Page:Statutes of Canada, Victoria 31, Part 2.djvu/138

1868. upon such authority being given, by the Governor in Council, the Company shall be entitled to receive, instead of any Dominion stock so held, the amount thereof in money at par.

20. Mutual Fire Insurance Companies having their head office in any part of Canada, shall register their names with the Minister of Finance, and shall make annual returns in such form as may be prescribed by him; Any such Mutual Fire Insurance Company receiving cash or part cash premiums in lieu of premium notes, or accepting risks other than from its own members, shall deposit in the hands of the Receiver General one third of the cash premiums received by it, but the total amount of such deposit need never exceed the average annual amount of the cash premiums received by the Company during the three years next preceding the date of its then last Return, or the average annual amount of losses sustained during the same period; and if such Mutual Fire Insurance Company receive no cash premiums whatever in lieu of premium notes, and act wholly and exclusively on the Mutual Principle, it shall not be bound to make such deposit.

21. As regards Fire Insurance Companies in the Provinces of Ontario and Quebec, licensed under the Acts of the Legislature of the late Province of Canada, twenty-third Victoria, chapter thirty-three, and twenty-sixth Victoria, chapter forty-three, the securities given under those Acts by any such Company complying with the requirements of this Act, may be delivered up to them respectively on the warrant of the Minister of Finance, who shall grant such warrant on the conditions herein specified, on being satisfied that there is no claim for which such securities are liable under the provisions of the said Acts, or he may grant such warrant for the delivery of part thereof, provided he is satisfied that the remaining part is sufficient to satisfy any such claim; provided always, that any sum deposited under this Act, shall stand as security for the payment of any claim against the Company depositing it, if licensed under the said Acts, whether such claim accrued before or after the coming into force of this Act; but any Company which has deposited securities of the late Province of Canada under the Acts last mentioned may have the same accepted as so much of the deposit required under this Act, and as respects other securities given under the said Acts it shall be lawful for the Minister of Finance to allow such securities to remain for a period of two years, during which they may be reckoned as part of the deposit required by this Act, and subject to its provisions, and during which the interest of such securities shall be taken by the Receiver General and remain in his hands as part of the deposit; but at the lapse of such time, the said Company shall be bound to make the deposits in cash in the fourth and sixth sections of this Act specified; And the deposit already made by any such Company of the Power of Attorney And other documents