Registrar-Generals-Department-Annual-report-1971-1972 — Page 71

stand the Bishop's House, the Central Hospital and various other prop- erties. The Ordinance, which was introduced by private bill, provides that The Bishop of Victoria, Hong Kong, a corporation sole, should hold the premises upon certain express trusts, and that the corporation should submit audited accounts to the Colonial Secretary and the Attorney General from time to time. The use made of the premises prior to the commencement of the Ordinance is deemed to have been in accordance with the covenants and conditions contained in the Crown lease.

Companies and Official Receiver

203. Prior to the enactment of the Life Insurance Companies (Amendment) Ordinance 1971 the Registrar of Companies had no power to apply to the Court for the winding up of an insurance com- pany. This Ordinance provides that the Court, on the application of the Registrar, will order a life insurance company to be wound up under the Companies Ordinance if the assets of the company, as defined, are less than the aggregate amount of the liabilities of the company, as defined. The Ordinance provides, however, that the Court will not make a winding-up order if the company can show that its solvency position has been rectified by the date of the hearing of the application.

204. The Law Reform (Unclaimed Moneys) Ordinance 1971 repealed the Unclaimed Balances Ordinance, and made provision in various Ordinances for moneys held by the Official Receiver, the Official Administrator, the Official Trustee and other public officers, and which have remained unclaimed for five years, to be transferred to the general revenue of the Colony. Any person who can establish a claim to any moneys before the elapse of five years will continue to be able to apply to and receive payment from the appropriate officer. The repeal of the Unclaimed Balances Ordinance does not extinguish the legal or moral claims of any person to any moneys that have been or may be transferred to general revenue.

205. On 6th July 1971 the Governor in Council, under powers con- ferred by section 2A of the Companies Ordinance, made the Recognized Stock Exchanges (No. 2) Order 1971, by which the Kam Ngan Stock Exchange Limited was recognized for the purposes of the Companies Ordinance.

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