LIFE INSURANCE COMPANIES.
No. 11 of 1907.
1705
aforesaid, to the value of such balance of premiums, until the deposit equals 200,000 dollars.
(5) 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 or approved by the Governor in the name of the Official Trustee and such deposit shall be deemed a security deposited with the Registrar.
(6) If any securities deposited under this Ordinance with the Registrar 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 appropriated for the purpose by the Legislative Council.
(7) All securities deposited with the Registrar shall be lodged by him with the Treasurer for safe custody.
4. Any company may, on giving due notice to the Registrar, withdraw from his custody any securities so deposited, on depositing with him approved securities of an equal value, and such substituted securities shall for all purposes be treated as securities originally deposited.
Deposits may be withdrawn and others substituted.
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.
[s. 6, rep. No. 8 of 1909, s. 2.]
7. The Registrar shall, annually, half yearly, or at shorter periods, as shall be prescribed, prepare a report of each company which shall have made any deposit of securities, showing the nature and value of the securities deposited.
Registrar to make periodical report showing value of securities.
8. The Registrar shall not issue a certificate of incorporation to a 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 50,000 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
*As amended by No. 8 of 1912.
†As amended by No. 12 of 1912.
§As amended by No. 8 of 1912, No. 12 of 1912 and No. 13 of 1912.
§be given till deposit made.
LIFE INSURANCE COMPANIES.
No. 11 of 1907.
1705
aforesaid, to the value of such balance of premiums, until the deposit equals 200,000 dollars.
(5) 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 or approved by the Governor in the name of the Official Trustee and such deposit shall be deemed a security deposited with the Registrar.
(6) If any securities deposited under this Ordinance with the Registrar 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 appropriated for the purpose by the Legislative Council.
(7) All securities deposited with the Registrar shall be lodged by him with the Treasurer for safe custody.
be with-
4. Any company may, on giving due notice to the Registrar, Deposits may withdraw from his custody any securities so deposited, on deposit- drawn and ing with him approved securities of an equal value, and such others sub- substituted securities shall for all purposes be treated as securities originally deposited.
stituted.
*
to value of securities.
t
5. The Governor shall in any case, whether of original or sub- Decision as stituted 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.
[s. 6, rep. No. 8 of 1909, s. 2.]
to make
7. The Registrar shall, annually, half yearly, or at shorter Registrar periods, as shall be prescribed, prepare a report of each company periodical which shall have made any deposit of securities, showing the report show- ing value of nature and value of the securities deposited.
securities.
*
of incorpora- tion not to
8. The Registrar shall not issue a certificate of incorporation to Certificate a 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 50,000 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
*As amended by No. 8 of 1912.
† As amended by No. 12 of 1912.
§ As amended by No. 8 of 1912, No. 12 of 1912 and No. 13 of 1912.
be given till deposit made.
§
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