(1) those which, being born under the Act, Walt Disney
the obligation as to making e
76
wing of th
cketsnatomy
Deposit: (2) those which, established in the United Kingdom
subsequently to the passing of the Act, duly made in the Clerical
Deposit, which shall remain under the control of the Court:
(3) those which, having once made the Deposit, apparently withdrew
the same, under the conditions of § 3 of the Act of 1870, upon
satisfying the Court that their Life Assurance fund committed to at
least 240,000. It would seem that no distinction should be drawn-
for (reason of the Antinous, by Lyra)
there three
offensive plan would
Companies : and the simplest and most
to be to provide that the provisions of this Ordinance shall
apply to all Companies operating or registered in the
Colony, whether they have made a Deposit, or Return, under the
British Act, or not. So far as I have been able to see, the
provisions of the several Life Assurance Companies
Acts apply to all Companies appearing to be part
whether they are subject to the provisions of the Imperial Act
of 1870, or not.
( ) As to Section 21. Providing Special Test of Insolvency,
that the
I am of opinion that the objections and criticisms made against
this Section are well founded. It has not, I think, been sufficiently
appreciated, by the draughtsmen of the Ordinance, provisions of the Life Assurance Companies Act, on which it is generally based, do not, in the common form § 21 of the Act of 1870, and in § 5 of the amending Act of 1876 provide any such test of solvency as that now proposed : and that, the rule for valuing
applies,
set out in the First Schedule of the 1870 Act, is apparently only to be applied, under the Second Schedule of that Act, in order to determine, not the position of the Company
generally as to solvency, but the individual rights of Policy-holders inter se, in the case of a Company which is in course of
being wound up.
*
(1) those which, bising horn mall?<hea
Act, Walt Di
the obligation as to making e
迅
76
wing of th
cketsnatomy
Deposit: (2) those which, estebliebed in the United Kingdon
subsequently to the passing of the Act, dily mudin The Clefutory
Peposit, which zull) rozsies under the control - the Court:
(3) theap which having an made the Deposit. athrarently withèrew
the same, under the conditions of § 3 of the Act of 1970, upon
setiefying the Court that freie Tifs Asaruree hund caminted to at
lenat 240,000. It would seem that no distinction should he draw-
fur (vireson of the Antinucou, by Lyrog'
there thron
offenlive plan would
Companies : and the strplest and most
to be to provide that the provisions of this Ovinerne al cul d
apply to all Copanies 47th operating or registered in thu
Colony, whether they have made a Papeath, or Poturny, under the
British Act, or not. 30 far cu I have been able to mee. the
(provisting of the several Con! Lift Aszcenes Compenia:
Acts apply to all Companie apara’Ing to the part
whether thes are subject, to the proviri no at the Impari·l Aet
07 1820, or not.
() As to Gection 21. Providin". Sporiri Test of 3-vorey,
tha! the
I am of opinion that the objections and criticions made aguinat
this Section are well founded. It has not, I think, been suffic-
lantly appreciated, by the draughtsmen of the Orálminne. provisions of the Life Assurance Compentes Act, on which it is generally based, do not, in the cominsen ding 2 1 of the Act of 1970, and in § 5 of the emonding Act of 1976 provide any such last of elvenny st that new proposed : and that, tha"rule fox valuing
apellep",
set out in the Fland Schufule of the 1870 Act, la epparently only to ha applied, under the Second Schedule of thes Act, in order to determine, not the position of the Corpany
gene.
ally be to solvency, hat the individul rights of Pilicy- holders inter se, in. the cams of a Demony which is in ocurse of
being wound up.
eas
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