6762-1907-Ordinance-passed-and-assented-to--Life-Insurance-Companies-No-11 — Page 6

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THE HONGKONG GOVERNMENT GAZETTE, AUGUST 2, 1907.

Deed of

settlement to be printed. 33 and 34 Vict. c. 61, s. 13.

Documents may be

inspected.

lb. s. 16.

Documents to be received in evidence.

Ib. s. 17.

Other cir- eunistales

Company may be

wound up by

the Court.

lb. s. 21.

21. Every life insurance company not registered as aforesaid shall cause a sufficient number of copies of its deed of settlement, or other the Act, Ordinance, charter or instrument constituting and regulating the mode of business of such life insurance company, to be printed, and shall furnish, on application, to every shareholder and policy holder of the life insurance company, a copy of such deed of settlement, Act, Ordinance, charter or instrument, on payment of a sum not exceeding one dollar and twenty- five cents.

22. Any printed or other documents required by this Ordinance to be kept by the Registrar may, on payment of such fees as the Registrar may direct, be inspected by any person, who may also, on payment of such fees as shall be directed, obtain copies thereof.

23. Every statement abstract or other document deposited with the Registrar shall be receivable in evidence, and every document purporting to be certified by the Registrar to be such deposited document, and every docu- ment purporting to be similarly certified to be a copy of such deposited document, shall, if produced out of the enstody of the Registrar, he deemed to be such deposited doerment as aforesaid or a copy thereof, and shall be received in evidence as if it were the original document, mless some variation between it and the original document shall be proved.

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24. Any life insurance company registered under “ The Companies Ordinance 1865," may be wound up by the under which Court, in accordance with the provisions of that Ordinance on the application of one or more policy holders or share- holders, upon its being proved to the satisfaction of the Court that the actual funds of such life insurance company are not of a net cash value equal to its liabilities, counting (as sucht) the net value of its policies according to the "combined experience" or Actuaries rate of mortality, with interest at four per centum per aumun ; but the Court shall not give a hearing to the petition until security for costs, for such amount as the Judge shall think reasonable, shall be given, and until a primâ facie case shall also be esta- blished to the satisfaction of the Judge ; and in the case of a proprietary life insmanec company having an unealled capital of an amonut sufficient, with the future premiums receivable by the life insurance company, to make up the actual invested assets equal to the amount of the estimated Habilities, the Court shall suspend further proceedings on the petition for a reasonable time (in the discretion of the Court), to enable the called capital or a sufficient part thereof to be called up; and if, at the end of the original or any extended time for which the proceedings shall have been suspended, such amount shall not have been realised by means of calls as with the already-invested assets to be equal to the liabilities, an order shall be made on the petition as if the life insurance company had been proved insol-

Power of Court to reduce con- tracts.

Ib. s. 22,

Notices under this

Ordinance to policy holder. lb. s. 23.

Statements. &c. to be laid before Legislative Council.

lb. s. 24.

vent.

25. The Court, in the case of a life insurance company registered as aforesaid which has been proved to be insol- vent as aforesaid, may, if it thinks fit, reduce the amount of the contracts of the life insurance company upon such terms and subject to such conditions as the Court thinks just, in place of making a winding-up order.

to

26. Any notice which is by this Ordinance required

be

scent to any policy holder may be addressed and sent to the person to whom notices respecting such policy are usually sent; and any notice so addressed and sent shall be deemed and taken to be notice to the holder of such policy.

27. There shall be laid amuually before the Legislative Council the statements and abstracts of reports deposited with the Registrar under this Ordinance during the preced- ing year, although the Registrar may be of opinion that they are not such statements or abstracts as are required to be prepared by this Ordinance.