LIFE INSURANCE COMPANIES. No. 11 of 1907.
such deposit, or by any other person interested therein, shall be made good out of moneys to be appropriated for the purpose by the Legislative Council.
(7) All securities deposited with the Registrar shall be lodged by him with the Treasurer for safe custody.
be with-
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4. Any company may, on giving due notice to the Registrar, withdraw from his custody any securities so deposited, and on depositing with him approved securities of an equal value, and such substituted securities shall for all purposes be treated as securities originally deposited.
securities.
5. The Governor shall in any case, whether of original or substituted deposit, be the sole judge of the value of such securities for the purposes of such deposit, and his decision shall be final and conclusive.
[s. 6, rep. No. 8 of 1909.]
periodical
7. The Registrar shall, annually, half-yearly, or at shorter periods, as shall be prescribed, prepare a report of each company which shall have made any deposit of securities, showing the nature and value of the securities deposited.
8. The Registrar shall not issue a certificate of incorporation to a company intending to carry on the business of life insurance in the Colony or in China unless such deposit as aforesaid shall have been made to the extent of 50,000 dollars.
Such deposit may be made by the subscribers of the memorandum of association of such company, or any of them, in the name of the proposed company, and such deposit upon the incorporation of such company shall be deemed to have been made by and to be part of the assets of such company.
made.
9. Any company which may have made a deposit of securities under this Ordinance may, on ceasing to carry on the business of life insurance in Hongkong or in China, as the case may be, and on the following conditions being complied with or performed, withdraw from such deposit any or all of the securities so deposited :-