Page:Statutes of Canada, Victoria 31, Part 2.djvu/134

1868. premiums, until the deposit of such Company shall be equal to one hundred thousand dollars; and so long as such deposit is under one hundred thousand dollars^ no interest or dividends shall be paid on the actual deposit, but such interest or dividend shall be added to the principal every half year until, with the premiums hereinbefore mentioned, the deposit shall amount to one hundred thousand dollars; Provided, that any Company combining the business of Fire and Life Insurance, shall be required to make such additional deposit only as regards the premiums received for Life Insurance; and provided also that any Life Insurance Company incorporated in Canada since the Union which shall deposit all the balance of the premiums received by it, after the deductions above provided for, until such deposit amounts to one hundred thousand dollars, and that any Fire Insurance Company so incorporated, which shall deposit all its receipts from payments on its shares, and the balance of premiums as aforesaid, shall not be subject to any provision of this Act requiring any other deposit.

7. It shall be the duty of the Receiver General forthwith to invest the amount of any such deposit made in cash, in Canada Dominion Stock, in Trust for the Company making such deposit, for the purposes of this Act; and except as hereinafter provided, in case of the Insolvency of the Company, such Stock or the amount of such deposit, shall not be lessened, disposed of or surrendered to the Company without the order of the Governor in Council.

8. Except in the cases with respect to which it is otherwise provided, so long as the amount of the deposit which any Company is required to have then made is unimpaired, and no notice of any judgment or order to the contrary is served upon the Minister of Finance and the Receiver General, the interest upon the Stock or securities representing or forming part of such deposit shall be payable to the Company.

9. £very Company obtaining such License as aforesaid, shall, before the transaction of any business of Insurance, in the Office of either of the Superior Courts of Law or Equity in that one of the Provinces of Ontario, Nova Scotia, or New Brunswick, in which it has its Chief Agency, (if such Chief Agency be in one of those Provinces) or if the Chief Agency be in the Province of Quebec, with the Prothonotary of the Superior Court of the district wherein such Chief Agency is established, a certified copy of the Charter, Act of Incorporation or Articles of Association of the Company, and also a Power of Attorney from the Company to its Agent in Canada, under the Seal of the Company, (if it have a Seal) and signed by the President and Secretary qr other proper officer thereof, and verified as to its authenticity by the oath of the Agent of such Company in Canada, or of some person cognizant of the facts necessary to its verification, which power of Attorney must declare at what place in Canada, the Chief Agency