section is repealed as it is considered undesirable to declare preferential charges on deposits, and as no corresponding provision is contained in the Imperial Acts.
Section 9 sub-section (3) is regarded as unworkable or inoperative in practice and the amendment is considered preferable and practicable. As the law stood under the sub-section now repealed an Insurance Company ceasing to do business might withdraw the securities which it had deposited provided it left on deposit securities estimated to be equal in value to the amount of money for which the company was at the time of withdrawal liable on outstanding policies. The amendment provides that none of the securities shall be withdrawn so long as a company has any outstanding liabilities in the colony.
Section 24 provides a special test of solvency, and various reasons are urged against it, inter alia that the "Actuaries" table is obsolete. The section is so amended as to leave it to the court to determine on expert evidence the solvency or insolvency of a company.
Section 29 sub-section (3) is amended to give a creditor like right of appeal from the Registrar's action in striking off the name of a company from the Register as is possessed by a member of a company.
Henry Berkelin
Attorney General.
Governor.
No.
151
1909
4 June
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26403.
C. O. 22597
F. 7 JUL 09
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DESPATCH.
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