970

Ch. 31.

     

Assurance Companies.

(2) The deposit may be made by the subscribers of
the memorandum of association of the company, or any
of them, in the name of the proposed company, and, upon
Incorporation of the company, shall be deemed to have
been made by and to be part of the assets of, the company,
and the Registrar General shall not issue a certificate of
Incorporation of the company until the deposit has been
made

(3) The deposit may be of cash, or of securities
approy ed by the Accountant General (hereinafter referred

to as “approved securitie. “), or partly of cash and partly
of approved securitic.

(4) When approved securitie. are so deposited

(@) the depositor shall, if, so required by the
Accountant General, take, at or before the time they
are deposited, such steps the Accountant General
Mav require to vest the came in’ the Accountant
General;

(>) the value of the securities for the purposes. of
this section shall be their market value from time to
time,

(5) Se long as the total value of the deposit is at all
ime. not de. than forty-eight thousand dollars, the
Accountant General may permit) the substitution of
other approved securitic. for those previously deposited,
ov the substitution of cash for approved securities or

versa.

(6) Whenever the value of the deposit of an assurance
company falls below forty-cight thousand dollars, the
Accountant) General) may, by notice under his hand
require the assurance company to make a further deposit of
a value equal to the amount of the deficit and the assurance
company shall comply with such notice within twenty-one
day. from the date of receipt thereof,

(7) very deposit with the Accountant General under
this section shall be deemed to form part of the assets of
the assurance company in respect of which it is made and
the interest or dividends accruing due on any approved
securities (if any) forming part of the deposit shall be
pavable to the assurance company.