'' Every life assurance company shall. [** * *] l before it commences to carry on the business of life assurance, deposit and keep deposited with the [Union Bank of Burma]2 or such other Bank as the President of the Union may direct, for and on behalf of the President of the Union, securities of [* * * *] 3 the Government of the Union of Burma, of the face value of twenty-five thousand rupees or of a face value equal to one-third of the income derived from life assurance business as shown in the revenue account for the last financial year, whichever is greater ; and, until the company keeps deposited .securities of the face value of two hundred thousand rupees, shall annually deposit and keep deposited in like manner like securities of a face value...''