1710
No. 11 of 1907.
Circumstances company may be the Court.
[33 & 34 Vict.
LIFE INSURANCE COMPANIES.
document as aforesaid or a copy thereof, and shall be received in evidence as if it were the original document, unless some variation between it and the original document shall be proved.
24. Any life insurance company registered under the Companies Ordinance, 1865, or the Companies Ordinance, 1911, may be wound up by the Court in accordance with the provisions of the Companies Ordinance, 1911, on the application of one or more policy holders or shareholders, upon its being proved to the satisfaction of the Court that the company is insolvent; and in determining whether or not the company is insolvent the Court shall take into account, upon what it deems, under expert advice, to be the proper bases as to mortality and interest, the value of the contingent and prospective liabilities of the company; but the Court shall not hear 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 established to the satisfaction of the Judge; and in the case of a proprietary life insurance company having an uncalled capital of an amount 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 liabilities, the Court shall suspend further proceedings on the petition for a reasonable time (in the discretion of the Court), to enable the uncalled 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 insolvent.
Power of Court to reduce contracts. [ib. s. 22.]
Notices to policy holder. [ib. s. 23.]
25. The Court, in the case of a company registered as aforesaid which has been proved to be insolvent as aforesaid, may, if it thinks fit, reduce the amount of the contracts of the company upon such terms and subject to such conditions as the Court thinks just, in place of making a winding-up order.
26. Any notice which is by this Ordinance required to be sent 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.
* As amended by No. 8 of 1909 and No. 13 of 1912.
As amended by No. 8 of 1912,
:
1710
No. 11 of 1907.
Circum-
stances
company
may be
the Court.
[33 & 34 Vict.
*
LIFE INSURANCE COMPANIES.
document as aforesaid or a copy thereof, and shall be received in evidence as if it were the original document, unless some variation between it and the original document shall be proved.
24. Any life insurance company registered under the Companies under which Ordinance, 1865, or the Companies Ordinance, 1911, may be wound up by the Court in accordance with the provisions of the Com- wound up by panies Ordinance, 1911, on the application of one or more policy holders or shareholders, upon its being proved to the satisfaction c. 61 s. 21.] of the Court that the company is insolvent; and in determining whether or not the company is insolvent the Court shall take into account, upon what it deems, under expert advice, to be the proper bases as to mortality and interest, the value of the contingent and prospective liabilities of the company; but the Court shall not hear 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 established to the satisfaction of the Judge; and in the case of a proprietary life insurance company having an uncalled capital of an amount sufficient, with the future premiums receiv- able by the life insurance company, to make up the actual invested assets equal to the amount of the estimated liabilities, the Court shall suspend further proceedings on the petition for a reasonable time (in the discretion of the Court), to enable the uncalled 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 insolvent.
Power of Court to
reduce con- tracts. [ib. s. 22.]
+
Notices to policy holder. [ib. s. 23.]
25. The Court, in the case of a company registered as aforesaid which has been proved to be insolvent as aforesaid, may, if it thinks fit, reduce the amount of the contracts of the company upon such terms and subject to such conditions as the Court thinks just, in place of making a winding-up order.
26. Any notice which is by this Ordinance required to be sent 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.
* As amended by No. 8 of 1909 and No. 13 of 1912.
As amended by No. 8 of 1912,
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