6723-1907-Bills-read-a-first-time--Fire-and-Life-Insurance-Companies — Page 4

894

THE HONGKONG GOVERNMENT GAZETTE, JULY 19, 1907.

Deposits may

be with- drawn and others sub- stituted.

Decision as 10 value.

Securities to be held in trust for

policy holders.

Registrar of Companies to make periodical report, show ing as to each Company the value of securities deposited.

Certificate of incorpora-

tion not to be given to local Companies till deposit

made.

Withdrawal

The whole or any part of such deposit, may be a deposit receipt given by any bank in Hongkong incorporated or regulated by or under any Ordinance of the legislature of Hongkong or approved by the Governor-in-Council, in the name of the Official Trustee; and such deposit shall be deemed a security deposited with the Registrar of Com- panies.

If any securities deposited under this Ordinance with the Registrar of Companies are, while so deposited, lost stolen destroyed or damaged, the injury sustained by the persons making such deposit, or by any other person interested therein, shall be made good out of moneys to be appro- priated for the purpose by the Legislative Council.

All securities deposited with the Registrar of Companies under this Ordinance shall be lodged by him with the Treasurer of the Colony for safe custody.

4. Any life insurance company may, ou giving due notice to the Registrar of Companies, withdraw from his custody any securities so deposited, ou depositing with him approved securities of an equal value; and such substituted securities shall for all purposes be treated as scenrities originally deposited.

5. The Governor shall in any case, whether of original or substituted deposit, be the sole judge of the value of such securities for the purposes of such deposit, and his decision shall be final and conclusive on the life insurance company.

6. The Registrar of Companics shall, subject to the provisious of this Ordinance, hold all such securities so deposited by the life insurance company making such deposit in trust for policy holders, being such in respect of policies or other contracts issued granted or entered into in the Colony by such company and also in trust for policy holders being such in respect of policies or contracts issued granted or entered into in China by the company making such deposit if such company is registered in Hongkong, whether such policies or contracts have been issued granted or entered into before or after the commencement of this Ordinance.

7. The Registrar of Companies shall, annually, half- yearly, or at shorter periods, as shall be prescribed, prepare a report of each life insurance company which shall have made any deposit of securities, showing the nature and value of the securities deposited.

8. No Registrar shall hereafter issue a certificate of incorporation to a life insurance company intending to carry on the business of life insurance in the Colony or in China unless such deposit as aforesaid shall have been made to the extent of fifty thousand dollars.

Such deposit may be made by the subscribers of the memorandum of association of such company, or any of them, in the name of the proposed company, and such deposit upon the incorporation of such company shall be deemed to have been made by and to be part of the assets of such company.

9. Any life insurance company which may have of deposits. made a deposit of securities under this Ordinance may, on ceasing to carry on the business of life insurance in long- kong or in China as the case may be, and on the following conditions being complied with or performed, withdraw from such deposit any or all of the securitics so deposited:--- (1.) On the expiration of a notice in writing which shall be given to the Registrar of Companies by such company at least six months before the intended withdrawal, And

(2.) On satisfying the Registrar of Companies that, from the time of giving such notice mutil the date of the intended withdrawal, such com- pany has not, except as to policies or contracts made before the giving of such notice, carried on the business of life insurance in Hongkong or in China as the case may be. And

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