54022-1917-Supplementary-Fire-and-Marine-Insurance-Companies-Deposit-Bill — Page 1

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LEGISLATIVE COUNCIL.

No. S. 318. The following bill, which was read a first time at the meeting of the Legislative Council which was held on the 22nd November, 1917, is published for general information with certain amendments which have been proposed. The proposed additions are shown in italics and the proposed omissions in square brackets.

A BILL

INTITULED

Aor of both fire and marine insurance busi-

ness,

▲ or both fire and marine insurance busi- ness, as the case may be,

An Ordinance to provide for the making of deposits by certain persons firms and compa- nies carrying on fire or marine insurance business.

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 Fire and Marine Short title. Insurance Companies Deposit Ordinance, 1917.

2.-(1.) This Ordinance shall apply to all persons and Application bodies of persons, whether incorporate or unincorporate, nance.

whether established before or after the commencement of this Ordinance, and whether established within or without the Colony, who carry on any fire or marine insurance business within the Colony.

(2.) Such persons and bodies of persons are hereinafter referred to as insurance companies.

of Ordi-

9 Edw. 7. c. 49, s. 1.

carrying on

3. For the purposes of this Ordinance a person or body Meaning of of persons shall be deemed to carry on fire or marine in- surance business within the Colony in the following cases:-

(a) if he or it opens or maintains an office or agency within the Colony for the purpose of any fire or marine insurance business, or within the Colony holds out himself or itself as prepared to transact any such business;

(b) if, either directly or through an agent, he or it receives within the Colony any application for a fire or marine insurance policy, or receives within the Colony any premium or other pay- ment in respect of any fire or marine insurance policy, whether such policy is or is not issued or payable within the Colony, and whether he or it has or has not an office within the Colony; or (c) if he or it undertakes or offers to undertake any

fire or marine risk within the Colony.

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.

business within the Colony.

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

(2.) The deposit or deposits may be made by the 9 Edw. 7, subscribers of the memorandum of association of the com- c. 49, s. 2 (3). 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.

(3.) Every such deposit shall be maintained by the company whether it carries on any business within the Colony or not.