COMPANIES.
No. 58 of 1911.
2069
Statement to be published by banking and certain other companies.
109.—(1) Every company being a limited banking company or an insurance company or a deposit, provident, or benefit society shall, before it commences business, and also on the first Monday in February and the first Tuesday in August in every year during which it carries on business, make a statement in the English language in Form C in the First Schedule or as near thereto as circumstances will admit.
(2) A copy of the statement shall be put up in a conspicuous place in the registered office of the company, and in every branch office or place where the business of the company is carried on.
(3) Every member and every creditor of the company shall be entitled to a copy of the statement, on payment of a sum not exceeding twenty-five cents.
(4) If default is made in compliance with this section, the company shall be liable to a fine not exceeding fifty dollars for every day during which the default continues; and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
(5) For the purposes of this Ordinance, a company that carries on the business of insurance in common with any other business or businesses shall be deemed to be an insurance company.
8 Edw. 7,
First
*
Form C.
(6) This section shall not apply to any life insurance company to which the provisions of the Life Insurance Companies Ordinance, 1907, as to the annual statement to be made by such a company, apply with or without modifications, if the company complies with those provisions.
Inspection and audit.
110.(1) The court may appoint one or more competent inspectors to investigate the affairs of any company and to report thereon in such manner as the court directs-
investigation of affairs of company by inspectors. 8 Edw. 7,
(i) in the case of a banking company having a share capital, on the application of members holding not less than one-third of the shares issued:
* As amended by No. 22 of 1913.
† As amended by No. 31 of 1915 and Law Rev. Ord., 1924.
COMPANIES.
No. 58 of 1911.
2069
Statement to be published by banking and certain
other companies.
109.—(1) Every company being a limited banking com- Certain pany or an insurance company or a deposit, provident, or companies to publish benefit society shall, before it commences business, and also statement in on the first Monday in February and the first Tuesday in Schedule. August in every year during which it carries on business, c. 69, s. 108. make a statement in the English language in Form C in the First Schedule or as near thereto as circumstances will admit. Schedule.
(2) A copy of the statement shall be put up in a conspicuous place in the registered office of the company, and in every branch office or place where the business of the company is carried on.
(3) Every member and every creditor of the company shall be entitled to a copy of the statement, on payment of a sum not exceeding twenty-five cents.
(4) If default is made in compliance with this section, the company shall be liable to a fine not exceeding fifty dollars for every day during which the default continues; and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
(5) For the purposes of this Ordinance, a company that carries on the business of insurance in common with any other business or businesses shall be deemed to be an insur- ance company.
8 Edw. 7,
First
*
Form C.
(6) This section shall not apply to any life insurance Ordinance company to which the provisions of the Life Insurance Com- No.11 of 1907. panies Ordinance, 1907, as to the annual statement to be made by such a company, apply with or without modifications, if the company complies with those provisions.
Inspection and audit.
110.(1) The court may appoint one or more competent inspectors to investigate the affairs of any company and to report thereon in such manner as the court directs-
investigation of affairs of
company by inspectors. 8 Edw. 7,
(i) in the case of a banking company having a share c. 69, s. 109. capital, on the application of members holding not less than one-third of the shares issued:
* As amended by No. 22 of 1913.
† As amended by No. 31 of 1915 and Law Rev. Ord., 1924.
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