1940-HKRS28-8-1_Part02 — Page 24

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HUNG HÙNG

No. 25 of 1940.

I assent.

Еднокой

Officer Administering the Government.

30th August, 1940.

An Ordinance to amend the Life Insurance Companies

Ordinance. 1907.

[30th August, 1940.]

Be it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as the Life Insurance Short title. Companies Amendment Ordinance, 1940.

of Ordinance

2. Sub-section (b) of section 3 of the Life Insurance Amendment Companies Ordinance, 1907, is repealed and the following sub-section is substituted therefor-

1907. *. 3 (5).

(5) The deposit shall consist of securities of the following Nature of

nature-

deposit. [%. Ordin. *ace No. 18

(a) fixed deposits in banks approved by the Governor in of 1984, Council;

(6) stocks, funds or securities, other than the security of a charge on land by way of legal mortgage or otherwise, authorized by the Trustee Act, 1925, or in any manner which may be authorized by any Act amending or replacing the said Act;

(c) any Government securities of the Colony:

Provided that any company which has, before the 1st day of July, 1940, deposited securities not of the aforesaid nature shall have a period of three years from such date to replace such securities by securities of the aforesaid nature.

*. 41.

3. Sub-section (8) of section 3 of the Life Insurance Amendment Companies Ordinance, 1907, is amended by the deletion of of Ordinance the words "other than bank deposits in the name of the 1907, Official Trustee

梦菜

Passed the Legislative Council of Hong Kong, this 29th day of August, 1940.

damianys,

Deputy Clerk of Councils.

No. 11 of

#. 3. (8).