582556-1940-Fire-and-Marine-Insurance-Companies-Deposit-Ord--1917--Deposit-Regulations — Page 1

1056

THE HONG KONG GOVERNMENT GAZETTE. JULY 19, 1940.

EXECUTIVE COUNCIL.

No. 809.

Hong Kong.

ORDINANCE No. 32 of 1917. (FIRE AND MARINE

INSURANCE COMPANIES DEPOSIT).

In exercise of the powers conferred by section 7 of the Fire and Marine Insurance Companies Deposit Ordinance, 1917, the Governor in Council rescinds the Regulations under the headings "Deposit" and "Fees

and “Fees " contained in the First Schedule to the said Ordinance and substitutes the following regulations therefor

Regulations.

Deposit.

1. The value of any securities deposited with the Registrar under section 5 shall be the market value on the day on which they are so deposited.

2. The company shall prove the market value thereof to the satisfaction of the Registrar and shall pay to the Registrar a fee of twenty-five cents for every hundred dollars of such market value.

3. The company shall before depositing such securities transfer the legal ownership therein to the Registrar.

4. If at any time the Registrar is of opinion that any securities have fallen below their value at the date of deposit he may require the company to make up the difference in value by the deposit of further securities: and the fees pay- able on such further deposit shall be charged at the rate set out in Regulation No. 2.

5. If the company is dissatisfied with any such require- ment it may appeal to the Governor in Council who shall thereupon determine whether any further deposit is necessary. and if so to what amount.

6. Subject to the provisions of section 5 of the Fire and Marine Insurance Companies Deposit Ordinance, a company shall be entitled at any time to substitute 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.

7. The fees payable for inspection of documents or registers, for copies or extracts or in respect of any acts done under the Ordinance shall be those prescribed as near as may be at the discretion of the Registrar in respect of the like acts under the Companies Ordinance, 1932.

COUNCIL CHAMBER,

16th July, 1940.

T. MEGARRY,

Clerk of Councils.

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