(1) those which, being born under the Act, Walt Disney
the obligation as to making e
76
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Deposit: (2) those which, established in the United Kingdom
subsequently to the passing of the Act, duly made in the Clerical
Deposit, which shall remain under the control of the Court:
(3) those which, having once made the Deposit, apparently withdrew
the same, under the conditions of § 3 of the Act of 1870, upon
satisfying the Court that their Life Assurance fund committed to at
least 240,000. It would seem that no distinction should be drawn-
for (reason of the Antinous, by Lyra)
there three
offensive plan would
Companies : and the simplest and most
to be to provide that the provisions of this Ordinance shall
apply to all Companies operating or registered in the
Colony, whether they have made a Deposit, or Return, under the
British Act, or not. So far as I have been able to see, the
provisions of the several Life Assurance Companies
Acts apply to all Companies appearing to be part
whether they are subject to the provisions of the Imperial Act
of 1870, or not.
( ) As to Section 21. Providing Special Test of Insolvency,
that the
I am of opinion that the objections and criticisms made against
this Section are well founded. It has not, I think, been sufficiently
appreciated, by the draughtsmen of the Ordinance, provisions of the Life Assurance Companies Act, on which it is generally based, do not, in the common form § 21 of the Act of 1870, and in § 5 of the amending Act of 1876 provide any such test of solvency as that now proposed : and that, the rule for valuing
applies,
set out in the First Schedule of the 1870 Act, is apparently only to be applied, under the Second Schedule of that Act, in order to determine, not the position of the Company
generally as to solvency, but the individual rights of Policy-holders inter se, in the case of a Company which is in course of
being wound up.