974 THE HONGKONG GOVERNMENT GAZETTË, AUGUST 2, 1907.
After notice given of withdrawal of deposit, Company
not to
carry on business.
Life Funds separate.
33 and 34 Vict. c. 61.
s. 4.
Statements to be made by Com- panies.
Ib. s. 5.
Statements
by Company doing other
than life business.
Hb. s. 6.
Actuarial report and abstract,
[b. s. 7.
(3.) On satisfying the Registrar that after the proposed withdrawal has been made, the re- mainder of the securities left on deposit would be equal in value, as estimated by the said Registrar, to the amount of the moneys insured or contracted to be paid by the company in or by the policies outstanding at the time when such withdrawal is intended to be made.
The Registrar shall cause every notice so given as in this section provided, and also his decision with regard to every such proposed withdrawal, to be published at the cost of the life insurance company as he may think fit.
10. No life insurance company having given any such notice as in the preceding section provided shall thereafter recommence to carry on the business of life insurance in Hongkong or in China as the case may be nuless it shall first make the deposit provided for in the third section of this Ordinance as in the case of a life insurance company beginning to carry on such business after the commencement of this Ordinance; but such new deposit shall be treated as a separate deposit from any securities remaining deposited under the preceding section of this Ordinanec: Provided that the receipt of premiums or other moneys in respect of policies made before such notice and the discharge of liabi- lities thereon, and the doing of other acts relating to such policies, shall not be deemed to be a recommencement of a carrying on of business within the meaning of this section.
11. In the case of a life insurance company, established before or after the commencement of this Ordinance trans- acting other business besides that of life insurance, a separate account shall be kept of all receipts in respect of the life insurance and annuity contracts of the company, and the said receipts shall be carried to and form a separate fund, to be called the life insurance fund, of the company, and such fund shall be as absolutely the security of the life- policy and annuity holders as though it belonged to a life insurance company carrying on no other business than that of life insurance, and shall not be liable for any contracts of the company for which it would not have been liable had the business of the company been only that of life insurance; and in respect to all existing life insurnuce companies, the exemption of the life insurance fund from liability for other obligatious than to its life-policy holders shall have reference only to the contracts entered into after the commencement of this Ordinance, unless by the con- stitution of the company such exemption already exists; but this Ordinance shall not diminish the liability of any life insurance fund for any contracts of such company entered into before the commencement of this Ordinance : Provided always that this section shall not apply to any contracts made by any life insurance company existing at the commencement of this Ordinance by the terms of whose decd of settlement the whole of the profits of all the business are paid exclusively to the life-policy holders, and on the face of which contracts the liability of the insured distinctly appears.
12. From and after the commencement of this Ordinance every life insurance company shall, at the expiration of cuch financial year of such company, prepare a statement of its revcune account for such year, and of its balance sheet at the close of such year, in the forms respectively contained in the first and second Schedules to this Ordinance.
13. Every life insurance company which, concurrently with the granting of policies of insurance or annuities on human life, transacts any other kind of insurance or other business shall at the expiration of each such financial year as aforesaid prepare statements of its revenue account for such year, and of its balance sheet at the close of such year, in the forms respectively contained in the third and fourth Schedules to this Ordinance.
14. Every life insurance company shall, once in every five years if established after the commencement of this Ordinance, and once every ten years if established before the commencement of this Ordinance, or at such shorter