LIFE INSURANCE COMPANIES ORDINANCE, 1907

LIFE INSURANCE COMPANIES ORDINANCE, 1907

No. 11 of 1907.
an ordinance relating to life insurance companies

[27th July, 1907.]

1. This Ordinance may be cited as the Life Insurance
Companies Ordinance, 1907.

2. In this Ordinance,
(a) Carry on the business of life insurance shall include
the receipt, either directly or through all agent, of applications-,
for policies of instirance on human life, or for annuities upon
human life, and the receipt, either directly or through an
agent, of premiums or other payments for or in respect of
such policies or annuities, whether such policies or annuities
are or are not issued or payable. within the Colony, and
whether the company has or has not an office within the
Colony.
(b) Chairman means the person presiding over the
board of directors of any company.
(c) Financial year means each period of twelve months
at the end of which the balance of the accotints of the coin-
pany is struck; or if no such balance is struck, then each
period of twelve months ending with the 31st day of
December.
As amended by Law Rev. Ord., 1924. See also No. 58 of 1911, ss. 109 (6) and
268, and No. 32 of 1917. The provision. of this Ordinance are not affected by
the Companies Ordinance, No. 58 of 1911.
As amended by Law Rev. Ord., 1924.





(d) Life insurance company , (hereinafter referred to as
company except where otherwise stated, shall include
any person whatsoever or any association, corporate or
unincorporate, not being established under any Ordinance
relating to friendly societies, who issue or are or become
liable under policies of insurance upon human life within the
Colony, or who grant annuities upon human life within the
Colony, or by any other means Carry on the business of life
insurance within the Colony; and shall include companies
established out of Hongkong as well as those established in
hongkong, companies registered in Hongkong which carry
on the business of life insurance in China, and also mutual
associations -is well as proprietary.

(e) Official Trustee means the Official Trustee appointed
under the Trustees Ordinance, 1901.
(f) Policy includes a contract for a policy for securing
a life insurance, endowment, or annuity.
(g) Polley holder means the legal holder of a policy for
securing the life insurance, endowment, annuity or other
contract with the company.

(h) registrar means the registrar of companies under the
companies ordinances. 1911.

PART I

conditions to be complied with by life insurance companies

3. --(1) Every company, wherever established, which shall
begin to carry on the business of life insurance within the
Colony, and every company registered in Hongkong which
shall begin to carry on the business of life insurance in
China, shall deposit with the Registrar securities to be
approved any the Governor in Council to the value of 50,000
dollars.

(2) Every company, wherever established, which before
the passing of this Ordinance carried on the business
of life insurance in hongkong if it continues to carry on
such business Hongkong, and every conipany registered
in Hongkong which. before the passing of this Ordinance had
carried oil the business of life insurance in China, if it
intends to carry on such business in the Colony or in China,
shall deposit, within six months from the commencement of





this Ordinance, with the Registrar, securities approved as
aforesaid to the value of 50,000 dollars.

(3) Provided that a company which had before the com-
mencement of this Ordinance commenced. to carry on the
business of life insurance in Hongkong or being registered
in Hongkong had commenced to carry on the business of
life insurance in China, shall not be deemed to continue to
carry on such business, by reason only of receiving premiums
in respect of policies or other contracts inade before the
conimencenient of this Ordinance; but if any such company,
after the commencement of this Ordinance, carries on the
business of life insurance except in respect of a policy con-
tracted for before the commencement of this Ordinance,
such company shall be subject to the provisions of this
section as if it were a life insurance company coinniencing
to carry on the business of life insurance.

(4) In augmentation of the deposit mentioned in sub-
sections (1) and (2), every company liable to make a deposit
under this section shall be required to make rutther deposit
up to 200,000 dollars, and until such further deposit is, made
it shall send in yearly to the Registrar returns under the
oath of the chairman, agent, secretary, or other principal
officer of the company of the amount of premiums received
by the company on account of such policies issued, granted,
or entered into in Hongkong, and in the case of a company
registered in Hongkong, entered into in China, by such
company whether before or after the commencement of this
Ordinance, as the conipany is, for the tline being liable in
respect of. And the company shall after deducting
five per cent. therefrom and the net amount of losses of
claims actually paid in respect of such policies, deposit with
the Registrar securities of such kinds as aforesaid, to the
value of such balance of premiums, until the deposit equals
200,000 dollars.

(5) The whole or any part of such deposit may be a
deposit receipt given by any bank in Rongkong incorporated
or regulated by or under any Ordinance or approved by the
Governor in the name of the Official trustee; and such
deposit shall be deemed a security deposited with the
Registrar.
(6) If any securities deposited under this Ordinance with
the Registrar are, while so deposited, lost, stolen, destroyed,
or damaged, the injury sustained by the persons making





such deposit, or by any other person interested therein, shall
be made good out of moneys to be appropriated for the
purpose by the Legislative Council.

(7) All securities deposited with the Registrar shall be
lodged by him with the Treasurer for safe custody.

4. Any company may, on giving due notice to the Regis-
trar, withdraw from his custody any securities so deposited,
on depositing with him approved securities of an equal
value, and such substituted securities shall for all purposes
be treated as securities originally deposited.

5. The Governor shall in any case, whether of original or
substituted deposit, be the sole judge of the value of such
securities for the purposes of such deposit, and his decision
shall be final and conclusive.

[s. 6, rep. No. 8 of 1909]

7. The RecIstrar shall, annually, half-yearly, or at shorter
periods, as shall be prescribed, prepare a report of each
company which shall have made any deposit of securities,
showing the nature and value of the securities deposited.

8. The Registrar shall not issue a certificate of incorpora-
tion 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 50,000
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.

9. 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 Hongkong or in China, as
the case may be, and on the following conditions being com-
plied with or performed, withdraw from such deposit any or
all of the securities so deposited---





(1) 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

(2) 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 Hongkong 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.

The Registrar shall cause every notlee 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 lie may think fit.

10. No company having given any such notice as provid-
ed in section 9 shall thereafter recommence to carry on the
business of life insurance in Hongkong or China, as the case
may be, unless it shall first make the deposit provided for
in section 3 as in the case of a compaily beginning to carry
on such business; but such new deposit shall be treated as
a separate deposit from any securities remaining deposited
under section 9. Provided that the receipt of premiums or
other moneys in respect of policies made before such notice
and the discharge of liabilities thereon, and the doing of
other acts relating to such policies, shall not be deemed to
be a recommencement of a carrying on of business within
the meaning of this section.

11. In the case of a company, established before or after
the commencement of this Ordinance, transacting other
business besides that of life insurance, a separate account
shall be kept of all receipts in respect of the life insurance
and annuity contracts of the company, and the said receipts
shall be carried to and form a separate fund, to be called
the life insurance fund, of the company, and such fund shall

* As amended by Law. rev. Ord., 1924.





be as absolutely the security of the life policy and annuity
holders as though it belonged to a company carrying on no
other business than that of life insurance, and shall not be
liable for any contracts of the company for which it would
not have been liable had the business of the company been
only that of life insurance: and in respect to all existing
companies, the exemption of the life insurance fund from
liability for other obligations than to its life policy holders
shall have reference only to the contracts entered into after
the commencement of this Ordinance, unless by-the con-
stitution of the company such exemption already exists;
but this Ordinance shall not diminish the liability of any life
insurance fund. for any contracts of such company entered
into before the commencement of this Ordinance: Provided
always that this section shall not apply to any contracts
made by any life, insurance company existing at the com-
mencement of this Ordinance by the terms of whose deed of
settlement the whole of the profits of all the business are
paid excbisively to the life policy holders, and on the face of
which contracts the liability of the insured distinctly appears.

12. Every company shall, at the expiration of each
financial year of such company, prepare a statement of its
revenue account for such year, and of its balance sheet at the
close of such year, in the forms respectively contained in the
First and second shcedules.

13. Every company which, concurrently with the granting
of policies of insurance or annuities on human life, transacts
any other kind of insurance or other business, shall at the
expiration of each such financial year as aforesaid prepare
statements of its revenue account for such year, and of its
balance sheet at the close of such year, in the forms respec-
tively contained in the Third and Fourth Schedules.

14.every company shall, once in every five years if
established after the commencement of this Ordinance, and
once in every ten years if established before the commence-
ment of this Ordinance, or at such shorter intervals as may
be prescribed by the instrument constituting such company,
or by its regulations or by-laws, cause an investigation to be
made into its financial condition by an actuary and shall
cause an abstract of the report of such actuary to be made
in the form in the Fifth Schedule.





15. Every company shall, within nine months after the
date of each such investigation as aforesaid, prepare a state-
ment of its life insurance and annuity business, in the form
contained in the Sixth Schedule; each of such statements
to be, made up as at the date of the last investigation :
Provided that if stich investigation be made anniially by any
company, it may prepare such statement at any tinie, so that
it be made at least once, in every three years.
In this section, date of each such investigation means
the date to which the accounts of each company are made itp
for the purposes of each such investigation.

16. The Governor in council may alter the forms in the
Schedules, for the purpose of adapting thein to the circum-
stances of any company, or of better carrying. into efFect the
object of this Part.

17. Every statement or abstract hereinbefore required to
be made by a company shall be signed by the principal
officer thereof managing the life insurance business in Hong
kong, and shall be printed ; and the original so signed
as aforesaid, together with three printed copies thereof, shall
be deposited with the Registrar within nine months of the
dates respeetively hereinbefore proseribed as the dates at
which the same are to be prepared. every annual statement
so deposited shall be accompanied by three printed copies of
the abstract required to be inade by section 14.

18.. The Registrar shall make ,in examination into each
statement or abstract deposited as aforesaid either alone or
with an actuary appointed by the Governor for the purpose;
and the Registrar, or if an aettiary be appointed then the
Registrar and such statement acturay, shall make such report to the
Governor on suich statement or abstract as he or they may
think fit, and every such report shall be published in the
Gazette.

19. A printed copy of the last-deposited statement, ab-
stract, or other document by this Ordinance required to be
printed shall be forwarded by the company, by post or
otherwise, on application, to every shareholder and policy
holder of the company.

As amended by Law Rev. Ord, 1924.





20. Every company not registered under the Companies
ordinance, 1865, or the companies ordiance, 1911 shall
keep a register of shareholders in like form and containing
like particulars in the manner provided by such. Ordinances
respectively, and shall furnish, on application, to every
shareholder and policy holder of the company, a copy of
such book, on payment of a sum not exceeding fifty cents
for every hundred words required to be copied for such

21. Every company not registered as aforesaid shall cause
a sufficient number of copies. of its deed of settlement, or
other the act, ordinance, charter, or instrumnet constituting
and regulating the mode of business of such company,
to be printed, and shall furnish, on application, to every
shareholder and policy holder of the company, a copy of
such deed of settlement, Act, Ordinance, charter, or instru-
ment on payment of a sum not exceeding one dollar and
twenty-five cents.

22. 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 stich fees as shall be
dIrected, obtain copies thereof.

23. 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
(decoument as aforesiad 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.

24. Anylife, insurance. conipany registered under the
companies Ordinance, 1865, or the Companies Ordinance,
1911, may bc wound up by the court in aceordance with the
provisions of the Companies Ordinance, 1121, 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 aniount as the shall think reasonable, shall
be given, and until a prima facte case shall also be
established to the satisfaction of the judge; adn in the case
of a proprietary life insurance company having an uncalled

capital. of an amount sufficient, with the future premiuins-
receivable by the life insurance company, to make up the
actual invested assets equal to the amount of the estiniated
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 sufficielit part
thereof to the 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 realised
by means of calls as with the already-invested assets to be
equal to the liabilities, an order shall be made on the
petition as if the life insurance company had been proved
insolvent.

25. 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.

26. 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 order of such policy.

27. 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 orabstracts as are required to be prepared
by this Ordinance.





PART II

Penalties, striking off, etc.

28. Every 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 not exceeding fifty 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 the companies
Ordinance, .1865, or the Companies Ordinance, 1911, 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, 1911, upon the
application of one or more policy holders or shareholders.

29.---(]) Where the -Registrar has reasonable cause to
believe that a company registered in Hongkong under the
Companies Ordinance,' 1865, or the Companies Ordinance,
1911, is carrying on the business of life insurance in China
without, having complied with the requirements of this
Ordinance, he shall publish in the Gazette and send to the
company a notice that at the expiration of three months from
the date of that notice the name of the company mentioned
therein will, unless cause is shown to the contrary, be struck
off the register and the company will be, dissolved.

(2) at the expiration of the time mentioned in the notice
the Registrar may, unless cause to the contrary is previously
shown by the company, strike the name of the. company off
the register, and shall publish notice thereof in the Gazette,
and on such publication the company whose name is so
struck off shall be dissolved : Provided that the liability,
if any, of every director, managing officer, and member of
the company shall continue and may be enforced as if the
company had not been dissolved.

(3) if any company or member or creditor thereof feels
aggrieved by the name of ushc company having been struck
off the register in pursuance of this section, the company or
member or creditor may apply to the court, and the court,






if it is satisfied that it is just to do so, may order the name
of the company to be restored to the register and thereupon
the company shall be deemed to have continued in existence
as if the name thereof had never been struck off, and the
court may, by the order, give such directions and make such
provisions as seem just for placing the company and all other
persons in the same positions, as nearly as may be, as if the
name of the company had never been struck off.

(4) A letter or notice authorised or required for the
purposes of this section to be sent to a company may either
be sent by post or be delivered by hand addressed to the
company at its registered office, or, if no office has been
registered, addressed to the care of some director or officer
of the company, or, if there is no director or officer of the
company whose name and address are known to the Registrar,
the letter or notice, (in identical form) may be sent or
delivered to each of the persons who subscribed the
memorandum of association, addressed to him at the address
mentioned. in that memorandum.

(5) In the execution of his duties under this section, the
Registrar shall conform to any regulations which may be,
made by the Governor in Council.

30. If any statement, abstract, or other document required
by this Ordinance is false in any particular to the knowledge.
of any person who signs or deposits the same, such person
shall be liable, on conviction on indictment, to imprisonment
for any term not exceeding two years, and to a fine not
exceeding five hundred dollars, or, on summary conviction,
to a fine not exceeding five hundred dollars.

31. Where by this Ordinance any statement or abstract is
required to be made or furnished by any company, the
Governor may, if he thinks fit, direct that such statement or
abstract shall be submitted to an independent actuary for
investigation. the cost of such investigation shall be notified

to the company by the Treasurer and shall be paid forthwith
by the company to the Treasurer.

32. Every penalty imposed by this Ordinance shall, unless
otherwise provided, only be recovered summarily.










33. The provisions of this Ordinance shall not apply to
any life insurance company which has made a deposit in
Great Britain under the provisions of the Life Assurance
Companies Acts, -870 to 1872, and the Governor in Council
may at any time, in his diseretion and for such period and
on such conditions as he may think fit, exempt from any
or all the provisions of this Ordinance any life insurance
company.

34. it shall be lawful for the governor in council to make
regulations for carrying into effect the purposes of this
ordinance.



1700 no, 11 of 1907

LIFE INSURANCE COMPANIES.









LIFE INSURANCE COMPANIES.

NO. 11 OF 1907 1701






1702 no. 11 of 1907

life insurance companies





LIFE INSURANCE COMPANIES NO. 11 OF 1907 1703




FIFTH SCHEDULE. [s. 14.]
STATEMENT RESPECTING THE VALUATION OF THE LIABILITIES UNDER
LIFE policies and annuities of the
TO BE MADE BY THE ACTURAY

(The answers should he numbered to accord With the numbers of the
corresponding questions.)

1. The date up to which tile valuation is madc.

2. The principles upon which the valuation and distribution of profits
among the policy holders are made, and whether tbese principles were
determined by the instrument constituting the company, or by its regulations
or by-laws, or otherwise.

3. The table or tables of mortality used in the valuation.

4. The rate or rates of interest assumed in the calculations.

5. The proportion of the annual premium incoine reserved as a provision
for future expenses and profit. (If none, state how this provision is made.)

6. The consolidated revenue account since the last valuation, or, in case
of a company which has made no valuation, since the commencement of the
business. (This return should be made in the form annexed.)

7. The liabilities of the company under life policies and annuities at the
date of the vabiation, showing the number of policies, the amount assured,

and the amount of premiums payable annually under each class of policies,
both With and without participation in profits, and also the net liabilites and
assets of the company, with the amount of surplus or deficiency. (these
returns should be rnade in the forms annexed.)

8. The time during which a policy must be in force in order to entitle it
to share in the profits.

9. The results of the valuation, showing-

(1) The total amount of profit made by the company.

(2) The amount of profit divided among the policy holders, and the
number and amount of the policies which participated.

(3) The amount of profit brought forward from tile previous valuation, the
profits allotted to whole life assurances and endowment assurances respec-
tively, and also the profits divided amongst the shareholders.

(4) Specimens of bonuses allotted to policies for 1,000 dollars efflected at
the respective ages of 20, 30, 40 and 50, and having been respectively in
force for 5 years 10 years, and upwards at intervals of 5 years respeefively,
together with the amounts apportioned under the various modes in which
the bonus might be received.







LIFE INSURANCE COMPANIES

NO. 11 OF 1907 1705





Extra premium in the Life Insarance Companies Ordinance, 1907,
shall be taken to mean the charge for any risk not provided for in the
minimum contract premium.

Separate Schedules Similar in forn to the above must be furnished in
respect of policies valued by different mrotality tables, or at different rates
of interest.

(Form referred to under heading No. 7 in the Fifth Schedule.)






SIXTH SCHEDULE. [s. 15.]

STATEMENT OF THE LIFE ASSURANCE AND ANNUITY BUSINESS OF THE
ON THE 19

(The answers should be numbered to accord with the numbers of the
corresponding questions. Statements of reassurances, corresponding to

the statements in respect of assurances under headings Nos. 2, 4, 6, 7,
and 8 are to he given).

1. The published table or tables of premiums for assurances for the whole
term of life which are in use at the date above mentioned and the office
rates of premium for endowment assurances published and in force at the
date of the valuation.

2. The total amount, assured on lives for the whole term of life with
uniform premiums throughout life or for whole term of life with limited
prerninnis which are in existence at the date above mentioned, distinguishing
the portions assured with and without profits, stating separately the total
reversionar bonuses, and specifying the sums assured for each year of life

from the youngest to the oldest ages.


3. a spearate staement is to be given of premiums payable for a limited
number of years classified according to the number of years payment to be
made.

4. The amount of prerniums receivable annually for each year of life,
after deducting the abatements made by the application of bonuses in
respect of the respective assurances mentioned under heading No. 2, dis-
tinguishing ordinary from extra premiums.

5. The total amount assured under endowment assurances specifying
sums assured, reversionary bonuses, and office yearly premiums separately
in respect of each calendar year in which such assurances will mature for
payment, and stating also the average age, as at the valuntion date, in
respect of each such calendar year of muturity, distinguishing assurances
with and without particuipation in profits.

6. The total amount assured under classes of assurance business other
than for the whole term of life, and other than endowment assurances,
distinguish the sums assured under cach class, and stating separately the
amount assured with aud without profits, and the total amount of reversionary
bonuses.

7. The amount of premiums receivable annually in respect of each such
special class of assurances mentioned under heading No. 6, distinguishing
Ordinary from extra premiums.

8. the total amount of premiums which has been received form the
commencement upon all policies under cach special class mentioned under
heading No. 6 which are in force at the date above mentioned.

9. The total amount of immediate annuities on lives, distinguishing the
for each year of life.

10. The amount of all annuities other than those specified under heading
No. 9, distinguishing the amount of annuities payable under each class, the
amount of premiums annually receivable, and the amount of consideration.
money receivable in respect of each such class, and the total amount of
premiums received formt eh commencement upon all deferred annuities.

11. the average rate of interest yielded by the assets whether invested
or uninvested constituting the life insurance fund of the company, calculated
upon the mean fund of each year during the period since the last,
investigation.

12. A table of minumum values, if any, allowed for the surrender of
policies for the whole term of life, and for endowment assurances, or a
statement of the method pursued in calculating such surrender values, with
instunces of its application to policies of dilfferent standing and taken out
at various interval ages, from the youngest to the oldest.

separate statements to be furnished for business transacted according to
different office rates of premium together with a statemnet of the manner in
which policies on unlealthy lives are dealt with.
[Originally No. 11 of 1907. Law Rev. Ord., 1924.] Short title. Interpretation. Ordinance No. 5 of 1910. Ordinance No. 58 of 1911. Deposit. 33 & 34 Vict. C. 61, s. 3. Existing companies, before continuing business, must deposit, etc. [s. 3 contd.] Deposits may be with-drawn and others substituted. Decision as to value of securities. Registrar to make periodical report showing value of securities. Certificate of incorporation not to be given till deposit made. Withdrawal of deposit. After notice given of with drawal of deposit, company not to carry on business. Life funds to be separate from receopts of other business. 33 & 34 Vict. C. 61, s. 4. Statements to be made by companies. 33 & 34 Vict. C. 61, s. 5. First and Second Schedules. Statements by company doing other than life business. 33 & 34 Vict. C. 61, s. 6. Third and Fourth Schedules. Actuarial report and abstract. 33 & 34 Vict. C. 61, s. 7. Fifth Shedule. Statement of life and annuity business. 33 & 34 Vict. C. 61, s. 8. Sixth Schedule. Forms may be altered. 33 & 34 Vict. C. 61, s. 9. Statement, etc., to be signed and deposited with the Registrar. 33 & 34 Vict. C. 61, s. 10. Statements and abstracts to be examined by the Registrar and his report to he published. Copy of statement to be given to shareholders, etc. 33 & 34 Vict. c. 61, s. 11. List of shareholders. 33 & 34 Vict. C. 61, s. 12. Ordinance Nos. 1 1865 and 58 of 1911. Deed of settlement to be printed. 33 & 34 Vict. C. 61, s. 13. 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 by the court. 33 & 34 Vict. C. 61, s. 21. Ordinance Nos. 1 of 1865 and 58 of 1911. Power of court to reduce contract 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. Penalty of non-compliance with Ordinance. 33 & 34 Vict. C. 61, s. 18. Ordinance Nos. 1 of 1865 and 58 of 1911. Procedure for striking off register a company contravening provisions of Ordinance. Ordinance Nos. 1 of 1865 and 58 of 1911. Penalty for falsifying statemnet, etc. 33 & 34 Vict. C. 61, s. 19. Investigation by actuary. Recovery of penalties. Ordinance not to apply to company with deposit in Great Britain. 33 & 34 Vict. C. 61. 34 & 35 Vict. C. 58. 35 & 36 Vict. C. 41. Regulations. [Third Schedule contd.]

[Originally No. 11 of 1907. Law Rev. Ord., 1924.] Short title. Interpretation. Ordinance No. 5 of 1910. Ordinance No. 58 of 1911. Deposit. 33 & 34 Vict. C. 61, s. 3. Existing companies, before continuing business, must deposit, etc. [s. 3 contd.] Deposits may be with-drawn and others substituted. Decision as to value of securities. Registrar to make periodical report showing value of securities. Certificate of incorporation not to be given till deposit made. Withdrawal of deposit. After notice given of with drawal of deposit, company not to carry on business. Life funds to be separate from receopts of other business. 33 & 34 Vict. C. 61, s. 4. Statements to be made by companies. 33 & 34 Vict. C. 61, s. 5. First and Second Schedules. Statements by company doing other than life business. 33 & 34 Vict. C. 61, s. 6. Third and Fourth Schedules. Actuarial report and abstract. 33 & 34 Vict. C. 61, s. 7. Fifth Shedule. Statement of life and annuity business. 33 & 34 Vict. C. 61, s. 8. Sixth Schedule. Forms may be altered. 33 & 34 Vict. C. 61, s. 9. Statement, etc., to be signed and deposited with the Registrar. 33 & 34 Vict. C. 61, s. 10. Statements and abstracts to be examined by the Registrar and his report to he published. Copy of statement to be given to shareholders, etc. 33 & 34 Vict. c. 61, s. 11. List of shareholders. 33 & 34 Vict. C. 61, s. 12. Ordinance Nos. 1 1865 and 58 of 1911. Deed of settlement to be printed. 33 & 34 Vict. C. 61, s. 13. 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 by the court. 33 & 34 Vict. C. 61, s. 21. Ordinance Nos. 1 of 1865 and 58 of 1911. Power of court to reduce contract 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. Penalty of non-compliance with Ordinance. 33 & 34 Vict. C. 61, s. 18. Ordinance Nos. 1 of 1865 and 58 of 1911. Procedure for striking off register a company contravening provisions of Ordinance. Ordinance Nos. 1 of 1865 and 58 of 1911. Penalty for falsifying statemnet, etc. 33 & 34 Vict. C. 61, s. 19. Investigation by actuary. Recovery of penalties. Ordinance not to apply to company with deposit in Great Britain. 33 & 34 Vict. C. 61. 34 & 35 Vict. C. 58. 35 & 36 Vict. C. 41. Regulations. [Third Schedule contd.]

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