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issue of illegal policies.
5.-(1) Any collecting society or industrial assurance company which issues policies of industrial assurance which are illegal or are not within the legal powers of the society or company shall be held to have made default in complying with the provisions of this Act, and 5 where any such policy has been issued the society or company shall, without prejudice to any other penalty, be liable to pay to the owner of the policy a sum equal to the surrender value of the policy (to be ascertained in manner hereinafter provided), or if the policy was 10 issued after the commencement of this Act a sum equal to the amount of the premiums paid, unless it is proved that owing to any false representation on the part of the proposer, the society or company did not know that the policy was illegal or beyond their legal powers. 15
(2) No collector of, or person employed by, a society or company shall knowingly assist in effecting a policy of industrial assurance which is illegal or not within the legal powers of the society or company.
Name of collecting societies.
Deposits by collecting societies.
Special Provisions as to Collecting Societies. 20
6. In the case of any collecting society registered after the thirty-first day of December, eighteen hundred and ninety-five, or of a society which becomes a collecting society after the passing of this Act, the last words in the name of the society shall be “collecting society," and the 25 society shall use its registered name on all documents issued by it and no other name.
7.-(1) Every collecting society shall be under the like obligation to deposit and keep deposited the sum of twenty thousand pounds as an industrial assurance com- 30 pany, and section two of the Assurance Companies Act, 1909. as applied by this Act to industrial assurance companies, shall apply accordingly, subject in its application to collecting societies to the following modifications :(a) For references to the Board of Trade, there shall 35
be substituted references to the Commissioner:
on industrial assurance business at the passing
further time should be allowed to the society for A.D. 1923.
the passing of this Act, postpone the time for
making the deposit to some time within five
years after the commencement of this Act :
industrial assurance business after the passing
of this Act, the deposit shall be made before the
society commences to carry on such business :
of this Act for registry under the Friendly
amendments of its rules, if the proposed rules
of the society or the proposed amendments are
been made :
a deposit in respect of any business other than
industrial assurance business, but subject as 25
aforesaid, subsection (4) of the said section shall
of this section, the Commissioner may award that the
(3) This section, so far as it relates to a society commencing to carry on industrial assurance business or applying for registration or for registration of an
amendment of rules enabling it to carry on industrial 35 assurance business after the passing of this Act, shall come into operation on the passing of this Act.
(4) Where the rules of a collecting society (hereinafter in this subsection referred to as a subsidiary society),
whether registered before or after the passing of this Act,
vested in the committee of management of some other
A.D. 1923. fourth day of August, nineteen hundred and twenty-one,
subsidiary society the deposit required to be
10 (6) the principal society may guarantee the liabilities
of the industrial assurance fund of the subsidiary
in lieu of the deposit required by this section.
making such a deposit as aforesaid. Provisions to 8.-(1) The rules of a collecting society shall 25 be contained providein rules.
(a) for a separate account being kept of all receipts
in respect of the industrial assurance business transacted by the society, and for those receipts being carried to and forming a separate fund 30 under the name of the industrial assurance fund; but nothing in this provision shall be construed as requiring the investments of the industrial assurance fund to be kept separate
from the other investments of the society; 35 (6) for the industrial assurance fund being
absolutely the security of the owners of the
than those of the industrial assurance business A.L, 1923.
interested in contracts entered into by the society
before the commencement of this Act;
assurance business of the society.
(a) the rules of a collecting society shall contain the
tables in accordance with which policies of
(6) no policy shall be issued by a collecting society
otherwise than in accordance with the rules of
being in force as set forth in those rules.
(3) Such of the provisions of this Act as are men20 tioned in the First Schedule to this Act shall be set forth in the rules of every collecting society.
9.-(1) A collecting society shall deliver free of Obligation charge to every person on his becoming a member of to deliver
or insuring with the society a printed policy signed by policies and 25 two of the committee of management and by the secretary, rules.
together with a copy of the rules of the society in force
(a) in the case of a family enrolled in one book or 30
card, one family policy and one copy of the
rules shall be sufficient;
of the issue of the policy are printed in easily
legible type on the policy it shall not be 3:
necessary to deliver a copy of the rules in
addition to the policy.
subsequent amendment of the rules of the society.
member or other person on demand and on payment of
Exemptions, total and partial.
10.-(1) The Commissioner may, on the application of a society registered or applying for registry, grant to the society a certificate of exemption from all or any of the provisions of this Act, in any case where he is satisfied that the society does not or will not carry on the 5 business of effecting assurances upon human life, premiums in respect of which are received by means of collectors at a greater distance than ten miles from the registered office of the society, and where he is of opinion that the society is not one to which those provisions ought to apply. 10
(2) A certificate of exemption under this section shall be granted subject to the condition that the society will not employ collectors to receive premiums on policies issued by the society at a greater distance than ten miles from the registered office of the society, and if in the case 15 of any society to which a certificate of exemption has been so granted, the said condition is at any time not complied with, the society and any collector so employed shall be deemed to have contravened the provisions of this Act, and this Act shall be deemed as from the date of 20 such non-compliance to have applied to the society as if no such certificate of exemption had been granted to it.
(3) The certificate shall be subject to revocation by the Commissioner. but shall remain in force until so revoked, and until notice of the revocation has been 25 advertised in the Gazette and in some newspaper in general circulation in the neighbourhood of the registered office of the society, and also transmitted by registered letter to the society.
(4) Where at the passing of this Act there is in force 30 a certificate of exemption issued under section eleven of the Collecting Societies and Industrial Assurance Companies Act, 1896, or the corresponding provision of any Act repealed by that Act, the certificate shall, after the passing of this Act, continue in force until revoked and 35 have effect as if it were a certificate issued under this section exempting the society from all the provisions of this Act:
Provided that so long as the Collecting Societies and Industrial Assurance Companies Act, 1896, continues in 40 force after the passing of this Act, any such certificate shall continue to operate as an exemption of the society to which it was granted from the provisions of that Act.