LIFE INSURANCE COMPANIES. No. 11 of 1907.
PART II.
Penalties, striking off, etc.
1697
pliance with
28. Every company which makes default in complying Penalty for with any of the requirements of this Ordinance, where no non-com- other penalties are expressly provided, shall be liable to a Ordinance. penalty not exceeding fifty dollars for every day during 33 & 34 Vict. which the default continues; and the chairman, agent, c. 61, s. 18. 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 Ordinances Ordinance, 1865, or the Companies Ordinance, 1911, if Nos. 1 of 1865 default continues for a period of three months after notice of 1911. 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.
and 58 of
register a
29.--(1) Where the Registrar has reasonable cause to Procedure for believe that a company registered in Hongkong under the striking off Companies Ordinance, 1865, or the Companies Ordinance, company 1911, is carrying on the business of life insurance in China contravening without having complied with the requirements of this Ordinance.
provisions of Ordinance, he shall publish in the Gazette and send to the Ordinances company a notice that at the expiration of three months from Nos. 1 of 1865 the date of that notice the name of the company mentioned 1911. therein will, unless cause is 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.
(3) If any company or member or creditor thereof feels aggrieved by the name of such company having been struck off the register in pursuance of this section, the company or member or creditor may apply to the court, and the court,
and 58 of
Page 10
Page 11
LIFE INSURANCE COMPANIES. No. 11 of 1907.
PART II.
Penalties, striking off, etc.
1697
pliance with
28. Every company which makes default in complying Penalty for with any of the requirements of this Ordinance, where no non-com- other penalties are expressly provided, shall be liable to a Ordinanco. penalty not exceeding fifty dollars for every day during 33 & 34 Vict. which the default continues; and the chairman, agent, c. 61, s. 18. 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 Ordinances Ordinance, 1865, or the Companies Ordinance, 1911, if Nos. 1 of 1865 default continues for a period of three months after notice of 1911. 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.
and 58 of
register a
29.--(1) Where the Registrar has reasonable cause to Procedure for believe that a company registered in Hongkong under the striking off Companies Ordinance, 1865, or the Companies Ordinance, company 1911, is carrying on the business of life insurance in China contravening without having complied with the requirements of this Ordinance.
provisions of Ordinance, he shall publish in the Gazette and send to the Ordinances company a notice that at the expiration of three months from Nos. 1 of 1865 the date of that notice the name of the company mentioned 1911. therein will, unless cause is 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.
(3) If any company or member or creditor thereof feels aggrieved by the name of such company having been struck off the register in pursuance of this section, the company or member or creditor may apply to the court, and the court,
and 58 of
Page 10Page 11
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