REPORT OF THE SUPERINTENDENT.   xli

appointment in like manner, and appoint a new trustee or new trustees, and make provision for the appointment of a new trustee or new trustees, and for the investment of the moneys payable under the policy. Payment made to such trustee or trustees shall discharge the company.

16. (1.) If no trustee is named in the policy, or appointed as mentioned in section 15, to receive the shares to which infants are entitled, their shares may 1.e paid to the executors of the last will and testament of the insured, or to a guardian of the infants duly appointed by the Supreme Court of this province, or by any court having jurisdiction in that behalf, or to a trustee appointed by the court upon the application of the wife, or of the infants or their guardian ; and such payment shall be a good discharge to the insurance company.

13.) Where it appears upon the letters of the guardianship or other like document issued or to he issued, by a court beyond the jurisdiction of the province, or by a certificate of the judge under the seal of such court, that it has been shown to the satisfaction of such court that the deceased at his death was domiciled or resident within its jurisdiction, and where security to the satisfaction of the court has been given by the guardian or other like officer appointed by the said letters or documents, then the Supreme Court, upon application for the appointment of the said guardian or like officer as trustee under this section, may dispense with the giving of security, provided it has been also shown that the infants reside within the jurisdiction of the foreign court, and that the proposed trustee is a fit and proper person, and that the security has, in accordance with the practice.of such foreign court, been given in respect of and for the due application and account of the money payable under the policy.

l;. Any trustee named, as provided for in the last preceding two sections, and any executor or guardian, may invest the money received in government securities or municipal debentures, or in mortgages of real estate, or in any other manner authorized by the will of the insured, or by the law in force for the time being relating to the investment of trust funds, and may from time to time alter, vary and transpose the investments, and apply all or any part of the anneal income arising from the share or presumptive share of each of the children, in or towards his or her maintenance and education. in such manner as the trustee, executor, or guardian thinks fit, and may also advance to and for any of the children, notwithstanding his or her minority, the whole or any part of the share of the child of or in the money, for the advancement or preferment in the world, or on the marriage of such child.

1S. A guardian appointed under section 16 shall give security to the satisfaction of the court or judge for the faithful performance of his duty as guardian, and for the proper application of the money which he may receive.

19. (1.) If there is no trustee, executor, or guardian competent to receive the share of any infant in the insurance money, and the insurance company admit the claim, or any part thereof, the company at any time after the expiration of two months from the (late of their admission of the claim or part thereof, may obtain an order from the Supreme Court for the payment of the share of the infant into court ; and in such case the costs of the application shall be paid out of the share (unless the court otherwise directs), and the residue shall be paid into court pursuant to the order : and such payment shall be a sufficient discharge to the company for the money paid ; and the money shall be dealt with as the court may direct.

3.) If the company does not within four months from the time the claim is admitted, either pay the same to some person competent to receive the money under this Act, or pay the same into the Supreme Court, the said court may upon application made by some one competent to receive the said money, or by some other person, on behalf of the infant, order the insurance money, or any part thereof, to lie paid to any trustee, executor, or guardian competent to receive the same, or to be paid into court, to be dealt with as the court may direct, and any such payment shall be a good discharge to the company.

1:3.) The court may order the costs of the application, and any costs incidental to establishing the authority of the party applying for the order, to be paid out of such moneys, or by the company, or otherwise. as may seem just, and the court may also order the costs of, and incidental to, obtaining out of court moneys voluntarily paid in by a company, to be paid out of such moneys.

30. If a person who has heretofore effected, or who hereafter effects, an insurance for the purposes contemplated by this Act, whether the purpose appears by the terms of the policy or by endorsement thereon, or by an instrument referring to, and identifying the policy, finds himself unable to continue to meet the premiums he may surrender the policy to the company, and accept in lieu thereof a paid-tip policy for the benefit of th9 object or objects of the surrendered policy, and subject to be dealt with in like manner as the surrendered policy for such sum as the premiums paid would represent, payable at death or the endowment age, or otherwise as the case may be) in the same manner as the money insured by that original policy, if not surrendered, would have been pay-able, and the company may accept the surrender and grant the paid-up policy notwithstanding any declaration or direction in favour of the wife, husband or children, or any or either of them.

31. The person, insured may from time to time borrow from the company insuring, or from any other company or person, on the security of the policy, such sums as may be necessary and shall be applied to keep the policy in force, and on such terms and conditions as may be agreed on ; and the sums so borrowed, together with such lawful interest thereon as may agreed, shall so long as the policy remains in force, lie a first lien on the policy, and on all moneys payable thereunder. not-withstanding any declaration or direction in favour of the wife, husband, or children, or any or either of them.

33. Any person insured under the provisions of this Act may, in writing, require the insurance company to pay the bonuses or profits accruing under the policy, or portions of the same, to the in.