(b)
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350
In all other cases the leposit relied upon
must have been made in respect of either fire
or marine insurance business.
(c)
Exemption in the United Kingdom or elsewhere
is no ground for exemption here. The only
ground is an actual deposit.
(a)
Exemption is not confined to British Companies,
but it is confined to companies which are
maintaining a deposit in some part of the
Empire.
15.
(e)
Fixed rates of exchange are appointed for the
purposes of calculating the extent to which
the exemption is to apply.
The following may perhaps be considered the most debat-
able provisions in the Ordinance; -
(a)
Fire insurance companies which are exempt under 9 Edw. 7, c.49, s.31(b) are not exempt
under the Ordinance. It would not have
been safe to exempt existing companies here,
and it was considered that the stronger
English companies should be willing to accept the obligation which was being imposed on
the weaker local companies.
(b) Foreign companies, however strong, cannot be
exempted unless they are maintaining a deposit in some part of the British Empire,
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