6723-1907-Bills-read-a-first-time--Fire-and-Life-Insurance-Companies — Page 8

898

THE HONGKONG GOVERNMENT GAZETTE, JULY 19, 1907.

Fire Insur-

anco

Company to

obtain from

Official Trustee certificate authorising the carrying on of busi-

ness.

Statement of

affairs to be

furnished to

Trustee who

shall issne certificate.

Certificate remains in force for

twelve

months.

Unlawful to

PART II.

28.-(1.) Every fire or marine insurance company which proposes after the passing of this Ordinance to commence to carry on the business of insurance within the Colony and every fire or marine insurance company registered in Hongkong which proposes to commence to carry on after the passing of this Ordinance the business of insurance in China shall, before commencing any such business, and

Every tire or marine insurance company which at the time of the passing of this Ordinance is carrying on the business of insurance within the Colony or if registered in Hongkong is carrying on the business of insurance in China shall, within six months from the passing of this Ordinance,

Obtain from the Official Trustee a certificate, in form to be prescribed by the Governor-in-Council, authorising the fire or marine insurance company named therein to carry on such business within the Colony or in China as the case may be for the period of twelve months from the date named in such certificate.

(2.) If the Trustee shall refuse to grant a certificate, such fire or marine insurance company may appeal to the Governor-in-Council whose ruling shall be final.

(3.) For the purposes of such certificate every such company shall if required by the Official Trustee furnish to him a statement of its affairs for the period and in the form prescribed by any rules made by the Governor-in- Commeil in that behalf.

And the Trustee shall grant such ecrtificate unless he is not satisfied of the financial stability of the company applying therefor.

Such certificate shall continue in force for twelve mouths only, but a renewal thereof may be granted from year to year in like manner as the original was granted.

Save as aforesaid it shall not be lawful for any such carry on busi- company to carry on any such business as aforesaid without ness without such certifiente.

certificate.

Penalty for

non-

compliance

with Ordinance.

33 and 34 Vict. c. 61, s. 15.

Ordinance.

29. Every life or fire or marine insurance company which makes default in complying with any of the requirements of this Ordinance, or of any rules made under this Ordinauce, where uo other penalties are expressly provided, shall be liable to a penalty not exceeding fifty dollars for every day during which the default continues; and the chairman, agent, secretary or other principal officer of the company shall be liable to such penalty as well as the company and in the case of a company registered in the Colony under the Companies Ordinance 1865 if default continue for a period of three months after notice of such default shall bave been published in one or more news- papers as the Registrar of Companies may direct, the Court may order the winding-up of such company in accord- auce with the provisions of the Companies Ordinance 1865, upon the application of one or more policy holders or shareholders.

Procedure for

30.-(1.) Where the Registrar of Companies has rea- striking off

sonable cause to believe that a company registered in register mame Hongkong under the Companies Ordinance 1865 is carry- of Companying on the business of life insurance or of fire or marine contravening provisions of insurance in China without having complied with the requirements of this Ordinance he shall publish in the Gazette and send to the company a notice that at the expiration of three months from the date of that notice the name of the company mentioned therein will unless cause be shown to the contrary be struck off the register and the company will be dissolved.

(2.) At the expiration of the time mentioned in the notice the Registrar may, unless cause to the coutrary is previously shown by the company, strike the name of the company off the register, and shall publish notice thereof in the Gazette, and on such publication the company whose name is so struck off shall be dissolved: Provided that the liability, if any, of every director, managing officer, and member of the company shall continue and may be enforced as if the company had not been dissolved.