‘[ssurance Companies. [Ch. 31. No. 19.

this section shall be paid by him to the Accountant General
and shall form part of the general revenues of the Colony.
All expenses incurred by the Registrar Gencral under this
section shall be defrayed out of the public funds of the
Colony.

(8) Rules made under section 277 of the Companies
Ordinance may regulate the procedure and the practice
to be followed in the case of proceedings under this section.

(9) In any proceedings upon a petition to wind up
an assurance company presented under this section,
evidence that the company was insolvent at the close of the
period to which the last deposited accounts and balance
sheet of the company relate, or at any date specified in a
notice served under subsection (2) of this section, shall be
evidence that the company continues to be unable to pay
its debts, unless the contrary is proved.

(10) In this section —

“assurance company ”’ means an assurance company
which may be wound up by the Court under the pro-
visions of the Companies Ordinance ;

deposited accounts and balance sheet = means, in
relation to any assurance company, the accounts and
balance sheet prepared by the company for the purposes
of section 6 and deposited with the Registrar General
under section 9;

insolvent means, in relation to an assurance
company at any relevant date, that if proceedings
had been taken for the winding up of the company
the Court could, in accordance with the provisions
of sections 161 and 162 of the Companies Ordinance,
hold, or have held, that the company was at that date
unable to pay its debts.

19. (1) Where the assurance business or any part of the
assurance business of an assurance company has been
transferred to another company under an arrangement
in pursuance of which the first mentioned company (in
this section called the subsidiary company) or the creditors
thereof has or have claims against the company to which
such transfer was made (in this section called the principal
company), then, if the principal company is being wound

62 (2)

979

Winding up
of subsidiary
companies.