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Transfer of existing deposits under the Act of 1909.
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24.—(1) Whenever a deposit is, at the commencement of this Part of this Act, maintained in pursuance of the Act of 1909 with the Accountant of the Courts of Justice by an assurance company in respect of a particular class of assurance business and such assurance company is required by this Part of this Act to deposit and keep deposited with the Accountant of the Courts of Justice a sum of money in respect of the same particular class of assurance business, the said deposit so maintained at the commencement of this Part of this Act and the investments then representing the same shall be retained by the Accountant of the Courts of Justice and be deemed to be a deposit made in pursuance of this Part of this Act by such assurance company in respect of the said particular class of assurance business.
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(2) Immediately upon the commencement of this Part of this Act, the Accountant of the Courts of Justice shall, in respect of every deposit retained by him in pursuance of the next preceding sub-section of this section, calculate and ascertain the market value at such commencement of the investments then representing such deposit, and shall forthwith give to the assurance company by which such deposit was so maintained notice in writing stating the amount of such market value so ascertained and the amount (if any) by which such market value falls short of or exceeds (as the case may be) the full proper amount of the said deposit and thereupon the following provisions shall have effect, that is to say:—
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(a) where the said market value falls short of the said full proper amount and such assurance company, not more than one month after receiving the said notice, deposits with the Accountant of the Courts of Justice a sum equal to the difference between the said market value and the said full proper amount, the sum so deposited shall be added to and treated as part of the deposit represented by the said investments and the said deposit shall be deemed to have been of the said full proper amount as at and from the commencement of this Part of this Act;
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(b) where the said market value exceeds the said full proper amount, such assurance company may at any time within three months after receiving the said notice, apply in a summary manner to the High Court on notice to the Minister for payment of such excess and thereupon the High Court may either direct the Accountant of the High Court to sell so much (if any) of the said investments as will leave the market value of the residue of such investments on the day of such sale equal to the said full proper amount and to pay the proceeds of such sale (after providing thereout for the costs of such sale) to such assurance company or, if requested by such assurance company so to do, direct the Accountant of the Courts of Justice to transfer to such assurance company or some person nominated by such assurance company so much (if any) of the said investments as will leave the market value of the residue of such investments on the day of such transfer equal to the said full proper amount.
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