5

10

15

(b) for the industrial assurance fund being as A.D. 1923.
absolutely the security of the owners of the
industrial assurance policies as though it be-
longed to a society carrying on no business
other than industrial assurance business, and
not being liable for any contracts of the society
for which it would not have been liable had
the business of the society been only that of
industrial assurance, and not being applied
directly or indirectly for any purposes other
than those of the industrial assurance business
of the society, so however as not to affect the
liability of that fund to the prejudice of persons
interested in contracts entered into by the society
before the fourteenth day of February, nineteen
hundred and twenty-three;

(c) for separate valuations being made of the industrial
assurance business of the society.

(2) Save as otherwise provided by the rules of a 20 collecting society, being rules registered before the fourth day of August, nineteen hundred and twenty-one

25

30

(a) the rules of a collecting society shall contain the
tables in accordance with which policies of
industrial assurance are issued by the society;
and

(b) no policy shall be issued by a collecting society
otherwise than in accordance with the rules of
the society and with the tables for the time
being in force as set forth in those rules.

(3) Such of the provisions of this Act as are men-
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 35 or insuring with the society a printed policy signed by policies and two of the committee of management and by the secretary, rules. together with a copy of the rules of the society in force at the time:

4.0

Provided that

(a) in the case of a family enrolled in one book or
card, one family policy and one copy of the

copies of

A.D. 1923.

Exemptions, total and

partial.

(b) if the rules of the society in force at the time of the issue of the policy are printed in easily legible type on the policy it shall not be necessary to deliver a copy of the rules in addition to the policy.

(2) A collecting society shall also supply to any such person at his request free of charge a copy of any subsequent amendment of the rules of the society.

5

(3) A collecting society shall also deliver to any member or other person on demand and on payment of 10 a sum not exceeding one shilling, a copy of the rules of the society in force at the time.

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 15 of the provisions of this Act, in any case where he is satisfied that the society does not or will not carry on the 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 20 of the society, and where he is of opinion that the society is not one to which those provisions ought to apply.

(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 25 issued by the society at a greater distance than ten miles from the registered office of the society, and if in the case 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 30 shall be deemed to have contravened the provisions of this Act, and this Act shall be deemed as from the date of 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 35 the Commissioner. but shall remain in force until so revoked, and until notice of the revocation has been 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 40 the society.

(4) Where at the commencement of this Act there is in force a certificate of exemption issued under section

eleven of the Collecting Societies and Industrial Assurance A.D. 1923. Companies Act, 1896, or the corresponding provision of any Act repealed by that Act, the certificate shall, after the commencement of this Act, continue in force until 5 revoked and have effect as if it were a certificate issued under this section exempting the society from all the provisions of this Act.

society within

11.-(1) Where a juvenile meaning of this section established 10 this Act has been accustomed to from its members by means of collectors, the provisions of this Act shall not apply to the society before the first day of January, nineteen hundred and twenty-five, and if any such society is or has before that date become 15 registered the Commissioner may, if he considers that the society is one to which the provisions of this Act ought not to apply, grant to the society a certificate of exemption from the provisions of this Act subject to the like power of revocation as in the case of certificates of exemption 20 granted under the last preceding section.

society within the Special probefore the passing of vision as to receive contributions juvenile

(2) For the purposes of this section, "juvenile society" means a friendly society or branch thereof, whether registered or unregistered, admission to membership whereof is by its rules limited to persons under 25 eighteen years of age, and which satisfies the Commissioner that it is established for the purpose of recruiting members for another friendly society or for the society of which it is a branch.

Special Provisions as to Industrial Assurance Companies.

societies.

1909 to industrial

30 12.-(1) Industrial assurance business shall, for the Application purposes of the Assurance Companies Act, 1909, he of Act of treated as a separate class of assurance business, and accordingly a separate deposit shall be made in respect that business as required by section two of that Act.

35

of

(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 Board of Trade or the President of the Board of Trade shall or may be done to, by, or with the Commissioner 40 and the provisions of of that Act shall have effect accordingly :

Provided that, where the company transacts other business besides that of industrial assurance business,

assurance

companies.

A.D. 1923. nothing in this subsection shall affect the powers and duties of the Board of Trade or the President of the Board of Trade under the said Act in relation to that other class of business; and where any document required under the said Act to be sent to the Board of Trade 5 relates both to industrial assurance business and to other assurance business, the document shall be sent both to the Commissioner and to the Board of Trade.

(3) In its application to industrial assurance business the Assurance Companies Act, 1909, shall have effect 10 subject to the following modifications:

(a) The provisions relating to life assurance business
shall apply also to industrial assurance business
with the substitution of references to "industrial
assurance business " and "the industrial assurance 15
fund" for references to "life assurance business"
and "the life assurance fund":

(b) Where any expenses of management, or interest
or dividends from investments, or sums on
account of depreciation of securities, are appor- 20
tioned between the industrial assurance business
and any other business transacted by the
company the auditor shall include in his report
a special report as to the propriety or other-
wise of the apportionment:

(c) A copy of every report of the auditor of the com-
pany shall be furnished to the Commissioner:

(d) The

25

35

Commissioner may refuse to issue a warrant for a deposit under section two of the said Act if he considers that it is inexpedient 30 that the company should be authorised to carry on industrial assurance business, but in the case of such refusal the company may appeal to the court, and the Commissioner shall be entitled to appear and be heard on any such appeal: (e) On a petition under section thirteen of the said Act (which relates to the amalgamation of companies and the transfer of business from one company to another) the Commissioner shall be entitled to be heard, and on any such 40 hearing the Commissioner may apply to the court to exercise its powers under paragraph (b) of subsection (3) of that section of directing that the requirements of that paragraph shall be dispensed with or modified:

45

(f) On any such petition, any class of persons A.D. 1923.
(including employees of any company concerned)
who allege that they are adversely affected by
the amalgamation or transfer, shall be entitled
to appear and to be heard:

(g) The independent actuary referred to in para-
graph (b) of subsection (3) of the said section.
thirteen shall be appointed by the President
of the Institute of Actuaries or by the Presi-
dent of the Faculty of Actuaries in Scotland
on the application of the Commissioner and shall
make his report to the Commissioner, by whom
copies thereof shall be sent to each company
concerned in the amalgamation or transfer, and
each such company shall, unless the court
otherwise directs, transmit copies thereof to the
owner of each policy of the company in manner
provided by that section:

(h) The said section thirteen shall apply to any
transfer from one company to another, howsoever
effected, of the liabilities or of any of the
liabilities arising in respect of industrial assur-
ance business in like manner as if such transfer
were
a transfer of the industrial assurance
business.

13. An industrial assurance company shall not after Prohibition the commencement of this Act issue any debentures or of charges debenture stock, or raise any loan, charged or purporting on industrial to be charged on any assets of the company in which the 30 industrial assurance fund is invested, and any such charge shall be void:

Provided that this section shall not apply to a temporary bank overdraft.

assurance

fund.

14. The provisions of this Act shall have effect Act to have 35 notwithstanding anything in the memorandum or articles effect notof association or rules or special Act of any industrial withstanding

assurance company :

Provided that nothing in this Act shall affect the liability of the industrial assurance fund or of the life 40 assurance fund in the case of a company established before the commencement of this Act to the prejudice of persons interested in contracts entered into by the company before

memo

randum,

articles or special Act.