The Ontario Scrapbook Hansard

Ontario Scrapbook Hansard, 24 Jan 1873, p. 8

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claims on any other branch. The expanses w6 are also to be assessed proportionately on the several branchps. Under " Miscollaneous Provisions" it is enacted:--*" Any Mutual Fire Insurance «* Company at present doing business in ** Ontario, and torwhich this Act shall ap-- " ply, shall, after the first day of July " rext, cease to effect any insurance upon ! * the cash premium or proprietory prin-- I ""ciple, and by the first day of July, ia * the year 1874 (one thousand eigh hun-- "@dred and serenty--four), shall finally «"close all transactions connected with "*such cash premium business, and also in reepect of any guarantée capital or * fund of such company, which gusrantee ""eapital or fund shall thenceforth cease | "to exist." ! _ Another clause specifies minutely the nature of the return of the affairs and § assets of the company to be deposited annvually with the Secrotary of the Pro-- vince. The Licuteonant--Governor will have power to appoint inspectors at any time to examine into the affairs of the company, and the Attorney--General may, en cause shown, apply to one of the supe-- rior courts to close the business of the cempany, to deal with its effects and appoint a receiver for that purpose. The two last clauses of the Bill are as follows: | *'The provisions of this Act shall apply to every Mutual fire Insurance Company doing t business in this PFrovince, whether incorpor-- ; ated under the Act of theConsolidated Statutes f of Upper Canada, or any special Actof the | former Province of Canada, or of Ontario; [ And also to every other Mutual Fire Insur-- $ ance Com&:ny doing business in this Pro-- vince, so far as the provisions of this Act can i be made applicable to such Company. | *'*After this Act takes effect the Act of the Consolidated Statutes for Upper Canada, in-- tituled, * An Aot respecting Mutual Tosur-- arce Companies," and all amendments there-- f to, and all special or other Acts or parts of -- Acts so far as inconsistent herewith shall bo, and the same are hereby repealed, but such repeal shall not affect, defeat, or invalidate any policy, contract, suit, proceeding or 9 other matter, or thing whatsoever maide, en-- tered into, pending, existing, or in force at the time of such repeal, but the same shall and may remain and continug as if no such repeal had taken place, but as resfecu all tnnuctiono:$I regulations, modes of assess-- ment and other matters herein provided for, \ subsequent to this Act taking e!?oct, the pro-- ; visions contained herein shall prevail."

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