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Special Provisions as to Industrial Assurance Companies. A.D. 1923.
11.-(1) Industrial assurance business shall, for the Application purposes of the Assurance Companies Act, 1909, be of Act of treated as a separate class of assurance business, and 1909. to in
dustrial 5 accordingly a separate deposit shall be made in respect of that business as required by section two of that Act.
companies. (2) In relation to industrial assurance business, anything which under the Assurance Companies Act, 1909,
is required or authorised to be done to, by, or with the
shall or may be done to, by, or with the Commissioner
Provided that, where the company transacts other
nothing in this subsection shall affect the powers and
other class of business; and where any document required
relates both to industrial assurance business and to other
(3) In its application to industrial assurance business
shall apply also to industrial assurance business
with the substitution of references to "industrial
assurance business” and “the industrial assurance
and “the life assurance fund”:
or dividends from investments, or sums
account of depreciation of securities, are appor-
a special report as to the propriety or other-
wise of the apportionment:
shall be furnished to the Commissioner :
refuse to issue a
said Act if he considers that it is inexpedient
to appear and be heard on any such appeal :
Act (which relates to the amalgamation of
be dispensed with or modified :
(including employees of any company concerned)
to appear and to be heard :
graph (b) of subsection (3) of the said section
that section :
transfer from one company to another, howsoever 35 effected, of the liabilities or of any of the liabilities arising in respect of industrial assurance business in like manner as if such transfer
a transfer of the industrial assurance business,
12. An industrial assurance company shall not after of charges the commencement of this Act issue any debentures or on industrial debenture stock, or raise any loan, charged or purporting
to be charged on any assets of the company in which the fund.
industrial assurance fund is invested, and any such charge A.D. 1923. shall be void :
Provided that this section shall not apply to a temporary bank overdraft. 5 13. The provisions of this Act shall have effect Act to have notwithstanding anything in the memorandum or articles effect not
withstanding of association or special Act of any industrial assurance company :
randum, Provided that nothing in this Act shall affect the articles or 10 liability of the industrial assurance fund or of the life special Act.
assurance fund in the case of a company established before
14.-(1) A copy of every balance sheet of a collecting Balance society shall, during the seven days next preceding the sheets and meeting at which the balance sheet is to be presented, be audit.
kept open by the society for inspection at every office at
be delivered or sent by post to any member or person
(2) The audit of accounts required by section twenty-
appointed under that Act, and if such accounts have not
expenditure, funds and effects of the society as audited
15.-(1) The Commissioner, after considering any Annual representations made by or on behalf of the society or accounts and company affected, may, if it appears to him that any
account, return, or balance sheet sent by a collecting
of the Friendly Societies Act, 1896, or the Assurance
the Act applicable to the case, reject the account, return,
(2) Where any direction so given entails a consequential alteration of any account, return, or balance sheet sent by an industrial assurance company to the Board of
A.D. 1923. Trade, it shall be the duty of the company to make such
consequential alteration therein. Inspection. 16.-(1) If, in the case of any collecting society or
industrial assurance company, in the opinion of the Com-
(3) The Commissioner may, if he considers it just, 25 direct that all or any of the expenses of and incidental or preliminary to an inspection under this section shall be defrayed out of the funds of the society or company, or by the officers or former officers, or members or fornier members of the committee of management or board of 30 directors of the society or company, or any of them in such proportions as the Commissioner directs and sums directed by him to be so paid shall be recoverable by him summarily as a civil debt.
(4) This section shall come into operation on the 35
passing of this Act. Provisions 17.-(1) In the case of a collecting society or as to valua- industrial assurance company, the following provisions tions.
shall have effect with regard to every valuation made as
defined by the Assurance Companies Act, 1909,
(6) The basis of valuation adopted shall be such as to A.D. 1923.
place a proper value upon the liabilities, regard
treated as an asset;
of the valuation required by section twenty-eight
ment reserve fund taken into account;
includes amongst the assets thereof any sums
Provided that in the cases hereinafter mentioned