§ (1) Every assurance company shall deposit and keep deposited with the Paymaster-General for and on behalf of the Supreme Court the sum of twenty thousand pounds.
§ (2) The sum so deposited shall be invested by the Paymaster-General in such of the securities usually accepted by the Court for the investment of funds placed under its administration, as the company may select, and the interest accruing due on any such securities shall be paid to the company.
§ (3) The deposit may be made by the subscribers of the memorandum of association of the company, or any of them, in the name of the proposed company, and, upon the incorporation of the company, shall be deemed to have been made by and to be part of the assets of the company, and the registrar shall not issue a certificate of incorporation of the company until the deposit has been made.
§ (4) Where a company carries or intends to carry on assurance business of more than one class a separate sum of twenty thousand pounds shall be deposited and kept deposited under this Section as respects each class of business, and the deposit made in respect of any class of business in respect of which a separate assurance fund is required to be kept shall be deemed to form part of that fund, and all interest accruing due on any such deposit or the securities in which it is for the time being invested shall be carried by the company to that fund.
§ (5) The Paymaster-General shall not accept a deposit except on a warrant of the Board of Trade.
§ (6) The Board of Trade may make rules with respect to applications for warrants, the payment of deposits, and the investment thereof or dealing therewith, the deposit of stocks or other securities in lieu of money, the payment of the interest or dividends from time to time accruing due 246 on any securities in which deposits are for the time being invested, and the withdrawal and transfer of deposits, and the rules so made shall have effect as if they were enacted in this Act, and shall be laid before Parliament as soon as may be after they are made.
§ Mr. J. J. CLANCY (for Mr. Mooney)moved, in Sub-section (1), after the word "company" ["every assurance company"] to insert the words "save one registered or having its head office in Ireland."
This is the first of a series of Amendmends, the object of which is to retain in Ireland the money deposited by Irish companies.
§ Mr. CHURCHILLI am very anxious to meet hon. Members as far as I can, and I think I can meet the hon. Gentleman here, not by accepting his Amendment, but by another Amendment effecting practically all his purposes. If he withdraws this Amendment I will move as a new Sub-section:—
"(7) This Section shall apply to any assurance company registered or having its head office in Ireland, subject to the following modifications: References to the 'Supreme Court' shall be construed as references to the Supreme Court of Judicature in Ireland; and references to the 'Paymaster-General' shall be construed as references to the Accountant-General in the last-mentioned Court."
That will have the effect of carrying out the purposes of all his Amendments, excepting only the last one—to insert "for England and Scotland and the rule making authority under the Supreme Court of Judicature (Ireland) Acts for Ireland." That Amendment is not embodied in the Amendment I propose to substitute for these various Amendments. The effect of it would be to take the power out of the hands of the Board of Trade so far as Ireland is concerned, and to vest the ruling in the Supreme Court of Judicature in Ireland. In the others I think I meet the case, and I will propose them if those of the hon. Member are withdrawn.
§ Mr. CLANCYIn view of the right hon. Gentleman's satisfactory explanation, I will follow the course he suggests. The last Amendment I do not consider very important.
§ Amendments, by leave, withdrawn.
247§ Mr. CHURCHILLmoved, at the end of the Clause, to insert:—
"(7) This Subjection shall apply to an assurance company registered or having its head office in Ireland, subject to the following modifications:—
- (a) References to the Supreme Court shall be construed as references to the Supreme Court of Judicature in Ireland; and
- (b) References to the Paymaster-General shall be construed as references to the Accountant-General in the last-mentioned Court."