1971-HKRS28-8-38_Part02 — Page 16

Amendment of section 23.

(Cap. 31)

shall, on the application by petition of the Registrar. order that the company be wound up in accordance with the Companies Ordinance as if it had been proved to be insolvent,

(3) The court shall not make an order under subsection (2) if the life insurance company satisfies the court that, at the date of hearing of the Registrar's application, its assets excluding goodwill are not less than the aggregate of its liabilities, including its life insurance fund but excluding its share capital, and the amounts deposited by it under section 3.

(4) For the purposes of subsection (2) but not for the purposes of subsection (3)–

"assets" means the assets of the life insurance com- pany excluding goodwill shown in the statement of its balance sheet;

"liabilities" means the liabilities of the life insurance company, including its life insurance fund but excluding its share capital, shown in the state- ment of its balance sheet:

"statement of its balance sheet" means the latest statement of the balance sheet of the life insur- ance company deposited with the Registrar under section 15.”.

3. Section 23 of the principal Ordinance is amended by deleting "to be insolvent as aforesaid" and substituting the following-

"under subsection (1) of section 22 to be insolvent".

Passed by the Hong Kong Legislative Council this 28th day of April. 1971.

Clerk to the Legislative Council.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

Clerk to the Legislative Council.

HONG CONG

No. 18 of 1971.

I assent.

Kruch.

Governor,

29th April, 1971.

An Ordinance to amend further the Revised Edition of the Laws

Ordinance.

[30th April, 1971.)

Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.

1.

This Ordinance may be cited as the Revised Edition of the Laws (Amendment) Ordinance 1971.

2. Section 13 of the principal Ordinance is repealed and replaced by the following-

"Annual revision

of bevised

edition

13. (1) As soon as practicable after the first day of January in every year the Attorney General shall. subject to subsection (2), cause to be published

(a) in the form of a separate booklet, a new revised edition of any Ordinance which has been amended during the period of twelve

Short title.

Repeal and replacement of section 13.

(53 of 1965.3