FIRE INSURANCE COMPANIES ORDINANCE, 1908

FIRE INSURANCE COMPANIES ORDINANCE, 1908

No. 16 of 1907, repealed by No. 58 of 1911.

---1908 -

No. 1 of 1908, incorporated in No. 2 of 1868.

No. 2 of 1908, incorporated in No. 2 of 1889.

No. 3 of 1908.
An Ordinance to authorise the removal of fire insurance
companies from the reqister of companies in certain
cases.
[7th February, 1908.]
1. This Ordinance may be cited as the Fire Insurance
Companies Ordinance, 1908.

2. In this Ordinance,
(a) Fire insurance company shall include any corporate
association registered in the Colony, which issues or is or
becomes liable under policies of fire insurance within the
Colony.

(b) Registrar means the Registrar of Companies.

3.-(1) The Governor may upon such grounds as he may
deem sufficient appoint one or more inspectors to examine
into the affairs of any fire insurance company registered in
the Colony.

(2) It shall be the duty of all officers and agents of the
company to prodtice for examination by the inspector all
books and documents in their custody or power.

(3) Any inspector may examine upon oath the officers and
agents of the company in relation to its business and may
administer such oath accordingly.

As amended by Law Rev. Ord., 1924. See also No. 32 of 1917. The provisions
of this Ordinance are not affected by the Companies Ordinance, 1911 ; See No.
58 of 1911, s. 268.
As amended by Law Rev, Ord., 1924.





(4) Every officer or agent who refuses to produce any book
or document hereby directed to be produced or to answer
any question relating to the affairs of the company shall
upon summary conviction be liable to a fine not exceeding
fifty dollars.

4.-(1) On the conclusion of the examination, the inspector
shall report his opinion to the Colonial. Secretary, and, if it.
shall appear to the satisfaction of the governor in council
from such report that such company is unable to meet its,
liabilities and pay its debts, the Governor in Council may
authorise the registrar to strike such company on the
register of compaines.

(2) The Registrar shall forthwith strike the name of such
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,officer, and
member of the company shall continue and inay be enforced
as if the company had not been- dissolved.

(3) A copy of such notice shall be sent to such company
and 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 notice may be sent or delivered to each
of the persons who subscribed the memorandum of associa-
tion, addressed to him at the address mentioned in that
memorandum.

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

5. If any company or member or creditor thereof feels
aggrieved by the name of such company having been struch
off the register in pursuance of seetion 4, the company or
member or creditor may apply to the court, and the court, if
it is satisfied that the company is able to meet its liabilities
and pay its debts or otherwise that it is just to do so, may
order the name of the company to be restored to the register,

As amended by Law Rev. Ord., 19.24.
and thereupon the company shall be deemed to have con-
tinued in existence as if the naine thereof had never been
struck off; and the court may, by the order, give such direc-
tions and make such provisions as may seem just for placing
the company and all other persons in the same position, as
nearly as may be, as if the name of the company had never
been struck off.

[Originally No. 3 of 1908. Law Rev. Ord., 1924.] Short title. Interpretation. Examination of affairs of fire insurance companies. Governor in Council may order delinquent fire insurance companies to be struck off the register. Court may restore the name of company.

[Originally No. 3 of 1908. Law Rev. Ord., 1924.] Short title. Interpretation. Examination of affairs of fire insurance companies. Governor in Council may order delinquent fire insurance companies to be struck off the register. Court may restore the name of company.

https://oelawhk.lib.hku.hk/items/show/1233

1923

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No. 3 of 1908

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