Clause 17

In any case where, under section 36 or 310 of the Companies Ordinance (Cap. 174) it is unlawful to issue, circulate or distribute a prospectus relating to a company without a copy of it being first delivered for registration under that Ordinance, it shall also be unlawful, in the case of a company registered or intended to be registered as an insurer under this Act, to do so without the prospectus having been sanctioned by the Commissioner; and any person knowingly responsible for 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 fine of five thousand dollars.In this subsection “prospectus” includes any document to which the expression applies in the said section 36 or 310 of the Companies Ordinance (Cap. 174).

Where a notice, advertisement or other official publication of a company registered or intended to be registered as an insurer under this Act, contains a statement of the company’s authorised share capital, and does not state therewith 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 fine of one thousand dollars.