583060-1940-Ordinances-passed-and-assented-to--Fire-and-Marine-Insurance-Companies-Deposit-Amendment--No-24-of-1940 — Page 3

THE HONG KONG GOVERNMENT GAZETTE, AUGUST 30, 1940. 1327

HONG KONG.

No. 25 or 1940.

I assent.

E. F. NORTON,

L. S.

Officer Administering the Government.

30th August, 1940.

An Ordinance to amend the Life Insurance Companies

Ordinance, 1907.

[30th August, 1940.]

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 Life Insurance Short title. Companies Amendment Ordinance, 1940.

of Ordinance

2. Sub-section (5) of section 3 of the Life Insurance Amendment Companies Ordinance, 1907, is repealed and the following No. 11 of sub-section is substituted therefor

1907.

s. 3 (5).

(5) The deposit shall consist of securities of the following Nature of

nature--

(a) fixed deposits in banks approved by the Governor in Council;

(b) stocks, funds or securities, other than the security of a charge on land by way of legal mortgage or otherwise, authorized by the Trustee Act, 1925, or in any manner which may be authorized by any Act amending or replacing the said Act;

(e) any Government securities of the Colony:

Provided that any company which has, before the 1st day of July, 1940, deposited securities not of the aforesaid nature shall have a period of three years from such date to replace such securities by securities of the aforesaid nature.

deposit. [ef. Ordin- ance No. 18 of 1934,

s. 4].

3. Sub-section (8) of section 3 of the Life Insurance Amendment Companies Ordinance, 1907, is amended by the deletion of of Ordinance the words other than bank deposits in the name of the 1907, Official Trustee ·

Passed the Legislative Council of Hong Kong, this 29th day of August, 1940.

C. BRAMALL BURGESS,

No. 11 of

s. 3 (8).

Deputy Clerk of Councils.