1032
No. 11 of 1907.
LIFE INSURANCE COMPANIES.
Deposits may be withdrawn and others substituted. Decision as to value of securities.
*
[24. 9. 37.]
Certificate of incorporation not to be given till deposit made. Withdrawal of deposit.
(7) All securities deposited with the Registrar shall be lodged by him with the Treasurer for safe custody.
(8) For the purposes of this Ordinance the office of Registrar shall have perpetual succession. All securities, other than bank deposits in the name of the Official Trustee, which are or may be deposited with the Registrar under this Ordinance shall be deemed to be vested in the Registrar for the time being and the person for the time being performing the duties of the office shall have power to deal with the legal estate without any further transfer or conveyance.
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.
5. Subject to the provisions of this Ordinance and to any regulations for the time being in force thereunder, the Governor in Council shall be the sole judge of the nature of the securities to be accepted and of the value of any securities proposed to be deposited, and of the value at all times during the continuance of the deposit of any securities deposited under this Ordinance.
[s. 6, rep. No. 8 of 1909.]
[s. 7, rep. No. 16 of 1937.]
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 the proposed company, and such deposit upon the incorporation of such company shall be deemed to have been made by and to be part of the assets of such company.
9. Any company which may have made a deposit of securities under this Ordinance may, on ceasing to carry on the business of life insurance in Hong Kong or in China, as the case...
*
As amended by No. 16 of 1937 [24.9.37].
1032
No. 11 of 1907.
LIFE INSURANCE COMPANIES.
Deposits may be withdrawn
and others substituted.
Decision as to value of securities.
*
[24. 9. 37.]
Certificate
of incorpora-
tion not to be given till deposit made.
Withdrawal of deposit.
(7) All securities deposited with the Registrar shall be lodged by him with the Treasurer for safe custody.
(8) For the purposes of this Ordinance the office of Registrar shall have perpetual succession. All securities, other than bank deposits in the name of the Official Trustee, which are or may be deposited with the Registrar under this Ordinance shall be deemed to be vested in the Registrar for the time being and the person for the time being performing the duties of the office shall have power to deal with the legal estate without any further transfer of conveyance.
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.
5. Subject to the provisions of this Ordinance and to any regulations for the time being in force thereunder, the Governor in Council shall be the sole judge of the nature of the securities to be accepted and of the value of any securities proposed to be deposited, and of the value at all times during the continuance of the deposit of any securities deposited under this Ordinance.
[s. 6, rep. No. 8 of 1909.]
[s. 7, rep. No. 16 of 1937.]
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 the proposed company, and such deposit upon the incorporation of such company shall be deemed to have been made by and to be part of the assets of such company.
9. Any company which may have made a deposit of securities under this Ordinance may, on ceasing to carry on the business of life insurance in Hong Kong or in China, as the case
*
As amended by No. 16 of 1937 [24.9.37].
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