1964_INSURANCE_COMPANIES_ORDINANCE — Page 22

1988 Ed.]

Insurance Companies

[CAP. 41

21

address of the offices at which, and the period for which, copies of the documents mentioned in paragraph (d) will be available as required by that paragraph; (Amended 34 of 1988 s. 4)

(b) except where the High Court has otherwise directed, that a statement--

(i) setting out the terms of the scheme; and

(ii) containing a summary of the report mentioned in subsection (2) sufficient to indicate the opinion of the actuary on the likely effects of the scheme on the long term policy holders of the insurers concerned,

has been sent to each of those policy holders and to every member of those insurers;

(c) that a copy of the petition, of the report mentioned in subsection (2) and of any statement sent out under paragraph (b) has been served on the Insurance Authority and that a period of not less than 21 days has elapsed since the date of service;

(d) that copies of the petition and of the report mentioned in subsection (2) have been open to inspection at offices in Hong Kong of the insurers concerned or their representatives for a period of not less than 21 days beginning with the date of the first publication of a notice in accord- ance with paragraph (a).

(4) Each of the insurers concerned shall furnish a copy of the petition and of the report mentioned in subsection (2) to any person who asks for one at any time before an order sanctioning the scheme is made on the petition.

(5) On any petition under this section----

(a) the Insurance Authority; and

(b) any person (including any employee of the transferor company or the transferee company) who alleges that he would be adversely affected by the carrying out of the scheme,

shall be entitled to be heard.

(6) The High Court shall not make an order sanctioning the scheme unless it is satisfied that the transferee company is, or immediately after the making of the order will be, authorized to carry on any long term business to be transferred under the scheme.

(7) No such transfer as is mentioned in subsection (1) shall be carried out unless the scheme relating to the transfer has been sanctioned by the High Court in accordance with this section; and no order shall be made under section 166 or 167 of the Companies Ordinance (Cap. 32) in respect of so much of any compromise or arrangement as involves any such transfer.

(8) Any insurer which fails to comply with subsection (4) commits an offence and is liable to a fine of $10,000.

Provisions supplementary to section 24

25. (1) Where the High Court makes an order under section 24 sanction- ing a scheme the High Court may, either by that order or by any subsequent order, make provision for all or any of the following matters-