FIRE INSURANCE COMPANIES ORDINANCE, 1908

FIRE INSURANCE COMPANIES ORDINANCE, 1908

1908. -

No. 1 of 1908, incorporated in No. 2 of 1868,
repealed by NO. 20 of 1923.

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

No. 3 of 1908.

An Ordinance to authorize the removal of fire insurance
companies from the register of companies. in ce7tain 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 produce 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.

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





(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.

C-(i) On the conclusion of the ex amination 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 authorize the Registrar
to strike such company off the register of companies.

(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, managing officer and member of the company
shall continue and may be enforced as if the company had not
been dissolved.

(3) A copy of such notice shall be sent to such company and
may eilher 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 association, addressed to him at the address
mentioned in that memorandum.

(4) In the execution of his duties tinder 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 struck off
the register in pursuance of section 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, 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 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.] 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.] 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/1499

1937

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No. 3 of 1908

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