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SURE NO.2. IN SHANGHAI DESPATCH MO.108 of 17 MAY, 1920, to
FEKING.
67
Memorandum as to mode of compliance by China Companies with the provisions of Section 5 of the Fire and Marine Insurance Companies Ordinance, 1917 of Hongkong (as to deposit of $100,000 as security) as 'applied' by Arti-
cles 6 to 8 of The China (Companies) Amendment Order in Council, 1919.
Section 5 of the Hongkong Ordinance referred to
provides as follows:-
5.- (1) Every insurance company which carries on business within the Colony shall deposit and keep deposited with the Registrar of Companies the sum of one hundred thousand dollars or securities to that value.
(2) At least one half in value of the asid depo- sit shall consist of securities of the following nature: -
(a) fixed deposits in banks approved by the
Governor in Council;
(b) British, Indian or Colonial Government
bonds or stocks; or
(c) securities authorised by law for the time
being in the United Kingdom for the invest- ment of trust funds.
(3) Every such deposit shell be held by the Regis- trar of Companies in trust for the insurance company which shall have made the deposit in question.
(4) If an insurance company carries on within the Colony both fire and marine insurance business a separate sum of one hundred thousand dollars, or seçu- rities to that value, shall be deposited under this section in respect of each class of business.
(5) Subject to the provisions of this Ordinance and to any regulations for the time being in force thereunder, the Governor in Council shall be the sole judge of the nature of the securities to be accepted and of the value of any securities deposited or pro- posed to be deposited under this Ordinance.
(5) Insurance companies carrying on business in the Colony at the date of the commencement of this Ordinance shall have a period of six months from such commencement to make such deposit.
Articles 6 to 8 of the China (Companies) Amendment
Order in Council 1919, applies to China Companies, with
necessary adaptions, as to the respective duties of officials mentioned, the provisions of the Hongkong Fire and Marine
Insurance Companies Ordinance, 1917, quoted above.
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