CAP. 36]
['s. 5 cont.]
Certificate of incorporation not to be given till Life Insurance Companies.
times during the continuance of the deposit of any securities deposited under this Ordinance.
6. 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 fifty thousand 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.
Withdrawal of deposit.
After notice given of withdrawal of deposit, company not to carry on business.
[8
7. (1) 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 may be, and on the following conditions being complied with or performed, withdraw from such deposit any or all of the securities so deposited-
(a) on the expiration of a notice in writing which shall be given to the Registrar by such company at least six months before the intended withdrawal; and
(b) on satisfying the Registrar that, from the time of giving such notice until the date of the intended withdrawal, such company has not, except as to policies or contracts made before the giving of such notice, carried on the business of life insurance in Hong Kong or in China, as the case may be. Provided always that none of the securities so deposited shall be withdrawn until such company shall have satisfied the Registrar that it has no existing life insurance business whatever in the Colony.
(2) The Registrar shall cause every notice so given as in this section provided, and also his decision with regard to every such proposed withdrawal, to be published at the cost of the company as he may think fit.
[9
8. No company having given any such notice as provided in section 7 shall thereafter recommence to carry on the business of life insurance in Hong Kong or China, as
200
CAP. 36]
['s. 5 cont.]
Certificate of incorporation not to be
given till
Life Insurance Companies.
times during the continuance of the deposit of any securities deposited under this Ordinance.
6. The Registrar shall not issue a certificate of incor- poration to a company intending to carry on the business deposit made. of life insurance in the Colony or in China unless such deposit as aforesaid shall have been made to the extent of fifty thousand dollars. Such deposit may be made by the subscribers of the memorandum of association of such com- pany, 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.
Withdrawal of deposit.
After notice given of withdrawal of deposit, company not to carry on business.
[8
7. (1) 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 may be, and on the following conditions being complied with or performed, withdraw from such deposit any or all of the securities so deposited-
(a) on the expiration of a notice in writing which shall be given to the Registrar by such company at least six months before the intended withdrawal; and (b) on satisfying the Registrar that, from the time of giving such notice until the date of the intended withdrawal, such company has not, except as to policies or contracts made before the giving of such notice, carried on the business of life insurance in Hong Kong or in China, as the case may be.: Provided always that none of the securities so deposited shall be withdrawn until such company shall have satisfied the Registrar that it has no existing life insurance business whatever in the Colony.
(2) The Registrar shall cause every notice so given as in this section provided, and also his decision with regard to every such proposed withdrawal, to be published at the cost of the company as he may think fit.
[9
8. No company having given any such notice as provided in section 7 shall thereafter recommence to carry on the business of life insurance in Hong Kong or China, as
200
No comments yet.
Private notes are available after approval.