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(2) Any insurance company entitled to exemption under subsection (1) shall also be exempt from the provisions of section 6 but shall deposit with such Registrar three copies of every account, balance sheet or other document which is required by the Assurance Companies Acts, 1909 to 1946, to be deposited with the Board of Trade duly signed as required by the said Acts, or by section 6 hereof, within one year of the close of the period to which such account, balance sheet or other document relates. k
(3) Where a deposit has been made-under section 4 or 5 and an insurance company becomes entitled under subsection (1) hereof to exemption from making such a deposit, or where a company incorporated out side the Colony satisfies the Registrar by such evidence as he may require that it has ceased to carry on insur- ance business in the Colony in the class of business in respect of which such deposit was made and that it has no outstanding liabilities under policies in that class issued in the course of carrying on business in the Colony such insurance company shall notwithstanding the provisions of section 4 be entitled to withdraw the deposit made.
(4) An insurance company which proves to the Registrar by such evidence as he may require and obtains a declaration from him that he is satisfied that it is maintaining a deposit in respect of fire or marine insurance business under any enactment in force in any part of the Commonwealth shall be exempt to the extent of such deposit from making a deposit under this Ordinance in respect of the class of insurance business to which such deposit relates.
(5) For the purpose of subsection (4) the rate to be employed in calculating the Hong Kong dollar equivalent of another Commonwealth currency shall be the rate that shall be certified by the Accountant General to be the opening selling rate of exchange quoted by the Hongkong & Shanghai Banking Cor- poration in respect of such currency on the date of the Registrar's declaration."
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3. The Ordinance is amended by the addition at the end Addition of thereof of the following new section—
**Extension of time for
with section 6.
12. The failure by an insurance company to compliance comply with the provisions of section 6 during the period between the 25th day of December, 1941, and the 31st July, 1953, or in respect of any financial year of an insurance company ended during that period shall not be deemed to constitute default under the provisions of this Ordinance provided that the require- ments of section 6 are fully performed and observed within six months from the 1st August, 1953, or within such further period not exceeding a further six months as the Registrar may permit, in respect of the last complete financial year of the insurance company preceding such date,"
Passed the Legislative Council of Hong Kong, this oth day of September, 1953.
(Secretariat 2/3331/47)
Deputy Clerk of Councils.
new section 12.