Repeal and
replacement
of section
$1.
Addition of
how section $2.
3. Section 31 of the principal Ordinance is repealed and replaced by the following-
"Exemp- tione.
(Edw,
C. 39, 9 & 10 Geo. 6, c. 28).
31. (1) A company which after production to the Registrar of such evidence as he may require obtains from him a declaration that he is satisfed that it has complied with the Assurance Companies Acts, 1909 to 1946, shall, so long as it complies with the said Acts, be exempted from the provisions of sections 3, 9 to 13 and 15 and 16 hereof.
(2) Any such company shall deposit with the Registrar three copies of every account, balance sheet, abstract statement or other document which is required by the Assurance Companies Acts, 1009 to 1945, to be deposited with the Board of Trade, duly signed as required by the said Acts or by section 15 hereof, within one year of the close of the period to which such account, balance sheet or other document relates.
(3) The Governor in Council may at any time in his discretion and for such period and subject to such conditions as he may think fit exempt any company from all or any of the provisions of this Ordinance.
(4) Where a deposit has been made under section 3 and a company becomes entitled under subsection (1) or (3) hereof to exemption from making such deposit the company shall be entitled to withdraw the deposit made."
4. The principal Ordinance is amended by the addition at the end thereof of the following new section-
with certain sections,
"Extension 33. (1) The failure by any company to comply of time for compliance
with any applicable provisions of sections 10, 11, 12. 13 or 15, during the period between the 25th day of December, 1941, and the 31st day of July, 1953, or in respect of any financial year of a company ended during that period, shall not be deemed to constitute a default provided that
(a) in the case of a failure to prepare a statement required by sections 10 and 11 or to deposit the same under section 15 a statement in the prescribed form in respect of the last com- pleted financial year of the company ended
and
3
prior to the 31st day of July, 1953, is prepared and the signed original together with three copies are deposited within twelve months of that date,
(b) in the case of any default under sections 12 and 13 or in depositing any abstract or state- ment required by those sections pursuant to section 15 an investigation into the financial position of the company as it existed at a date not earlier than the 31st day of December, 1951, is made and that the actuarial report and abstract of report required under section 12 together with the statement required under section 13 is prepared and the signed original thereof together with three copies are deposited within twelve months from the 31st day of July, 1953.
(a) For the purpose of section 12, the period within which the investigation prescribed thereunder shall take place shall be computed from the date that the last investigation was made thereunder or under subsection (1)(b) hereof, whichever is the later.**
Passed the Legislative Council of Hong Kong, this gth day of September, 1953.
(Secretariat 2/3231/47)
Deputy Clerk pƒ Councils,