Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698072084413.pdf (Guyana)
24 No.

12] THE LAWS OF BRITISH GUIANA.

[A.D. 1949.

[ assent.

W.L.

HEAPE, Officer Administering the Government.

28th Jnne, 1949.

ORDINANCE No.

12 OF 1949.

A.D. 1949· AN Ordinance to amend the Hand-in-Hand Fire Insurance 1938, with respect to the capital of the Com­ pany Ordinance, Company.

Be it enacted by the Governor of British Guiana with the [29th June, 1949] advice and consent of the Legislative Short title.

1.This Ordinance Insurance No.


9 of construed Company (Amendment) with the Hand-in-Hand 1938· nance, 1938, hereinafter referred may be cited as the Hand-in-Hand Council thereof, as follows: - Fire Ordinance, 1949, and shall be Fire Insurance Company Ordi- to as the Principal Ordinance.

Amend­ ment of section 2 of the Principal Ordinance.
2.Section two of the Principal Ordinance is hereby amended by the insertion therein of the following definitions - " "premium capital" received policies and at the credit of the several premium accounts of the Company; whilst they are undistributed means the premiums on "total risks" means the total amount insured by the Company on its policies by the Company."

less the amount re-insured - repe?.led Repeal and 3.

Section twenty-two and the following re-enact me�t of "22.
The capital sectrnn 22 premium capital, of .th: funds of the Company and such capital as hereinafter be maintained provided, less than eight per centum of the Principal Ordinance is hereby substituted therefor - of the of the Company shall consist the scrip capital and the reserve shall, subject at a sum not cipal r f r mance.

of the total risks."

� Repeal and 4.

Section twenty-three re-enact-repealed and the following ment of section 23 of .

th� Pn�cipal Ordmance.

"23.


(1) If at any time the capital falls below the prescribed losses or an increase issued or any other cause, such capital or restored the Board may by resolution of the Principal substituted decide.

Ordinance is hereby therefor - of the Company minimum as the result of in the number of new policies shall be replaced in such manner and within such period as A.D.1949.HAND-IN-HAND FIRE INSURANCE Co. No.

12.]
12.]

25 (2)Without prejudice given to the Board in the preceding Board may- to the general power the subsection, (a)issue scrip to members in lieu of cash profits the Board may think fit; or on such terms and conditions as (b)issue new scrip; or (c)re-insure or by the Company; (d)increase the reserve create new reserves.
of the Company or any part of the risks insured (3)Notwithstanding the obligation the capital of the Q:ompany at the prescribed cash profits below the minimum, may be distributed when the capital if - is to maintain minimum, (a)the capital is not more than twenty-five (b)the Board is of the opinion per centum below the minimum; and that such of the is in the interests distribution Company."
5.Nothing in this Ordinance affect, the rights of His Majesty the King, His Heirs and Sue- the r_ights cessors, or of any body politic or persons those claiming and M1estr , except such as are mentioned or be deemed to Saving or of any other person of !

{1s in this shall affect, by, from, through or corporate or under them.

Ordinance an ot iers.