53995-1917-Supplementary-Bills-read-a-first-time--Opium-Contracts-War-Restrictions--Ferries-Fire-and-Marine-Insurance-Companies-Deposit-Pension-Amendment — Page 7

Power of exemption.

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company registered or existing under the Companies Or- dinances, 1911-1915, if default continue for a period of three months after notice of default by the Registrar of Com- panies (which notice shall be published in one or more news- papers as the Registrar of Companies may, upon the application of one or more policy holders or shareholders, direct), the default shall be a ground on which the Court may or er the winding up of the insurance company, in accordance with the Companies Ordinances, 1911-1915.

11.-(1.) It shall be lawful for the Governor in Council to exempt, either wholly or partially, from making the deposit required under this Ordinance, any insurance com- pany which is a corporate body incorporated under the law of some part of His Majesty's dominions and which bhas made and is maintaining a deposit in respect of fire or marine insurance business under any enactment in force in the United Kingdom or in any British possession or pro- tectorate, or which has made and is maintaining a deposit in respect of fire or marine insurance business with any officer of His Majesty under any enactment in force as regards His Majesty's subjects in any place in which His Majesty has jurisdiction.

(2.) The total amount deposited by any insurance com- pany under this Ordinance and under any such enactment as is referred to in sub-section (1) of this section shall in any case be at least equal in value to that required under this Ordinance.

(3.) No such exemption shall be granted unless the deposit made outside the Colony has been made in respect of that class of business in respect of which oxemption is sought.

FIRST SCHEDULE.

REGULATIONS.

Deposit.

1. One half of the deposit may be in approved leasehold property in the Colony of Hongkong or in other approved securities.

2. If the insurance company proposes to make any part of the deposit in leasehold property or other securities it shall submit a list of such leasehold property or securities to the Registrar of Companies for the approval of the Governor în Council,

3. The value of any securities other than leasehold property shall be the market value of the securities on the day on which they were submitted to the Registrar of Companies, and the Governor in Council shall be the sole judge of what the market value was in any particular

case.

4. Any part of the deposit which consists of leasehold property shall take the form of a legal mortgage to the Registrar of Companies.

5. If any part of the deposit consists of securities other than leasehold property such document or documents shall be executed by or on behalf of the insurance company as will either transfer the legal ownership to the Registrar of Companies or as will enable him to complete such transference without any further concurrence on the part of any other

person.

6. If at any time the Registrar of Companies is of opinion that any leasehold property or other securities have fallen below the value at which they were accepted he shall call upon the insurance company to make a further deposit in order to make up the deficiency.

7. If the insurance company is dissatisfied with any such requisition it may appeal to the Governor in Council who shall thereupon determine whether any further deposit is necessary, and if so to what

amount.

8. Subject to the provisions of sub-section (1) of section 5 of the Ordinance, an insurance company shall be entitled at any time to sub- stitute approved securities for any part of its existing deposit, and the provisions of these regulations with regard to the original deposit shall apply mutatis mutandis to any such substituted deposit.

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