I.—B.

additional $1,000,000, or fraction thereof, the corporations enumerated in the next preceding subsection shall respectively keep on deposit with the Minister, by way of additional security, a sum equal to one-fifth of the initial deposit, and the additional deposit shall be either in cash or securities as aforesaid. (60 Vict., c. 36, s. 41.) Interpretation Glauses. 52. " Mutual insurance" shall mean, in the case of fire or live-stock insurance, insurance given in consideration of a premium note or undertaking with or without an immediate cash payment thereon ; and " mutual company " shall mean a company empowered solely to transact such insurance. 56. " Premium note " shall mean an instrument given as consideration for fire or live-stock insurance, whereby the maker undertakes to pay such sum or sums as may be legally demanded by the insurer, the aggregate of such sums not to exceed an amount specified in the instrument. Premium Notes and Assessments (Mutual and Gash-mutual Fire-insurance Companies). 127. (1.) The company may accept the premium note or the undertaking of the assured for assurance, and may undertake contracts in consideration thereof; said notes or undertakings to be assessed for the losses, expenses, and reserve of the company in the manner hereinafter provided. (2.) Where the premium note or undertaking is made upon a sheet or page which contains other matter, the premium note or undertaking shall be so entitled in conspicuous type, and shall be separated from such other matter by a blank space of at least an inch wide carried across the sheet or page, and if such other matter requires or is intended to receive the assent of the maker of the premium note or undertaking, such assent shall be in evidence by a signature wholly distinct from the signature to the premium note or undertaking, and any violation of this section shall render the premium note or undertaking absolutely null and void; but the notice required by section one hundred and thirty-eight of this Act to be embodied in or indorsed upon the premium note shall not be deemed to be " other matter " within the meaning of this subsection. (60 Vict., c. 36, s. 127.) 128. The rate to be charged or taken by way of premium note for insuring first-class isolated non-hazardous property shall not be less than $1 per $100 per annum, and the minimum rate of insurance upon other property shall be increased relatively with the increased risk, according to the nature of such property : Provided that premium notes of not less than $1 per $100 per annum may be charged or taken when and so long as the gross amount at risk exceeds $2,000,000, and the total assets of the company do not fall below two per centum of the gross amount at risk, or so long as the company keeps on deposit with the Provincial Treasurer the full amount required of new companies licensed after the commencement of this Act. (60 Vict., c. 36, s. 128.) 130. All premium notes or undertakings belonging to the company shall be assessed under the direction of the board of directors, at such intervals from their respective dates, for such sums as the directors determine, and for such further sums as they think necessary and as are authorised by this Act for losses, expenses, and reserve, during the currency of the policies for which said notes or undertakings were given, and in respect of which they are liable to assessment ; and every member of the company or person who has given a premium note or undertaking shall pay the sums from time to time payable by him to the company during the continuance of his policy in accordance with the assessment, and the assessment shall become payable in thirty days after notice thereof has been mailed to the member or person who has given the premium note or undertaking, directed to his post-oflice address as given in his original application, or otherwise in writing to the company. (60 Vict., c. 36, s. 130.) 136. (1.) The company may form a reserve fund to consist of all moneys which remain on hand at the end of each year after payment of the ordinary expenses and losses of the company, and for that purpose the board of directors may levy an annual assessment not exceeding ten per centum on the premium notes or undertakings held by the company, and the reserve fund may from time to time be applied by the directors to pay off such liabilities of the company as may not be provided for out of the ordinary receipts for the same or any succeeding year. (2.) The reserve fund shall be invested as provided by section ninety-two. (60 Vict., c. 36, s. 136.)

EXHIBIT C. Fire Companies ketibed fbojvi New Zealand. 1. Transatlantic Fire Insurance. 2. Mutual Fire and Marine Insurance Company of New Zealand. 3. Hanseatic Fire Insurance Company of Hamburg. 4. Hamburg and Magdeburg Fire Insurance Company. 5. Fire Insurance Association (Limited) of London. 6. Australian Mercantile Union Insurance Company (Limited). 7. Batavia Sea and Fire Insurance Company. 8. Equitable Insurance Association of Zealand. 9. Mannheimer Insurance Company. 10. Fire Insurance Company of Hamburg. 11. Palatine Insurance Company. 12. Straits Fire Insurance Company (Limited). 13. Magdeburg Fire Insurance Company. 14. North German. 15. Union Fire and Marine of New Zealand. 16. Colonial Fire and Marine of New Zealand.

50