FIRE INSURANCE COMPANIES ORDINANCE

FIRE INSURANCE COMPANIES ORDINANCE

CHAPTER 35.

FIRE INSURANCE COMPANIES.

To authorize the removal of fire insurance companies from the
register of companies in certain cases.

[7th February, 1908

1. This Ordinance may be cited as the Fire Insurance Companies
Ordinance.

2. In this Ordinance-

'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;

'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.

(4) Any 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 of five hundred dollars.

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 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 : Provided also that nothing in this subsection shall affect
the power of the court to wind up a company the name of which has
been struck off the register.

(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 mernorandum of association,
addressed to him at the address mentioned in that memorandum, but if
none of such addresses is available or if for any other reason the
Registrar considers it unlikely that any notice sent in pursuance of this
subsection will come to the knowledge of the addressee, it shall be
sufficient compliance with this subsection that notice in the Gazette
shall have been published in accordance with the preceding
subsection.

(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 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 3 of 1908. Fraser 3 of 1908. 22 of 1950. 24 of 1950. Short title. Interpretation. Examination of affairs of fire insurance companies. 22 of 1950, Schedule. Governor in Council may order delinquent companies to be struck off. [s. 4 cont.] 24 of 1950, Schedule. 24 of 1950, Schedule. Court may restore the name of company.

Originally 3 of 1908. Fraser 3 of 1908. 22 of 1950. 24 of 1950. Short title. Interpretation. Examination of affairs of fire insurance companies. 22 of 1950, Schedule. Governor in Council may order delinquent companies to be struck off. [s. 4 cont.] 24 of 1950, Schedule. 24 of 1950, Schedule. Court may restore the name of company.

https://oelawhk.lib.hku.hk/items/show/1696

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