53995-1917-Supplementary-Bills-read-a-first-time--Opium-Contracts-War-Restrictions--Ferries-Fire-and-Marine-Insurance-Companies-Deposit-Pension-Amendment — Page 5

New com- panics.

9 Edw. 7. c. 49. s. 2 (3),

Deposits.

9 Edw. 7. e. 49, s. 2.

Ordinance No. 11 of

484

(e) if he or it undertakes or offers to undertake any

fire or marine risk within the Colony; or

Provided that no person or body of persons shall be deemed to carry on marine insurance business within the Colony by reason only of the fact that such person or body of persons acts as an agent for the purpose of settling claims under contracts of marine insurance entered into wholly outside the Colony in respect of goods consigned to the Colony.

4.--(1) No company which has amongst its objects the carrying on of fire or marine insurance business, whether within or without the Colony, shail hereafter be registered until such deposit or deposits as would be required under this Ordinance if the company were actualy incorporated, and were carrying on fire or marine insurance business, shall have been made.

(2.) The deposit or deposits may be made by the subscribers of the memorandum of association of the com- pany, or any of them, in the name of the proposed company, and upon the incorporation of the company shall be deemed to have been made by, and to be part of the assets of, the company.

5.-(1.) Every insurance company 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 said deposit shall consist of securities of the following nature:-

(a) fixed deposits in banks approved by the Gover-

nor in Council;

(6) British, Indian, or Colonial Government bonds

or stocks; or

(e) securities authorised by law for the time being in the United Kingdom for the investment of trust funds.

(6.) Every such deposit shall be held by the Registrar of Companies in trust for the insurance company which shall have made the deposit in question.

(4.) If an insurance company carries on or intends to carry on or is empowered to carry on both fire and marine insurance business a separate sum of one hundred thousand dollars, or securities 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 1907. s. 3 (1) 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 proposed to be deposited under this Ordinance.

and s. 5.

Accounts

and balance

sheets to be prepared

and filed.

(6.) Insurance companies carrying on business in the Colony at the date of the commencement of this Ordinance shall have a period of six mouths from such commencement to make such deposit.

6.-(1.) Every insurance company shall at the expiration of each financial year prepare and cause to be printed :-

(a) a revenue account for the year in Form No. 1

in the Second Schedule hereto;

(6) a profit and loss account in Form No. 2 in the

Second Schedule bereto; and

(c) a balance sheet in Form No. 3 in the Second

Schedule hereto.

(2.) Every such account and balance sheet shall, if the Governor in Council so orders, be audited by an auditor approved by the Governor in Council.

(3.) A copy of every such account and balance sheet shall be filed with the Registrar of Companies within six months after the close of the period to which the account or balance sheet relates, and every such copy so filed shall be signed by the following persons :-

(a) in all cases, by the auditor referred to in sub-

section (2) of this section;

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