240547-1937-Supplementary-Draft-Bill--Life-Insurance-Companies-Amendment — Page 1

474

LEGISLATIVE COUNCIL.

Draft Bill.

No. S. 194.-The following Bill is published for general information :-

Short title.

Amendments of Ordinance No. 11 of 1907, s. 3.

Substitution

A BILL

INTITULED

[No. 17-11.6.37.-1.]

An Ordinance to amend the Life Insurance Companies Ordin-

ance, 1907.

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 Lite Insurance Companies Amendment Ordinance, 1937.

2. Section 3 of the Life Insurance Companies Ordinance, 1907, is amended:

(i) by the insertion of the words " and keep deposited after the word deposit in the fifth line of sub-section (1);

(ii) by the insertion of the words and keep deposited after the word Ordinance in the ninth line of sub- section (2);

(iii) by the insertion of the words and keep deposited after the word 6. make in the third line of sub-section (4).

3. Section 5 of the Life Insurance Companies Ordinance, 1907, is repealed and the following section is substituted of 1907, s. 5. therefor :-

for Ordin- ance No. 11

Decision as to value of securities.

Repeal of Ordinance No. 11 of 1907, s. 7.

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 proposed to be deposited, and of the value at all times during the continuance of the deposit of any securities deposited under this Ordinance.

4. Section 7 of the Life Insurance Companies Ordinance, 1907, is repealed.

Objects and Reasons.

1. Section 3 of the principal Ordinance, No. 11 of 1907. requires life insurance companies to make deposits with the Registrar of Companies. Many of these deposits consist of mortgages of leasehold properties in the Colony. Clause 2 of this Bill amends the section so as to bring its language into line with section 5 (1) of the Fire and Marine Insurance Companies Deposit Ordinance, No. 32 of 1917