LIFE INSURANCE COMPANIES ORDINANCE, 1907

LIFE INSURANCE COMPANIES ORDINANCE, 1907

No. 11 of 1907.

An Ordinance relating to life insicrance companies.

[2nd Aug., 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 an agent, of applications
for policies of insurance on human life or for annuities upon
human life, and the receipt, cither directly or (hrough 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 ylear ' means each period of twelve months
at the end of which the balance of the accounts of the company
is struck; or if no such balance is struck, then each period of
twelve months ending with the 31st day of December;

(d) ' Life insurance company ' (hereinafter referred to as
'company '), except where otherwise stated, shall include any
person whatsoever who, or any association, corporate or

See also No. 32 of 1917 and No, 39 of 1932, ss. 130 (6) and 356. The
provisions of this Ordinance are not affected by the Companies
Ordinance, 1932 : see No. 39 of 1932, s, 356.





unincorporate, not being established under any Ordinance
relating to friendly societies, which, issues or is or becomes liable
under policies of insurance upon human life within the Colony,
or grants annuities upon human life within the Colony, or by
any other means carries on the business of life insurance within
the Colony; and shall include companies established out of
Hong Kong as well as those established in Hong Kong,
companies registered in Hong Kong which carry on the business
of life insurance in China, and also mutual associations as well
as proprietary;

(e) 'Official Trustee ' means the Official Trustee appointed
under the Trustee Ordinance, 1934;

(f) ' Policy ' includes a contract for a policy for securing
a life insurance, endowment or annuity;

(g) ' Policy 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 Ordinance, 1932.

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 Hong Kong which shall begin
to carry on the business of life insurance in China, shall deposit
and keep deposited with the Registrar securities to be approved
by 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 Hong Kong, if it continues to carry on such business in Hong
Kong, and every company registered in Hong Kong which before
the passing of this Ordinance had carried on 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, and keep deposited with the
Registrar securities approved as aforesaid to the value of 50,000
dollars:

As amended by No. 13 of 1930 [17.10.30] and No. 16 of 1937 [24.9.37]





(3) Provided that a company which had before the commence-
ment of this Ordinance commenced to carry on the business of
life insurance in Hong Kong, or being registered in Hong Kong
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 made before the commencement 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 contracted for before the commencement of this Ordimince,
such company shall be subject to the provisions of this section
as if it were a life insurance company commencing 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 and keep deposited further
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 Hong Kong, and in the case of a company registered in
Hong Kong, entered into in China, by such company whether
before or after the commencement of this Ordinance, as the
company is for the time being liable in respect of. And the
company shall, after deducting twenty-five per cent. therefrom
and the net amount of losses or 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.

The whole or any part of such deposit may be a deposit
receipt given by any bank in Hong Kong incorporated or
regulated by or tinder 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.

(8) For the purposes of this Ordinance the office of Reg istrar
shall have perpetual succession. All securities, other than bank
deposits in the name of the Official Trustee, which are or may
be deposited with the Registrar under this Ordinance shall be
deemed to be vested in the Registrar for the time being and the
person for the time being performing the duties of the office
shall have power to deal with the legal estate without any further
transfer of conveyance.

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

5. Subject to the provisions of this Ordinance and to any
regulations for the time being in force thereunder, the Governor
in Council shall be the sole judge of the nature of the securities
to be accepted and of the value of any securities proposed to be
deposited, and of the value at all times during the continuance
of the deposit of any securities deposited under this Ordinance.

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

[s. 7, rep. No. 16 of 1937.]

8. The Registrar shall not issue a certificate of incorporation
to a company intending to carry on the business of life insurance
in the Colony or in China unless such deposh 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 Hong Kong or in China, as the case

As amended by No. 16 of 1937 [24.9.37].





may be, and on the following conditions being complied 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 Hong Kong or in China, asthe 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 notice 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 he may think fit.

10. No company having given any such notice as provided
in section 9 shall thereafter recommence to carry on the business
of life insurance in Hong Kong 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 company 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 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 riot 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 corn-
mencement of this Ordinance, unless by the constitution 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 commence-
ment of this Ordinance : Provided always that this section sliall
not apply to any contracts rnade by any life insurance company
existing at the commencement of this Ordinance by the ternis of
whose deed of settlement the whole of the profits of all the
business are paid exclusively 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
Schedules.

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 respectively contained in the Third
and Fourth Schedules.

14. Every company shall, once in every five years if
established after the cominencement of this Ordinance, and once
in every ten years if established before the commencement 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 statement 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 such
investigation be made annually, by any company, it may prepare
such statement at any time, 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 up for the
purposes of each such investigation.

16. The Governor in Council rilay alter the forms in the
Schedules, for the purpose of adapting them to the circumstances
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 respectively herein-
before prescribed as the dates at which the same are to be
prepared. Every annual statement so deposited shall be accom-
panied by three printed copies of the abstract required to be
made by section 14.

18. The Registrar shall make an 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 actuary be appointed then the Registrar and
such actuary, shall make such report to the Governor on
such 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, abstract
or otlier document by this Ordinance required to be printed shall
be forwarded by the company, by post or otherwise, on ap-
plication, to every shareholder and policy holder of the company.

20. Every company not registered tinder any Ordinance
relating to the registration of companies shall keep a register of





shareholders in like form and containing like particulars in the
manner provided by such Ordinance, 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 purpose.

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 instrument 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 instrument 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 such fees as shall be directed,
obtain copies thereof.

23. Every statement, abstract or other document deposited
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 document 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 document as aforesaid 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. Any life insurance company registered under any
Ordinance relating to the registration of companies may
be wound up by the court in accordance with the provisions
of the Companies Ordinance, 1932, 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

As amended by Law Rev. Ord., 1939.





to mortality and interest, the value 6f the contingent and
prospective liabilities of the company; but the court shall not
hear the petition until security for costs, for such amount as the
judge shall think reasonable, shall be given, and until a prima
jacie case shall also be established to the satistaction of the judge;
and in the case of a proprietary life insurance company having
an uncalled capital of an amount sufficient, with the future
premiums receivable by the life insurance company, to make up
the actual invested assets equal to the amount of the estimated
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 sufficient part thereof to he
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 realized 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 holder 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 or abstracts 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 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, 1932, upon the application of one or more
policy holders or shareholders.

29.-(i) Where the Registrar has reasonable cause to
believe that a company registered in Hong Kong under any
Ordinance relating to the registration of companies 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 tirne m entioned 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 such 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

As amended by Law Rev. Ord., 1939.





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 authorized 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)
way 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 exceed-
ing 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 Accountant-General and shall be paid forthwith by the
company to the Accountant-General.

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

33. The provisions of this Ordinance shall not apply to any
life insurance company which has made a deposit in the United
Kingdom under the provisiohs of any Act relating to assurance
companies, and the Governor in Council may at any time, in
his discretion and for such period and on such conditions as he
may think fit, exempt from any or all the provisions of this

As amended by Law Rev. Ord., 1939.





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.

FIRST SCHEDULE [S. 12.]

BEVENUE ACCOUNT of the for the year ending 19



Note 1---Companies having separate accounts for annuities to
return the particulars of their annuity business in a separate statement.
Note 2-Items in this and in the accounts in the Third and
Fifth Schedules should be the net amounts, after deduction of the
amounts paid and received in respect of reassurances,
Note 3,-' Premiums received on new policies --- means pre-
miums of the first year actually received or falling due within the year
of account.





SECOND SCHEDULE. [S. 12.]

BALANCE SHEET of the on the 19



These items are included in the corresponding items in the First Schedule.





THIRD SCHEDULE. [s. 13.]

REVENUE ACCOUNTS of the for the year ending 19

(No. 1) LIFE ASSURANCE ACCOUNT.



Note.-Cornpanies having separate accounts for annuities to return
the particulars of their annuity business in a separate
statement. ' Premiums received on new policies ' means
premiums of the first year actually received or falling
due within the year of account.





Note.-This account is not required if item's have been incorporated
in the other accounta of this Schedule.

FOURTH SCHEDULE. [S. 13.]

BALANCE SHEET of the on the 19






FIFTH SCHEDULE. [s. 14.]

STATEMENT RESPECTING THE VALUATION OF THE LIABILITIES. UNDER
LIFE POLICIES AND ANNUITIES OF THE
TO BE MADE BY THE ACTUARY
(The answers should be numbered to accord with the numbers of the
corresponding questions.)

1. The date up to which the valuation is made.

2. The principles upon which, the valuation and distribution of
profits among the policy holders are made, and whether these 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 income 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 com-
mencement 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 valuation, 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 liabilities and assets of the company, with the amount
of surplus or deficiency. (These returns should be made 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 the previous
valuation, the profits allotted to whole life assurances and endowment
assurances respectively, and also the profits divided amongst the
shareholders;

(4) specimens of bonuses allotted to policies for 1,000 dollars
effected at the respective ages of 20, 80, 40 and 50, and having been
respectively in force for 5 years, 10 years, and upwards at intervals
of 5 years respectively, together with the amounts apportioned under
the various modes in which the bonus might be received.

(Form referred to under heading 6 in the Fifth Schedule.)

Consolidated revenue account of the foryears,
commencing and ending





(Form referred to under heading 7 in the Fifth Schedule.)

Summary and valuation of the policies of the as at 19





Separate schedules similar in form to the above must be furnished in
respect of policies valued by different mortality tables, or at different rates
of interest.

(Form referred to under heading 7 in the Fifth Schedule.)

Valuation balance sheet of as at 19
Dr. Cr.

To net liability under assurance By life assurance and annuity
and annuity transactions (as funds (as per balance sheet
per summarystatement under Second Schedule or

provided in Fifth Schedule) Fourth Schedule)

To surplus .........By deficiency

SIXTH SCHEDULE.

STATEMENT OF THE LIFE ASSURANCE AND ANNUITY BUSINESS OF
THE

ON THE

(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 2, 4, 6, 7 and
8 are to be 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
premiums which are in existence at the date above mentioned, distinguishing
the portions assured with and without profits, stating separately the total
reversionary bonuses, and Specifying the sums assured for each year of life
from the youngest to the oldest ages.


3. A separate statement 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 premiums 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 2,
distinguishing 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 valuation date, in respect of each such calendar year
of maturity, distinguishing assurances with and without participation
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, distinguishing the sums assured under each class, and
stating separately the amount assured with and without profits, and
the total amount of reveffionary bonuses.

7. The amount of premiums receivable annually in respect of
each such special class of assurances mentioned under heading 6,
distinguishing ordinary from extra premiums.

8. The total amount of premium's which has been received from
the commencement upon all policies under each special class mentioned
under heading 6 which are in force at the date above mentioned.

9. The total amount of immediate annuities on lives, distinguish-
ing the amounts for each year of life.

10. The amount of all annuities other than those specified under
heading 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 from the commencement
upon all deferred annuities.

11. The average rate of interest vielded 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 minimum 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 instances of its application to policies of different stand-
ing and taken out at various interval ages, from the youngest to the
oldest.

Separate staterhents to be furnished for business transacted
according to different office rates of premium together with a statement
of the manner in which policies on unhealthy lives are dealt with.
[Originally No. 11 of 1907. No. 13 of 1930. No. 16 of 1937. Law Rev. Ord., 1939.] Short title. Interpretation. Ordinance No. 18 of 1934. Ordinance No. 39 of 1932. Deposit 33 & 34 Vict. C. 61, s. 3. Existing companies, before continuing business, must deposit, etc. [s. 3 contd.] Deposits may be withdrawn and others substituted. Decision as to value of securities. [24.9.37.] Certificate of incorporation not to be given till deposit made. Withdrawal of deposit. After notice given of withdrawal of deposit, company not to carry on business. Life funds to be separate from receipts 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 Schedule. 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. Statements, etc., to be signed, printed 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 be 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. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. 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. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. 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. Penalty for non-compliance with Ordinance. 33 & 34 Vict. C. 61, s. 18. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. Procedure for striking off register a company contravening provisions of Ordinance. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. Penalty for falsifying statements, 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. Regulations. [Fifth Schedule, contd.] [Fifth Schedule, contd.] [Sixth Schedule, contd.]

[Originally No. 11 of 1907. No. 13 of 1930. No. 16 of 1937. Law Rev. Ord., 1939.] Short title. Interpretation. Ordinance No. 18 of 1934. Ordinance No. 39 of 1932. Deposit 33 & 34 Vict. C. 61, s. 3. Existing companies, before continuing business, must deposit, etc. [s. 3 contd.] Deposits may be withdrawn and others substituted. Decision as to value of securities. [24.9.37.] Certificate of incorporation not to be given till deposit made. Withdrawal of deposit. After notice given of withdrawal of deposit, company not to carry on business. Life funds to be separate from receipts 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 Schedule. 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. Statements, etc., to be signed, printed 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 be 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. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. 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. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. 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. Penalty for non-compliance with Ordinance. 33 & 34 Vict. C. 61, s. 18. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. Procedure for striking off register a company contravening provisions of Ordinance. Ordinances Nos. 1 of 1865, 58 of 1911 and 39 of 1932. Penalty for falsifying statements, 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. Regulations. [Fifth Schedule, contd.] [Fifth Schedule, contd.] [Sixth Schedule, contd.]

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