1038
No. 11 of 1907.
LIFE INSURANCE COMPANIES.
33 & 34 Vict.
c. 61, s. 18.
*
Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932.
Procedure for striking off register a company contravening provisions of Ordinance.
*
Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932.
exceeding five hundred 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 any Ordinance relating to the registration of companies if default continues for a period of three 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, 1932, 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 Hong Kong under any Ordinance relating to the registration of companies 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 three months from the date of that notice, the name of the company mentioned 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, if it is satisfied that it is just to do so, may order the name of the company to be restored to the register and thereupon the company shall be deemed to have continued in existence as if the name thereof had never been struck off, and the court may, by the order, give such directions and make such provisions as
* As amended by Law Rev. Ord., 1939.
Page 10
Page 11
1038
No. 11 of 1907.
LIFE INSURANCE COMPANIES.
33 & 34 Vict.
c. 61, s. 18.
*
Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932.
Procedure for striking off register
a company contraven-
ing pro- visions of Ordinance.
*
Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932.
exceeding five hundred 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 any Ordinance relating to the registration of companies if default continues for a period of three 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, 1932, 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 Hong Kong under any Ordinance relating to the registration of companies 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 three months from the date of that notice. the name of the company mentioned 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, if it is satisfied that it is just to do so, may order the name of the company to be restored to the register and thereupon the company shall be deemed to have continued in existence as if the name thereof had never been struck off, and the court may, by the order, give such directions and make such provisions as
* As amended by Law Rev. Ord., 1939.
Page 10Page 11
No comments yet.
Private notes are available after approval.