614650-1930-Supplementary-Draft-Bills--Fire-and-Marine-Insurance-Companies-Deposit-Amendment-Life-Insurance-Companies-Amendment-Colonial-Treasurer-Incorporation — Page 1

646

LEGISLATIVE COUNCIL.

Draft Bills.

No. S. 365.-The following bills are published for general information:-

CS.O. 929-28.

[No. 15-10.9.30.—1.]

A BILL

INTITULED

Short title.

Amendment

An Ordinance to amend the Fire and Marine Insurance Companies Deposit Ordinance,

1917.

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 Fire and Marine Insurance Companies Deposit Amendment Ordinance, 1930.

2. Section 5 of the Fire and Marine Insurance of Ordinance Companies Deposit Ordinance, 1917, is amended by the addition of the following sub-section at the end thereof :---

No. 32 of

1917, s. 5.

(7) For the purposes of this Ordinance the office of Registrar of Companies shall have perpetual succession, All moneys and securities which are or may be deposited with the Registrar of Companies under this Ordinance shall be deemed to be vested in the Registrar of Companies for the time being, and the person for the time being performing the duties of the office shall have power to deal with the legal estate without any further transfer or convey-

ance.

Objects and Reasons,

Section 5 of the Fire and Marine Insurance Com- panies Deposit Ordinance, 1917, provides for the deposit of money or securities with the Registrar of Companies; but does not provide for the continuity of that office so as effectually to pass the legal estate to successive holders of the office.

This Bill removes that difficulty by an amendment on the lines of section 3 (2) of the Trustees Ordinance, 1901, which makes similar provision in the case of successive holders of the office of the Official Trustee.

August, 1930.

C. G. ALABASTER,

Attorney General.