Insurance Order, 2006 · s 39

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39.
Requirements as to prospectuses and statements of capital
(1)
In any case where, under section 37 of the Companies Act (Chapter 39), it is an offence to knowingly be a party to the issue of a prospectus relating to a company without a copy of it being ftrst delivered for registration under that Act, it shall also be an offence, in the case of a company registered or intended to be registered as an insurer under this Order, to do so without the prospectus having been approved by the Authority; and any person who is knowingly a party to the issue, circulation or distribution of a prospectus in contravention of this subsection shall be guilty of an offence and shall be liable on conviction to a ftne not exceeding $20,000.
(2)
Where a notice, advertisement or other official publication of a company registered or intended to be registered as an insurer under this Order, contains a statement of the company's authorised share capital, and does not state how much of that capital has been subscribed and how much is paid up, the company shall be guilty of an offence and shall be liable on conviction to a ftne not exceeding $10,000.
(3)
In this section, "prospectus" includes any printed document to which the expression applies in section 37 of the Companies Act (Chapter 39).
Opening of counter or branch office.

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s 39Requirements as to prospectuses and statements of capital

(1)

In any case where, under section 37 of the Companies Act (Chapter 39), it is an offence to knowingly be a party to the issue of a prospectus relating to a company without a copy of it being ftrst delivered for registration under that Act, it shall also be an offence, in the case of a company registered or intended to be registered as an insurer under this Order, to do so without the prospectus having been approved by the Authority; and any person who is knowingly a party to the issue, circulation or distribution of a prospectus in contravention of this subsection shall be guilty of an offence and shall be liable on conviction to a ftne not exceeding $20,000.

(2)

Where a notice, advertisement or other official publication of a company registered or intended to be registered as an insurer under this Order, contains a statement of the company's authorised share capital, and does not state how much of that capital has been subscribed and how much is paid up, the company shall be guilty of an offence and shall be liable on conviction to a ftne not exceeding $10,000.

(3)

In this section, "prospectus" includes any printed document to which the expression applies in section 37 of the Companies Act (Chapter 39).

Opening of counter or branch office.