Page:Statutes of Canada, Victoria 31, Part 2.djvu/139

182 documents specified in the ninth section of this Act, shall, if the same fulfil the requirements of this Act, be construed as made under its provisions.

22. And as regards British and other Foreign Insurance Companics actually doing business in Canada at the time of the passing of this Act, which cannot by the terms of their constitutions or charters or by law, invest in Canadian securities, it shall be lawful for the Minister of Finance, with the approval of the Governor in Council, to receive the amount of the deposit required of them under this Act, in British or Foreign Government securities, including Stock of any one or more of the United States, at their then market value, but with power to him to require from time to time, if such market value should decline, additional security equivalent to their diminution in value;—and the portion of the premiums received by any such Company required to be deposited under this Act, may be invested by the Company in any such British or Foreign Stock as aforesaid, and such Stock may be deposited with the Receiver General subject to the provision above made as to value, and diminution in value;—but all such Stock shall be replaced by cash or investment to the amount aforesaid within three years from the issue of the license to the Company, otherwise such license shall be void; And as regards any such Company acting on the mutual principle in such wise as to be unable legally to make a deposit under this Act, for the security of policy holders resident in Canada the deposit may be for the general benefit of all its members, but the Company shall specify the fact when making the deposit and in all returns made or published by them.

23. The Minister of Finance shall publish quarterly in the Canada Gazette, a list of Companies licensed under this Act with the amount of deposits made by each, stating whether such deposit is for the security of the Canadian policy holders, exclusively, or for the general security of ail policy holders.

24. This Act shall come into force on the first day of August next, from and after which day the Acts mentioned in the twenty-first section shall be repealed, subject to the provision made in the said section; and chapter forty-five of the Acts of the Legislature of New Brunswick, passed in the nineteenth year of Her Majesty's Reign, and intituled: "An Act relating to Insurance Companies not incorporated by Act of Assembly in this Province," shall be repealed on and after the said day, except as regards penalties or liabilities theretofore incurred under it.

25. The Provisions of this Act as to deposit and issue of liceuse shall not apply to any Insurance Company incorporated by any Act of the Legislature of the late Province of Canada or incorporated or to be incorporated under any Act of any one of the Provinces of Ontario, Quebec, Nova Scotia or New Brunswick,