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 in5 accordingly a separate deposit shall be made in respect of that business as required by section two of that Act. (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 10 Board of Trade or the President of the Board of Trade shall or may be done to, by, or with the Commissioner and the provisions of that Act shall have effect accordingly: Provided that, where the company transacts other 15 business besides that of industrial assurance business, 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 20 under the said Act to be sent to the Board of Trade 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 25 the Assurance Companies Act, 1909, shall have effect subject to the following modifications: 30 35 40 (a) The provisions relating to life assurance business on (b) Where any expenses of management, or interest (c) A copy of every report of the auditor of the com- dustrial assurance companies. A.D. 1923. Prohibition of charges said Act if he considers that it is inexpedient (f) On any such petition, any class of persons (g) The independent actuary referred to in para- (h) The said section thirteen shall apply to any 12. An industrial assurance company shall not after 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 assurance fund. 40 5 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. 13. The provisions of this Act shall have effect Act to have notwithstanding anything in the memorandum or articles effect notwithstanding of association or special Act of any industrial assurance company: memo 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 the commencement of this Act to the prejudice of persons interested in contracts entered into by the company before that date. 15 Accounts, Returns, Inspection, Valuations, Meetings. 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 20 which the business of the society is carried on, and shall be delivered or sent by post to any member or person interested in the funds of the society, on demand. (2) The audit of accounts required by section twentysix of the Friendly Societies Act, 1896, shall, in the case 25 of a collecting society, be made by a public auditor appointed under that Act, and if such accounts have not been so audited, the provisions of section twenty-seven of that Act requiring an annual return of the receipts, expenditure, funds and effects of the society as audited 30 shall be deemed not to have been complied with. returns. 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 35 society or an industrial assurance company in pursuance of the Friendly Societies Act, 1896, or the Assurance Companies Act, 1909, is in any particular incomplete or incorrect, or does not comply with the requirements of the Act applicable to the case, reject the account, return, 40 or balance sheet and give such directions as he thinks necessary for the variation thereof. (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. Provisions tions. 16.-(1) If, in the case of any collecting society or industrial assurance company, in the opinion of the Commissioner there is reason to believe that an offence against 5 this Act or against the Friendly Societies Act, 1896, or the Assurance Companies Act, 1909, has been, or is likely to be committed, the Commissioner or any inspector appointed by him for the purpose shall have power to examine into and report on the affairs of the society or 10 company, and for that purpose may exercise in respect of the society or company all or any of the powers given by subsection (5) of section seventy-six of the Friendly Societies Act, 1896, to an inspector appointed under that section. 15 (2) On himself holding such an inspection or on receiving the report of an inspector so appointed the Commissioner may issue such directions and take such steps as he considers necessary or proper to deal with the situation disclosed therein and in particular may 20 in the case of a society award that the society be dissolved and its affairs wound up, and in the case of a company may present a petition to the court for the winding up of the company. (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 former 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. 17.-(1) In the case of a collecting society or as to valua- industrial assurance company, the following provisions shall have effect with regard to every valuation made as at the thirty-first day of December, nineteen hundred and 40 twenty-four, or any later date: (a) The valuation shall be made by an actuary as defined by the Assurance Companies Act, 1909, as modified by this Act; (b) The basis of valuation adopted shall be such as to A.D. 1923. (c) The report containing the abstract of the result Provided that in the cases hereinafter mentioned |