12012-1909-Ordinances-passed-and-assented-to--Postage-Stamp-Demonetization-No-5 — Page 4

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THE HONGKONG GOVERNMENT GAZETTE, MAY 21, 1909.

HONGKONG.

No. 8 OF 1909.

An Ordinance to amend The Life Insurance

Companies Ordinance, 1907.

F. D. LUGARD,

LS

Governor.

[21st May, 1909.]

Short title

and con- struction.

BE it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as "The Life Insurance Companies Ordinance, 1909” and shall be read and con- strued as one with The Life Insurance Companies Ordin- ance, 1907, (hereinafter called “The Principal Ordinance”) and this Ordinance and the said Ordinance may hereafter be cited together as The Life Insurance Companies Or- dinances 1907 and 1909.

Repeal of

2. Section 6 of The Principal Ordinance is hereby section 6 of repealed. the Principal Ordinance.

Amends

3. Section 9 of The Principal Ordinance is hereby section of amended as follows :-

the Principal Ordinance.

Amends

By the deletion of the word "and" at the end of

sub-section 2.

By the deletion of sub-section (3) and the substitu-

tion therefor of the following proviso :---

"Provided always that none of the securi- ties so deposited shall be withdrawn until such company shall have satisfied the Registrar that it has no existing Life Assurance business whatever in the Colony."

4. Section 24 of the Principal Ordinance is hereby section 24 of amended as follows :-

the Principal Ordinance.

Amenis section 20 of

the Principal Ordinanec,

Amendments

By the deletion of all the words after the word

"that" in line 6 to the words "per annum inclusive in line 10, and the substitution there- for of the following words :-

"the company is insolvent and in deter- mining whether or not the company is insolvent the Court shall take into account upon what it deems under expert advice to be the proper bases as to mortality and interest, the value of the contingent and prospective liabilities of the company".

By the deletion of the word “other” at the begin-

ning of the marginal note.

5. Section 29 of the Principal Ordinance is hereby amended as follows :-

After the words “or member" in each place where they occur in sub-section (3) shall be inserted the words "or creditor ".

6. The Amendments specified in the Schedule to this

of Schedules. Ordinance shall be made in the Schedules therein referred

to of the Principal Ordinance.

Passed the Legislative Council of Hongkong, this 20th day of May, 1909.

C. CLEMENTI,

Clerk of Councils.

Assented to by His Excellency the Governor, the 21st

day of May, 1909.

F. H. May,

Colonial Secretary.