6762-1907-Ordinance-passed-and-assented-to--Life-Insurance-Companies-No-11 — Page 3

THE HONGKONG GOVERNMENT GAZETTE, AUGUST 2, 1907. 973

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.

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 under this Ordinance shall be lodged by him with the Treasurer of the Colony for safe custody,

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

others sub- stituied.

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

company,

trust for

6. The Registrar shall, subject to the provisions of this Securities to Ordinance, hold all such securities so deposited by the life be held in insurance company making such deposit in trust for policy policy holders, being such in respect of policies or other contracts holders. issued granted or entered into in the Colony by such com- pany and also in trust for policy holders boing 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 Ordinauce.

7. The Registrar shall, annually, half-yearly, or at Registrar shorter periods, as shall be prescribed, prepare a report of to make each life insurance company which shall have made any report, show-

periodical deposit of securities, showing the nature and value of the ing as to each securities deposited.

Company the value of securities deposited.

tion not to be

8. No Registrar shall hereafter issue a certificate of Certificate of incorporation to a life insurance company intending to incorpora- 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.

OR

given to local Companies till deposit

made.

9. Any life insurance company which may have Withdrawal made a deposit of securities under this Ordinance may, of deposits, ceasing to carry ou the business of life insurance in Houg- 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 securities so deposited:-

(1.) On the expiration of a notice in writing which shall be given to the Registrar by such company at least six months before the intended with- drawal. And

(2.) On satisfying the Registrar that, from the time of giving such notice until the date of the intended withdrawal, such company 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. Aud

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