A.. 1923. Industrial Provided that such business shall not include- more; (b) assurances effected whether before or after the 5 (c) assurances effected before the passing of this (d) assurances for twenty-five pounds or upwards 20 (3) When a society or company has ceased to effect industrial assurances it shall, so long as it continues liable on the assurances previously effected, be deemed to carry on industrial assurance business. 30 2.-(1) The Chief Registrar of Friendly Societies 35 shall be the authority charged with such powers and duties in relation to industrial assurance as are conferred and imposed upon him by this Act, and in that capacity and in the exercise and performance of the powers and duties of the Chief Registrar of Friendly Societies under the 40 Friendly Societies Acts, 1896 and 1908, in relation to collecting societies he shall as from the passing of this Act be known as and styled the Industrial Assurance Commissioner, and is in this Act referred to as the Commissioner, and anything which under the Friendly 45 30 Societies Acts, 1896 and 1908, is authorised or required to A.D. 1923. be done by, to or before the central office or the registrar or an assistant registrar shall, where the society is a collecting society, be done by, to or before the Com5 missioner. 0 (2) Anything which under this Act is required or authorised to be done by, to or before the Commissioner may be done by, to or before such person as he may appoint for the purpose. be issued. 3. Amongst the purposes for which collecting Purposes for societies and industrial assurance companies may issue which policies of assurance there shall be included insuring policies may money to be paid for the funeral expenses of a parent, child, grandparent, grandchild, brother, or sister, and the 5 issuing of such policies shall be treated as part of the industrial assurance business of the society or company. lives. 4. (1) The provisions of sections sixty-two and Assurances sixty-four to sixty-seven of the Friendly Societies Act, on children's 1896, relating to payments on the death of children shall 0 extend to industrial assurance companies as if those provisions were herein re-enacted, and in terms made applicable to industrial assurance companies. (2) A collecting society or an industrial assurance company shall not pay any sum on the death of a child under ten years of age except to the person who took out the policy on the life of the child, being the parent, grandparent, brother or sister of the child, or to the personal representative of that person, nor except upon production by the person claiming payment of a certificate of death issued by the registrar of deaths, or other person having the care of the register of deaths, containing the I particulars mentioned in section sixty-four of the Friendly Societies Act, 1896: Provided that, where there is no personal represen5 tative of the person who took out the policy, the payment may be made to such one of the next of kin of that person as proves that he has defrayed, or undertakes to defray, the funeral expenses of the child. (3) The provisions of this section shall extend to O assurances by industrial assurance companies premiums in respect of which are payable at intervals of two months or more. (4) Section sixty-three of the Friendly Societies Act, 1896, shall cease to apply to collecting societies. A.D. 1923. Prohibition on issue of illegal policies. Name of collecting societies. Deposits by collecting societies. 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 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 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. (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. Special Provisions as to Collecting Societies. 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 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 company, 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 be substituted references to the Commissioner: (b) Subsection (3) shall not apply: (c) In the case of a society registered and carrying on industrial assurance business at the passing of this Act the deposit shall be made before the commencement of this Act; but if in any particular case the Commissioner considers that 5 10 15 20 25 30 further time should be allowed to the society for A.D. 1923. (d) In the case of a society commencing to carry on (f) A collecting society shall not be required to make (2) If a society feel aggrieved at a refusal of the Commissioner to allow further time for making a deposit under paragraph (c) of subsection (1) of this section the 35 society may, with the leave of the court, appeal to the High Court or, in the case of a society registered in Scotland, to the Court of Session. (3) If the Commissioner is satisfied that a collecting society has made default in complying with the provisions 40 of this section, the Commissioner may award that the society be dissolved and its affairs wound up. (4) 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 A.D. 1923. amendment of rules enabling it to carry on industrial assurance business after the passing of this Act, shall come into operation on the passing of this Act. Provisions to (5) Where the rules of a collecting society (hereinafter in this subsection referred to as a subsidiary society), 5 whether registered before or after the passing of this Act, provide that the management of that society shall be vested in the committee of management of some other friendly society (hereinafter in this subsection referred to as the principal society) which was registered before the 10 fourth day of August, nineteen hundred and twenty-one, then 20 (a) the principal society may make on behalf of the Where the principal society is a society with branches, 30 8.-(1) The rules of a collecting society shall 35 be contained provide in rules. (a) for a separate account being kept of all receipts 45 |