Life Insurance Companies.
[CAP. 36
of such balance of premiums, until the deposit equals two hundred thousand dollars.
(3) The deposit shall consist of securities of the
25 of 1940, s. 2.
following nature-
(a) fixed deposits in banks approved by the Governor
in Council;
(b) stocks, funds or securities, other than the security of a charge on land by way of legal mortgage or otherwise, authorized by the Trustee Act, 1925;
(c) any Government securities of the Colony.
(4) If any securities deposited under this Ordinance with the Registrar are, while so deposited, lost, stolen, destroyed or damaged, the injury sustained by the persons making such deposit or by any other person interested therein shall be made good out of moneys to be appropriated for the purpose by the Legislative Council.
(5) All securities deposited with the Registrar shall be lodged by him with the Accountant General for safe custody.
(15 Geo. 5, c. 19).
(6) For the purposes of this Ordinance the office of Registrar shall have perpetual succession. All securities
25 of 1940, s. 3.
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.
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
289
Deposits may be withdrawn and others substituted.
Decision as to value of securities.
Life Insurance Companies.
[CAP. 36
of such balance of premiums, until the deposit equals two hundred thousand dollars.
(3) The deposit shall consist of securities of the 25 of 1940, s. 2. following nature-
(a) fixed deposits in banks approved by the Governor
in Council;
(b) stocks, funds or securities, other than the security of a charge on land by way of legal mortgage or otherwise, authorized by the Trustee Act, 1925; (c) any Government securities of the Colony.
(4) If any securities deposited under this Ordinance with the Registrar are, while so deposited, lost, stolen, destroyed or damaged, the injury sustained by the persons making such deposit or by any other person interested therein shall be made good out of moneys to be appro- priated for the purpose by the Legislative Council.
(5) All securities deposited with the Registrar shall be lodged by him with the Accountant General for safe custody.
(15 Geo. 5, c. 19).
(6) For the purposes of this Ordinance the office of Registrar shall have perpetual succession. All securities 25 of 1940, s. 3. 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 perform- ing the duties of the office shall have power to deal with the legal estate without any further transfer or conveyance.
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
-
289
Deposits may and others
be withdrawn
substituted.
Decision as securities.
to value of
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