CAP. 36]
Documents may be inspected.
33. & 34 Vict.
c. 61, s. 16.
Documents to
be received
in evidence. 33 & 34 Vict. c. 61. s. 17.
Circumstances
in which
company may
be wound up
33 & 34 Vict. c. 61, s. 21.
(Cap. 32.)
Life Insurance Companies.
20. Any printed or other documents required by this Ordinance to be kept by the Registrar may, on payment of such fees as the Registrar may direct, be inspected by any person, who may also, on payment of such fees as shall be directed, obtain copies thereof.
[22
21. Every statement, abstract or other document deposited with the Registrar shall be receivable in evidence, and every document purporting to be certified by the Registrar to be such deposited document, and every document purporting to be similarly certified to be a copy of such deposited document, shall, if produced out of the custody of the Registrar, be deemed to be such deposited document as aforesaid or a copy thereof, and shall be received in evidence as if it were the original document, unless some variation between it and the original document shall be proved.
[23
22. Any life insurance company registered under any Ordinance relating to the registration of companies may be wound up by the court in accordance with the provisions of the Companies Ordinance, on the application of one or more policy holders or shareholders, upon its being proved to the satisfaction of the court that the company is insolvent; and in determining whether or not the company is insolvent the court shall take into account, upon what it deems, under expert advice, to be the proper bases as to mortality and interest, the value of the contingent and prospective liabilities of the company; but the court shall not hear the petition until security for costs, for such amount as the judge shall think reasonable, shall be given, and until a prima facie case shall also be established to the satisfaction of the judge; and in the case of a proprietary life insurance company having an uncalled capital of an amount sufficient, with the future premiums receivable by the life insurance company, to make up the actual invested assets equal to the amount of the estimated liabilities, the court shall suspend further proceedings on the petition for a reasonable time (in the discretion of the court), to enable the uncalled capital or a sufficient part thereof to be called up; and if, at the end of the original or any extended time for which the proceedings shall have been suspended, such amount shall not have been realized by means of calls as with the already-invested assets
294
CAP. 36]
Documents may be inspected.
33. & 34 Vict.
c. 61, s. 16.
Documents to
be received
in evidence. 33 & 34 Vict. c. 61. s. 17.
Circumstances
in which
company may
be wound up
33 & 34 Vict. c. 61, s. 21.
(Cap. 32.)
Life Insurance Companies.
20. Any printed or other documents required by this Ordinance to be kept by the Registrar may, on payment of such fees as the Registrar may direct, be inspected by any person, who may also, on payment of such fees as shall be directed, obtain copies thereof.
[22
21. Every statement, abstract or other document de- posited with the Registrar shall be receivable in evidence, and every document purporting to be certified by the Registrar to be such deposited document, and every docu- ment purporting to be similarly certified to be a copy of such deposited document, shall, if produced out of the custody of the Registrar, be deemed to be such deposited document as aforesaid or a copy thereof, and shall be received in evidence as if it were the original document, unless some variation between it and the original document shall be proved.
[23
22. Any life insurance company registered under any Ordinance relating to the registration of companies may be by the court. Wound up by the court in accordance with the provisions of the Companies Ordinance, on the application of one or more policy holders or shareholders, upon its being proved to the satisfaction of the court that the company is insolvent; and in determining whether or not the company is insolvent the court shall take into account, upon what it deems, under expert advice, to be the proper bases as to mortality and interest, the value of the contingent and prospective liabilities of the company; but the court shall not hear the petition until security for costs, for such amount as the judge shall think reasonable, shall be given, and until a prima facie case shall also be established to the satisfaction of the judge; and in the case of a proprietary life insurance company having an uncalled capital of an amount sufficient, with the future premiums receivable by the life insurance company, to make up the actual invested assets equal to the amount of the estimated liabilities, the court shall suspend further pro- ceedings on the petition for a reasonable time (in the dis- cretion of the court), to enable the uncalled capital or a sufficient part thereof to be called up; and if, at the end of the original or any extended time for which the proceedings shall have been suspended, such amount shall not have been realized by means of calls as with the already-invested assets
294
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