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347
(b)
If a company carries on both kinds of business
it must make a deposit of $200,000: s. .5(4).
(c)
(4)
Any company which is maintaining an insurance
deposit in the United Kingdom, or a fire or
marine insurance deposit in any British pos-
session or protectorate, will be exempt, to the
extent of that deposit, from making a deposit
in Hongkong: s. 11.
The only ground of exemption is the maintenance
of an actual deposit in some other part of the
Empire, and exemption, e.g., under s.31(b) of
the Assurance Companies Act, 1909, 9 Edw. 7,0.49,
is not a ground of exemption here;
.. 11.
(e) The exemption is not confined to British com-
panies:
(f)
8. 11.
All future fire or marine insurance companies
registered here will have to make and maintain
the deposit or deposits whether they carry on
business within the Colony or not: a.4.
7. Section 2 is founded on the United Kingdom Aot above
referred to.
8.
Section 3 is an attempt to define the meaning of carrying
on business within the Colony.
t
9.
Section 4 deals with fire and marine companies registered
after the commencement of the Ordinance. The Hongkong Govern-
ment have in the past incurred odium in connection with the failure of Hongkong Companies carrying on business outside the
;