Insurance Ordinance

(1)
Where the Court of First Instance makes an order under
section 24
sanctioning a scheme the Court of First Instance may, either by that order or by any subsequent order, make provision for all or any of the following
matters—
(a)
the transfer to the transferee company of the whole or any part of the undertaking and of the property or liabilities of the transferor company;
(b)
the allotting or appropriation by the transferee company of any shares, debentures, policies or other like interests in the transferee company which under the scheme are to be allotted or appropriated by the transferee company to or for any person;
(c)
the continuation by or against the transferee company of any legal proceedings pending by or against the transferor company;
(d)
the dissolution, without winding up, of the transferor company;
(e)
such incidental, consequential and supplementary matters as are necessary to secure that the scheme shall be fully and effectively carried out.
(2)
Where any such order provides for the transfer of property or liabilities, that property shall, by virtue of the order, be transferred to and vest in, and those liabilities shall, by virtue of the order, be transferred to and become the liabilities of, the transferee company, and in the case of any property, if the order so directs, freed from any mortgage or charge which is by virtue of the scheme to cease to have effect.
(3)
For the purposes of any provision requiring the delivery of an instrument of transfer as a condition for the registration of a transfer of any property (including in particular
sections 150
and
320
of the Companies Ordinance (
Cap. 622
)) an order which by virtue of this section operates to transfer any property shall be treated as an instrument of transfer.
(Amended
28 of 2012 ss. 912 & 920
)
(4)
Where a scheme is sanctioned by an order of the Court of First Instance under
section 24
the transferee company shall, within 10 days from the date on which the order is made or such longer period as the Authority may allow, deposit 2 office copies of the order with the Authority.
(Amended
12 of 2015 s. 2
)
(5)
Any person who fails to comply with subsection (4) commits an offence and is liable to a fine at level 4.
(Amended
35 of 1996 s. 19
)
(6)
In this section
property
(
財產
) includes property, rights and powers of
                every description;
liabilities
(
負債
) includes duties, and
shares
(
股份
) and
debentures
(
債權證
) have the same meaning as in the
                Companies Ordinance (
Cap. 622
).
(Amended
28 of 2012 ss. 912 & 920
)