972 THE HONGKONG GOVERNMENT GAZETTE, AUGUST 2, 1907.
Deposit.
85 and 84 Vict. c. 61, s. 3.
Existing Companies, before con-
tinuing busi- ness, must
deposit, &e.
The term "* policy 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 other contract with the company.
The term "policy" includes a contract for a policy for securing a life insurance, endowment, or annuity.
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" neaus the Registrar of Companies under The Companies Ordin-
auce 1865".
The term "Official Trusted" means the Official Trustee for the time being appointed under
The Trustee Ordiaunce 1991 *.
CONDITIONS TO BE COMPLIED WITH BY LIFE
ASSURANCE COMPANIES.
3. Every life insurance company wherever estab- lished or
to be established which shall after the com- mencement of this Ordinance begin to carry On the Lusiness of life insurance within the Colony, and every company registered in Hongkong which shall after the commencement of this Ordinance bugin to carry on the business of life insurance in China, shall and is hereby required to deposit with the Registrar securities to be approved by the Governor-in-Commeil to the value of fifty thousand dollars.
And every life insurance company wherever estab- lished which before the passing of this Ordinance carried ou the business of life insurance in Hongkong, if it continue to carry on such business in Hongkong, and every company registered in Hongkong which before 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 as aforesaid, securities approved as aforesaid to the value of fifty thousand dollars.
Provided that a life insurance company which had before the commencement of this Ordinance commenced to carry ou 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 to continue to carry on such business by reason only of receiving premiums in respect of policies or other contracts made before the commencement 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 Ordinance.
Every life insurance company liable to make a deposit- under this section shall whenever and so long as the deposit of such company shall be less than two hundred thonsaud dollars, send in yearly to the Registrar re- turns under the oath of the chairman, agent, 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, aud 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 amout of losses or claims actually paid in respect of such policies, deposit with the Registrar securities of such kinds as aforesaid, to the value of such balance of premiums, until the deposit equal two hundred thousand dollars.