Life Insurance Companies.
to be equal to the liabilities, an order shall be made on the petition as if the life insurance company had been proved insolvent.
[24
23. The court, in the case of a company registered as aforesaid which has been proved to be insolvent as aforesaid, may, if it thinks fit, reduce the amount of the contracts of the company upon such terms and subject to such conditions as the court thinks just, in place of making a winding-up order.
[25
24. Any notice which is by this Ordinance required to be sent to any policy holder may be addressed and sent to the person to whom notices respecting such policy are usually sent; and any notice so addressed and sent shall be deemed and taken to be notice to the holder of such policy.
[26
25. There shall be laid annually before the Legislative Council the statements and abstracts of reports deposited with the Registrar under this Ordinance during the preceding year, although the Registrar may be of opinion that they are not such statements or abstracts as are required to be prepared by this Ordinance.
PART II.
Penalties, striking off, etc.
[27
[CAP. 36
Power of court to reduce contracts.
33 & 34 Vict. c. 61, s. 22.
Notices to policy holder.
33 & 34 Vict. c. 61, s. 23.
Statements, etc., to be laid before Legislative Council.
33 & 34 Vict. c. 61, s. 24.
26. Any company which makes default in complying with any of the requirements of this Ordinance, where no other penalties are expressly provided, shall be liable to a penalty of five hundred dollars for every day during which the default continues; and the chairman, agent, secretary or other principal officer of the company shall be liable to such penalty as well as the company, and in the case of a company registered under any Ordinance relating to the registration of companies if default continues for a period of three months after notice of such default shall have been published in one or more newspapers as the Registrar may direct, the court may order the winding-up of such company in accordance with the provisions of the Companies Ordinance, upon the application of one or more policy holders or shareholders.
[28
295
Life Insurance Companies.
to be equal to the liabilities, an order shall be made on the petition as if the life insurance company had been proved insolvent.
[24
23. The court, in the case of a company registered as aforesaid which has been proved to be insolvent as aforesaid, may, if it thinks fit, reduce the amount of the contracts of the company upon such terms and subject to such conditions as the court thinks just, in place of making a winding-up order.
[25
24. Any notice which is by this Ordinance required to be sent to any policy holder may be addressed and sent to the person to whom notices respecting such policy are usually sent; and any notice so addressed and sent shall be deemed and taken to be notice to the holder of such policy.
[26
25. There shall be laid annually before the Legislative Council the statements and abstracts of reports deposited with the Registrar under this Ordinance during the preceding year, although the Registrar may be of opinion that they are not such statements or abstracts as are required to be prepared by this Ordinance.
PART II.
Penalties, striking off, etc.
[27
[CAP. 36
Power of reduce 33 & 34 Vict.
court to
contracts.
c. 61, s. 22.
Notices to 33 & 34 Vict.
policy holder.
c. 61, s. 23.
Statements, laid before Council. c. 61, s. 24.
etc., to be
Legislative
33 & 34 Vict.
pliance with 33 & 34 Vict.
non-com-
Ordinance.
c. 61, s. 18.
26. Any company which makes default in complying Penalty for with any of the requirements of this Ordinance, where no other penalties are expressly provided, shall be liable to a penalty of five hundred dollars for every day during which the default continues; and the chairman, agent, secretary or cther principal officer of the company shall be liable to such penalty as well as the company, and in the case of a com- pany registered under any Ordinance relating to the regis- tration of companies if default continues for a period of three months after notice of such default shall have been published in one or more newspapers as the Registrar may direct, the court may order the winding-up of such company in accordance with the provisions of the Companies Ordin- ance, upon the application of one or more policy holders or shareholders.
[28
295
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