Hongkong, and every company registered in Hongkong which before deposit, &c. the passing of this Ordinance had carried on the business of life insurance in China, if it intend to carry on such business in the colony or in China, shall and is hereby required to deposit, within six months from the commence- ment of this Ordinance, with the Registrar of Companies as aforesaid, securities approved as aforesaid to the value of fifty thousand dollars,
Provided that a life insurance company which bad before the commencement of this Ordinance commenced to carry on the business of life insurance in Hongkong or being registered in Hongkong had commenced to carry on the business of life insurance in China shall not be deemed in continue to earry on such business by reason only of receiving premiums in respect of policies or other contracts made before the coaamenecment of this Ordinance; but if any such company after the commencement of this Ordinance, carries on the business of life insurance ex- cept in respect of a policy contracted for before the commencement of this Ordinance, such company shall be subject to the provisions of this section as if it were a life insurance company commencing to carry on the business of life insurance after the commencement of this Ordinauce.
Every life insurance company liable to make a deposit mader this section shall whenever and so long as the deposit of such company shall be less than two hundred thousand dollars, send in yearly to the Registrar of Companies returus under the oath of the chairman, agrut, secretary or other principal officer of the company of the amount of premiums received by the company on account of such policies issued, granted or entered into, in Hong- kong, and in the case of a company registered in Hong- kong, entered into in China, by such company whether before or after the commencement of this Ordinance, as the company is for the time being liable in respect of. And the life insurance company shall, after deducting twenty-five per centum therefrom and the net amount of losses or claims actually paid in respect of such policies, deposit with the Registrar of Companies securities of such kinds as aforesaid, to the value of such balance of premimas, until the deposit equal two hundred thousand dollars,
893