AI-assisted research summary: An assurance company may bring certain stocks or securities into Court instead of money for the required deposit, including certain municipal borough stock that meets the population condition.
S.I. No. 63/1928 - The Assurance Companies (Deposit of Securities) Rules, 1928. STATUTORY RULES AND ORDERS. 1928. No. 63. THE ASSURANCE COMPANIES (DEPOSIT OF SECURITIES) RULES, 1928. WHEREAS it is enacted by sub-section (6) of section 2 of the Assurance Companies Act, 1909, that the Board of Trade may make rules with respect amongst other matters to the deposit with the Paymaster-General of stocks and other securities in lieu of money for and on account of the sum required by the said section 2 to be deposited by an assurance company with the Paymaster-General, AND WHEREAS Rules and Regulations (hereinafter referred to as the Rules of 1910) relating to deposits by assurance companies under section 2 of the Assurance Companies Act, 1909, were made by the Board of Trade on the 6th day of June, 1910, and it is provided by paragraph 2 of those Rules that in lieu, wholly or in part, of the lodgment of money for and on account of such deposits the depositors may bring into Court an equivalent sum of any stocks, funds, or securities in which cash under the control or subject to the order of the Court may for the time being be invested, AND WHEREAS the powers conferred on the Board of Trade by sub-section (6) of section 2 of the Assurance Companies Act, 1909, are now vested in the Minister for Industry and Commerce, NOW, THEREFORE, I, PATRICK McGILLIGAN, Minister for Industry and Commerce, by virtue of the powers conferred on me by sub-section (6) of section 2 of the Assurance Companies Act, 1909, and of every and any other power me in this behalf enabling do hereby make the following Rules :— 1. These Rules may be cited for all purposes as the Assurance Companies (Deposit of Securities) Rules, 1928, and the Rules of 1910 and these Rules may be cited together as the Assurance Companies (Deposit of Securities) Rules, 1910 and 1928. 2. The Interpretation Act, 1889, applies to the interpretation of these Rules in like manner as it applies to the interpretation of an Act of the Oireachtas passed before the 1st day of January, 1924. 3. The stocks or securities which under the proviso to Rule 2 of the Rules of 1910 an assurance company may bring into Court in lieu, wholly or in part, of the lodgment of money for and on account of the sum which such company is required by section 2 of the Assurance Companies Act, 1909, to deposit with the Paymaster-General shall, in addition to the stocks, funds and securities mentioned in the said proviso include any nominal or inscribed stock heretofore issued or hereafter to be issued by the Corporation of any municipal borough in Saorstát Eireann having a population exceeding fifty thousand according to the returns of the last census of population taken in such borough prior to the date on which such stock is brought into Court. (Signed) PATRICK McGILLIGAN. Dated this 19th day of September, 1928.