FIRE INSURANCE COMPANIES.
CHAPTER 35.
FIRE INSURANCE COMPANIES.
[CAP. 35
To authorize the removal of fire insurance companies from the register of companies in certain cases.
3 of 1908. Fraser 3 of 1908.
[7th February, 1908.]
22 of 1950.
24 of 1950.
1. This Ordinance may be cited as the Fire Insurance Companies Ordinance.
Short title.
2. In this Ordinance-
"fire insurance company" shall include any corporate association registered in the Colony, which issues or is or becomes liable under policies of fire insurance within the Colony;
"Registrar" means the Registrar of Companies.
Interpretation.
of affairs of companies.
3. (1) The Governor may upon such grounds as he may deem sufficient appoint one or more inspectors to examine into the affairs of any fire insurance company registered in the Colony.
(2) It shall be the duty of all officers and agents of the company to produce for examination by the inspector all books and documents in their custody or power.
(3) Any inspector may examine upon oath the officers and agents of the company in relation to its business and may administer such oath accordingly.
(4) Any officer or agent who refuses to produce any book or document hereby directed to be produced or to answer any question relating to the affairs of the company shall upon summary conviction be liable to a fine of five hundred dollars. 22 of 1950, Schedule.
may order in Council companies to be struck off.
4. (1) On the conclusion of the examination the inspector shall report his opinion to the Colonial Secretary, and if it shall appear to the satisfaction of the Governor in Council from such report that such company is unable to meet its liabilities and pay its debts, the Governor in Council may authorize the Registrar to strike such company off the register of companies.
(2) The Registrar shall forthwith strike the name of such company off the register and shall publish notice thereof
285
:
Fire Insurance Companies.
CHAPTER 35.
FIRE INSURANCE COMPANIES.
[CAP. 35
To authorize the removal of fire insurance companies from Originally
the register of companies in certain cases.
3 of 1908. Fraser 3 of 1908.
[7th February, 1908.]
22 of 1950.
24 of 1950.
1. This Ordinance may be cited as the Fire Insurance Short title. Companies Ordinance.
2. In this Ordinance-
"fire insurance company" shall include any corporate association registered in the Colony, which issues or is or becomes liable under policies of fire insurance within the Colony;
"Registrar" means the Registrar of Companies.
Interpretation.
of affairs of
companies.
3. (1) The Governor may upon such grounds as he Examination may deem sufficient appoint one or more inspectors to fire insurance examine into the affairs of any fire insurance company registered in the Colony.
(2) It shall be the duty of all officers and agents of the company to produce for examination by the inspector all books and documents in their custody or power.
(3) Any inspector may examine upon oath the officers and agents of the company in relation to its business and may administer such oath accordingly.
(4) Any officer or agent who refuses to produce any book or document hereby directed to be produced or to answer any question relating to the affairs of the company shall upon summary conviction be liable to a fine of five hundred dollars. 22 of 1950,
Schedule.
may order
in Council
companies to be struck off.
4. (1) On the conclusion of the examination the Governor inspector shall report his opinion to the Colonial Secretary, and if it shall appear to the satisfaction of the Governor in delinquent Council from such report that such company is unable to meet its liabilities and pay its debts, the Governor in Council may authorize the Registrar to strike such company off the register of companies.
(2) The Registrar shall forthwith strike the name of such company off the register and shall publish notice thereof
285
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