Section 8, The Motor Vehicles (Third ~~~rt title arty Insurance) Ordinance

(1) For the purposes of this Ordinance a security must- (a) ·be given either by an insurer approved by the Governor in Council or by some person, company or body of persons approved by the Governor in Council carrying on the business of giving securities of a like kind; and (b) consist of an undertaking by the giver of the security to make good, subject to any conditions contained therein, any failure by the owner of any passenger vehicle or any other motor vehicle or such other persons or classes of person as may be specified in the security duly to discharge any such liability as is required to be covered by a policy of Motor Vehicles (Third Party Insurance) [Cap. 133 1353 ----------. surance issued under the provisions of this Ordinance nhich may be incurred by him or them, and such security 'ian in the case of an undertaking relating to the use of s assenger vehicles be up to an amount of not less than twenty-five thousand pounds and in any other case of not less than five thousand pounds. (Z) A security shall be of no effect for the purposes of this Ordinance unless and until there is i~su.ed ~y the pers.on givi~g the security to the person to who,~ It ~s given a cert~ca~~ (:n this Ordinance referred to as a certificate of secunty ) m the prescribed. form an~ containing .sue~ particulars of any onditions subJect to which the secunty IS Issued and of such ~ther matters as may be prescribed. Certificate of security.