LIFE INSURANCE COMPANIES.
No. 11 of 1907.
1711
etc., to be
27. There shall be laid annually before the Legislative Council Statements, the statements and abstracts of reports deposited with the Registrar under this Ordinance during the preceding 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.
[33 & 34 Vict. c. 61 s. 24.]
PART II.
non-compliance with Ordinance.
[Ib. s. 18.]
*
28. Every company which makes default in complying with any of the requirements of this Ordinance, where no other penalties are expressly provided, shall be liable to a penalty not exceeding 50 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 under the Companies Ordinance, 1865, or the Companies Ordinance, 1911, if default continues for a period of 3 months after notice of such default shall have been published in one or more newspapers as the Registrar may direct, the Court may order the winding-up of such company in accordance with the provisions of the Companies Ordinance, 1911, upon the application of one or more policy holders or shareholders.
29. (1) Where the Registrar has reasonable cause to believe that a company registered in Hongkong under the Companies Ordinance, 1865, or the Companies Ordinance, 1911, is carrying on the business of life 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 3 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 contrary 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.
*As amended by No. 8 of 1912, No. 12 of 1912 and No. 13 of 1912. † As amended by No. 8 of 1909, No. 12 of 1912 and No. 13 of 1912.
+
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Page 11
LIFE INSURANCE COMPANIES.
No. 11 of 1907.
1711
etc., to be
27. There shall be laid annually before the Legislative Council Statements, the statements and abstracts of reports deposited with the laid before Registrar under this Ordinance during the preceding year, although Legislative the Registrar may be of opinion that they are not such statements [33 & 34 Vict. or abstracts as are required to be prepared by this Ordinance.
Council.
c. 61 s. 24.]
PART II.
pliance with Ordinance.
non-com-
ib. s. 18.]
*
28. Every company which makes default in complying with any Penalty for of the requirements of this Ordinance, where no other penalties are expressly provided, shall be liable to a penalty not exceeding 50 dollars for every day during which the default continues; and the chairman, agent, secretary, or other principal officer of the com- pany shall be liable to such penalty as well as the company, and in the case of a company registered under the Companies Ordinance, 1865, or the Companies Ordinance, 1911, if default continues for a period of 3 months after notice of such default shall have been published in one or more newspapers as the Registrar may direct, the Court may order the winding-up of such company in accordance with the provisions of the Companies Ordinance, 1911, upon the application of one or more policy holders or shareholders.
29. (1) Where the Registrar has reasonable cause to believe Procedure for that a company registered in Hongkong under the Companies register a
striking off Ordinance, 1865, or the Companies Ordinance, 1911, is carrying on company the business of life insurance in China without having complied provisions of contravening with the requirements of this Ordinance, he shall publish in the Ordinance. Gazette and send to the company a notice that at the expiration of 3 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 contrary 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: Pro- vided 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.
*As amended by No. 8 of 1912, No. 12 of 1912 and No. 13 of 1912. † As amended by No. 8 of 1909, No. 12 of 1912 and No. 13 of 1912.
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