Insurance Act , 1936

PART I. Preliminary and General.

1 Short title and citation.

1.—(1) This Act may be cited as the Insurance Act, 1936.

(2) The Assurance Companies Act, 1909, and this Act may be cited together as the Insurance Acts, 1909 and 1936.

2 Commencement of this Act.

2.—This Act shall come into operation on such day or days as may be fixed therefor by any order or orders of the Minister, either generally or with reference to any particular Part, and different days may be so fixed for different Parts of this Act, but no order shall be made by the Minister under this section in relation to Part VI of this Act without the consent of the Minister for Finance.

3 Definitions.

3.—In this Act—

the expression “the Minister” means the Minister for Industry and Commerce;

the word “prescribed” means (save where otherwise expressly stated) prescribed by regulations made by the Minister under this Act;

the expression “assurance business” means any of the following classes of business, that is to say:—

(a) life assurance business,

(b) industrial assurance business,

(c) fire insurance business,

(d) accident insurance business,

(e) bond investment business,

(f) employers' liability insurance business,

(g) mechanically propelled vehicle insurance business,

(h) public liability insurance business,

(i) engineering insurance business,

(j) glass insurance business,

(k) guarantee insurance business,

(l) burglary insurance business;

the expression “life assurance business” does not include any business which is industrial assurance business, but subject to that over-riding limitation the said expression means the business of effecting contracts of assurance upon human life, including the payment of money on death (except on death by accident only) and including contracts of assurance the premiums in respect of which are payable for a term dependent on human life, and also including contracts for the granting of annuities on or with reference to human life (other than superannuation allowances and annuities payable out of any funds applicable solely to the relief and maintenance of persons engaged or who have been engaged in a particular profession, trade or employment or of the dependants of such persons) and also including contracts which are attached to or dependent on contracts of assurance on human life and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured;

the expression “industrial assurance business” means the business of effecting assurances upon human life where the premiums in respect of such assurances are payable at intervals of less than two months and are collected by means of collectors, (including contracts which are attached to or dependent on such assurances and under which the assurer has no right of cancellation and which provide for the payment of moneys in case of fatal or other accident to or disease of the assured) but the said expression does not include the business of effecting any of the following assurances, that is to say:—

(a) assurances effected, whether before or after the passing of this Act, by an assurance company which was carrying on assurance business before the date of the passing of this Act and which at that date had no assurances outstanding the premiums on which were payable at intervals of less than one month, so long as such company continues not to effect any such assurances, and

(b) assurances effected before the date of the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, and which have up to the commencement of the Part of this Act relating to industrial assurance business been treated as part of the business transacted by a branch other than the industrial assurance branch of the company which effects such assurances, and

(c) assurances for twenty-five pounds and upwards effected after the passing of this Act, the premiums in respect of which are payable at intervals of one month or upwards, but of less than two months, and which are treated as part of the business transacted by a branch other than the industrial assurance branch of an assurance company, in cases where the Minister certifies that the terms and conditions of such assurances are on the whole not less favourable to the assured than the terms and conditions imposed by this Act;

the expression “fire insurance business” means the business of effecting contracts of insurance against loss by or incidental to fire;

the expression “accident insurance business” means the business of effecting contracts of insurance against or otherwise in relation to personal accidents, whether fatal or not, disease or sickness, or any class of personal accidents, disease or sickness, except any contracts which are attached to or dependent on contracts of life assurance business or industrial assurance business and which confer benefits on the assured in case of fatal or other accident to or disease of the assured and under which the assurer has no right of cancellation;

the expression “bond investment business” does not include life assurance business, industrial assurance business, or sinking fund or capital redemption business, but subject to that overriding limitation the said expression means the business of issuing bonds or endowment certificates by which the company carrying on such business, in return for subscriptions payable at periodical intervals of less than six months, contracts to pay the holder of such bond or certificate a sum of money at a future date;

the expression “employers' liability insurance business” means the business of effecting with employers contracts of insurance against liability to pay compensation or damages to workmen in their employment;

the expression “mechanically propelled vehicle insurance business” means the business of effecting contracts of insurance against loss of or damage to or arising out of or in connection with the use of mechanically propelled vehicles, including third party risks;

the expression “public liability insurance business” means the following and no other classes of assurance business, that is to say, the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages to any person in respect of personal injury, loss, or damage sustained by such person through the negligence of the insured or of his servant or agent acting within the scope of his employment or authority as such servant or agent (as the case may be) and the business of effecting contracts of insurance indemnifying the insured against liability to pay compensation or damages arising out of or in connection with the negligent use or condition of the property, whether real or personal, of the insured;

the expression “engineering insurance business” means the following and no other class of assurance business, that is to say, the business of effecting contracts of insurance against loss arising from damage or injury to any boiler or other apparatus containing gas, vapour or liquid under pressure or any mechanical apparatus or other machinery or arising in any other way from or in connection with the use of any such apparatus or machinery, including liability to pay compensation to third parties in relation to such apparatus or machinery;

the expression “glass insurance business” means the business of effecting contracts of insurance against loss by or incidental to the breakage of glass;

the expression “guarantee insurance business” means the business of effecting contracts of insurance with employers against loss by or incidental to fraud, embezzlement, misappropriation, forgery, theft, or larceny by employees and the business of issuing bonds or contracts of suretyship;

the expression “burglary insurance business” does not include guarantee insurance business, but subject to that overriding limitation the said expression means the business of effecting contracts of insurance against loss by or incidental to burglary, housebreaking, theft, or larceny;

the expression “sinking fund or capital redemption business” means the business of effecting contracts of insurance (otherwise than upon human life) whereby the insurer in consideration of the payment to him of one premium, or of two or more premiums paid at intervals of not less than two months, agrees to pay to the insured at a future date or on future dates one sum or a series of sums;

the word “policy” means any document or other writing by which any contract of assurance is made or agreed to be made or which is evidence of any such contract;

the word “premium” means any money or money's worth payable or paid to any person who carries on an assurance business and who in consideration of such money or money's worth undertakes any liability under any policy, bond or certificate;

the expression “assurance company” means a company (whether registered in Saorstát Eireann under the Companies Acts, 1908 to 1924, or incorporated under the law of some country other than Saorstát Eireann) which carries on any assurance business, and the said expression unless the context otherwise requires, includes a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann and carries on assurance business;

the expression “Saorstát Eireann company” means an assurance company registered in Saorstát Eireann under the Companies Acts, 1908 to 1924;

the expression “foreign company” means an assurance company which is incorporated under the law of a country other than Saorstát Eireann, and the said expression, unless the context otherwise requires, includes a society, association or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann;

the word “syndicate” means any group of underwriters who are members of Lloyd's and who are certified by the Chairman of the Committee of Lloyd's to be a syndicate for the purposes of this Act;

the word “actuary” means an actuary who possesses the prescribed qualifications;

the expression “the Act of 1908” means the Companies (Consolidation) Act, 1908;

the expression “the Act of 1909” means the Assurance Companies Act, 1909, as adapted by or under the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and as amended or extended by any other enactment.

4 Expenses.

4.—(1) All expenses incurred by the Minister in the execution of this Act and not otherwise provided for by this Act shall, to such extent as shall be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

(2) All expenses incurred by the Minister for Finance in the execution of this Act shall be paid out of moneys provided by the Oireachtas.

5 Regulations.

5.—The Minister may by order make regulations in relation to any matter or thing referred to in this Act as prescribed or to be prescribed and for the prescription of which no other provision is made by this Act.

6 Restriction on operation of this Act.

6.—Nothing in this Act shall affect—

(a) the validity or the due continuance and fulfilment of any contract of assurance effected before the commencement of this Part of this Act; or

(b) the liability of the life assurance fund or the industrial assurance fund of a company carrying on in Saorstát Eireann at such commencement life assurance business or industrial assurance business to the prejudice of persons who have before such commencement effected policies of life assurance or industrial assurance with any such company; or

(c) any business lawfully carried on by societies and other bodies registered in Saorstát Eireann under the Acts relating to friendly societies or to trade unions; or

(d) any business which is the insuring against risks arising out of or in connection with the use of aircraft; or

(e) any business which was, on the 31st day of October, 1935, lawfully carried on by a trade union not registered in Saorstát Eireann under the Acts relating to trade unions and which is for the time being carried on by such trade union under and in accordance with a permit in that behalf granted by the Minister; or

(f) any business which is not assurance business.

7 Repeals.

7.—(1) The following portions of the Act of 1909 are hereby repealed as on and from the commencement of Part II of this Act, that is to say, paragraphs (b), (c) and (d) of section 31, paragraphs (b) and (c) of section 32, paragraphs (a), (d) and (e) of sub-section (1) of section 33, and paragraphs (b) and (c) of section 34, and in section 35 the words “originally established more than twenty years before the commencement of this Act”.

(2) The Collecting Societies and Industrial Assurance Companies Act, 1896, and section 36 of the Act of 1909 are hereby repealed as on and from the commencement of Part V of this Act.

(3) The following portion of the Act of 1909 is hereby repealed as on and from the commencement of Part VII of this Act, that is to say in sub-section (1) of section 3 all words from the words “Provided that” to the end of that sub-section.

PART II. Assurance Licences.

8 Prohibition of unlicensed assurance business.

8.—(1) It shall not be lawful for any assurance company or other person to carry on in Saorstát Eireann any assurance business save under and in accordance with a licence (in this Act referred to as an assurance licence) granted by the Minister under this Part of this Act.

(2) Every person (other than an assurance company) who carries on any assurance business in contravention of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds together with, in the case of a continuing offence, a further fine not exceeding five pounds for every day during which the offence continues.

9 Prohibition of insuring with unlicensed insurer.

9.—(1) It shall not be lawful for any person (otherwise than in the course of re-insurance) to effect or to endeavour to effect any contract of assurance with an assurance company or any other person which or who is not the holder of an assurance licence entitling such company or person to effect contracts of assurance of the kind so effected or endeavoured to be effected by such person.

(2) Every person who effects or endeavours to effect any contract of assurance in contravention of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds.

10 Transactions deemed to be assurance business in Saorstát Eireann.

10.—(1) A Saorstát Eireann company which carries on any class of assurance business shall be deemed, for the purposes of this Act, to carry on assurance business in Saorstát Eireann notwithstanding that the whole or a part of such business is in fact carried on or transacted outside Saorstát Eireann.

(2) A foreign company which or a person (wherever resident or carrying on business) who issues (otherwise than in the course or by way of re-insurance) a policy, bond, certificate, or other instrument of insurance to a person ordinarily resident in Saorstát Eireann, or issues to any such person a policy, bond, certificate, or other instrument of insurance in respect of a liability, loss, or damage which will arise (if at all) in Saorstát Eireann, or accepts from any person ordinarily resident in Saorstát Eireann a premium in respect of a policy so issued after the commencement of this Part of this Act shall, if the issue of such instrument of insurance or the acceptance of such premium was done in the course and as part of the carrying on of a business which is assurance business within the meaning of this Act, be deemed, for the purposes of this Act, to carry on assurance business in Saorstát Eireann whether such instrument is issued from or such premium is accepted at a place in or a place outside Saorstát Eireann.

11 Applications for assurance licences.

11.—(1) Any assurance company or any syndicate may apply to the Minister for an assurance licence authorising it to carry on a specified assurance business.

(2) Every application under this section for an assurance licence shall be in the prescribed form and be made in the prescribed manner, and shall state the class or classes of assurance business which the assurance company or syndicate (as the case may be) making such application proposes to carry on, together with such other particulars as may be prescribed.

(3) Every assurance company or syndicate which applies under this section for an assurance licence shall, when required by the Minister so to do, furnish to the Minister all such information as the Minister may require for the consideration of such application.

(4) The Minister may require any statement of fact made in an application for an assurance licence or made to the Minister in response to a request for information under the next preceding sub-section of this section to be verified by the statutory declaration of some person having personal knowledge of the facts so stated.

(5) If any person, in an application for an assurance licence or in furnishing any information in pursuance of a requisition of the Minister under this section, makes any statement which is false or misleading in any material respect, such person shall be guilty of an offence under this section and shall be liable on summary conviction thereof, in the case of a first such offence, to a fine not exceeding one hundred pounds and, in the case of a second or any subsequent such offence, to a fine not exceeding five hundred pounds.

(6) If any assurance company or any syndicate fails to furnish any information or any verification which such company or syndicate (as the case may be) is required by the Minister under this section to furnish, the Minister may, on the ground of such failure and without prejudice to any other power of refusal conferred on him by this Act, refuse the application in relation to which such information or verification was so required.

(7) On every application under this section for an assurance licence there shall be paid such fee as the Minister, with the consent of the Minister for Finance, shall prescribe and the due payment of such fee shall be a condition precedent to the entertainment of the application by the Minister.

(8) All fees payable under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct.

(9) The Public Offices Fees Act, 1879, shall not apply in respect of any fees payable under this section.

12 Grant of assurance licences.

12.—(1) Subject to the provisions of this Act, the Minister may, in his discretion, grant or refuse an application for an assurance licence.

(2) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on life assurance business or industrial assurance business or both such businesses for an assurance licence to carry on either or both of such businesses, the Minister shall, subject to the provisions of this Act, grant such application.

(3) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which on the 31st day of October, 1935, carried on in addition to life assurance business or industrial assurance business or both such businesses any other assurance business for an assurance licence to carry on such other assurance business, the Minister may grant such application if, but only if, he is satisfied that the assets of such company are sufficient to enable such company to carry on such other assurance business.

(4) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a Saorstát Eireann company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other Saorstát Eireann company or companies licensed under this Act to carry on such business or businesses.

(5) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence at the expiration of nine months after the date of the grant thereof.

(6) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company which, on the 31st day of October, 1935, carried on neither life assurance business nor industrial assurance business or which is formed after sueh date for an assurance licence to carry on either or both of the said businesses, the Minister shall, subject to the provisions of this Act, grant such application, if, but only if, all the following conditions are complied with, that is to say:—

(a) the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, and

(b) the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and

(c) the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) of such company are citizens of Saorstát Eireann.

(7) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on life assurance business or industrial assurance business or both such businesses the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

(a) such company carried on life assurance business or industrial assurance business or both such businesses in Saorstát Eireann on the 31st day of October, 1935, and

(b) such company, if it so carried on life assurance business, complies with the provisions of the Act of 1909 relating to life assurance business, and

(c) such company, if it so carried on industrial assurance business, complies with the provisions of the Act of 1909 relating to industrial assurance business, and

(d) such company had on the 31st day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and

(e) either such company (if it is incorporated under the law of a country other than Saorstát Eireann) complies with the provisions of section 274 of the Act of 1908, or such company (if it is a society, association, or other body which is incorporated or otherwise constituted under the law of a country other than Saorstát Eireann) has filed with the Registrar of Companies—

(i) a certificate (certified by the proper officer of the country in which such company is so incorporated or otherwise constituted) of the registration of such company in such country, and

(ii) a copy (similarly certified) of the rules or other instrument defining the constitution of such company, and

(iii) the names of the persons forming the committee of management or other body having the direction or control of such company, and

(iv) the names of the secretary and the trustees of such company and of the persons authorised to sue and be sued on behalf of such company, and

(v) the names and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such company service of any notices, documents, or legal process.

(8) Whenever an application is duly made in accordance with this Act by a foreign company for an assurance licence to carry on one or more than one class of assurance business other than life assurance business and industrial assurance business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

(a) such company on the 31st day of October, 1935, carried on in Saorstát Eireann one or more than one class of assurance business other than life assurance business and industrial assurance business, and

(b) such company complies with the provisions of the Act of 1909 relating to the class or classes of assurance business carried on by it, and

(c) such company had on the 31st day of October, 1935, and has at the date of such application a place of business in Saorstát Eireann, and

(d) such company complies with the provisions of section 274 of the Act of 1908.

(9) Whenever an application to which one of the two next preceding sub-sections of this section applies is made by a foreign company for an assurance licence to carry on assurance business or businesses of a class or classes mentioned in that sub-section in addition to assurance business or businesses of a class or classes mentioned in the other of the said two next preceding sub-sections, the Minister may grant such application if he is satisfied that such company complies with the conditions set forth in whichever of the said two next preceding sub-sections applies to such application and that such licence is required by such company only pending the completion of arrangements for the transfer of the assurance business or businesses to which the application relates to some other assurance company or companies licensed under this Act to carry on such business or businesses.

(10) Where the Minister grants an assurance licence under the next preceding sub-section of this section the Minister may (without prejudice to any other power of revocation conferred on him by this Act) revoke such licence on the completion of the arrangements for the transfer of the assurance business in respect of which such licence was granted and shall, in any event, revoke such licence at the expiration of nine months after the date of the grant thereof.

(11) Whenever an application is duly made in accordance with this Act—

(a) by a Saorstát Eireann company which at the date of such application carries on neither life assurance business nor industrial assurance business but which, on the 31st day of October, 1935, carried on one or more than one class of assurance business other than life assurance business and industrial assurance business, and did not on the said 31st day of October, 1935, carry on life assurance business or industrial assurance business, or

(b) by a Saorstát Eireann company which is formed after the commencement of this Part of this Act which complies with the following conditions, that is to say, the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann, and the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) are citizens of Saorstát Eireann, and the issued capital of such company is not less than two hundred thousand pounds and the paid-up capital of such company is not less than one hundred thousand pounds, or

(c) by a company in respect of which the Minister is satisfied that it complies with the provisions of section 2 of the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926),

for an assurance licence to carry on one or more than one class of assurance business other than life assurance business or industrial assurance business, the Minister shall, subject to the provisions of this Act, grant such application.

(12) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on employers' liability insurance business only, the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of employers and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against liability to pay compensation or damages to workmen employed by such members, either alone or in conjunction with insurance against any other risk insurance against which is employers' liability business within the meaning of this Act.

(13) Whenever an application is duly made in accordance with this Act by a Saorstát Eireann company for an assurance licence to carry on fire insurance business only the Minister shall, subject to the provisions of this Act, grant such application if he is satisfied that such company is an association of owners or occupiers of buildings or other property and that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against damage by, or incidental to, fire caused to the buildings or other property owned or occupied by them.

(14) Whenever an application is duly made in accordance with this Act by a syndicate for an assurance licence to carry on one or more than one class of assurance business other than life assurance business, industrial assurance, business, or bond investment business, the Minister shall not (without prejudice to any other power of refusal conferred on him by this Act) grant such application unless he is satisfied that—

(a) such syndicate on the 31st day of October, 1935, carried on in Saorstát Eireann such one or more than one class of assurance business other than life assurance business, industrial assurance business or bond investment business, and

(b) the members comprising such syndicate on the said date complied with the provisions of the Eighth Schedule to the Act of 1909, and

(c) such syndicate has filed with the Registrar of Companies—

(i) a list (certified by the Chairman of Lloyd's) of the names and the addresses of the members who form such syndicate, and

(ii) the names, and the addresses of one or more persons resident in Saorstát Eireann who are authorised to accept on behalf of such syndicate service of any notices, documents, or legal process.

13 Special provisions in relation to certain foreign companies.

13.—Whenever an application has been duly made in accordance with this Act by a foreign company which is a society, association, or other body incorporated or otherwise constituted under the law of a country other than Saorstát Eireann for an assurance licence to carry on life assurance business or industrial assurance business, or whenever an assurance licence has been granted to any such company to carry on either or both of such businesses, the following provisions shall have effect, that is to say:—

(a) any alteration in the rules or other instrument defining the constitution of such company and filed with the Registrar of Companies shall be notified to such Registrar within the prescribed time, and

(b) any notice, document or legal process may (save as may be otherwise required by or under any rules of court or an order of a court or judge) be served by being left with or sent by prepaid ordinary post to the persons resident in Saorstát Eireann at the addresses of such persons as specified by such company under this Part of this Act, and

(c) the Registrar of Companies shall, if satisfied that such company has filed with him the matters required by this Part of this Act to be so filed by it, issue a certificate under his hand certifying that such company has so filed the matters which it is so required to file, and

(d) every such certificate shall be prima facie evidence of the matters stated therein and it shall not be necessary to prove the signature of the Registrar of Companies or that he was in fact such Registrar, and

(e) the Registrar of Companies shall, if required by any person and on payment to such Registrar by such person of whichever of the following fees is the lesser, that is to say, a fee of six pence for every folio of seventy-two words, or a fee of one pound, issue to such person copies (certified by such Registrar to be true copies) of any of the matters required by this Part of this Act to be filed with such Registrar by any such company and all such copies when so certified shall be prima facie evidence of the contents thereof and it shall not be necessary to prove the signature of such Registrar or that he was in fact such Registrar.

14 Special provisions in relation to syndicates.

14.—Whenever an application has been duly made in accordance with this Act by a syndicate for an assurance licence to carry on one or more than one class of assurance business other than life assurance business, industrial assurance business, or bond investment business, or whenever an assurance licence has been granted to a syndicate to carry on one or more than one class of assurance business (other than as aforesaid), the following provisions shall have effect, that is to say:—

(a) any alteration in the membership of such syndicate shall be notified by the Chairman of Lloyd's to the Registrar of Companies within the prescribed time, and

(b) any notice, document or legal process may (save as may be otherwise required by or under any rules of court or an order of a court or judge) be served by being left with the persons resident in Saorstát Éireann specified for that purpose by such syndicate under this Part of this Act or by being sent by prepaid ordinary post to such persons at their addresses as so specified by such syndicate, and

(c) the Registrar of Companies shall, if satisfied that such syndicate has filed with him the matters required by this Part of this Act to be so filed by it, issue a certificate under his hand certifying that such syndicate has so filed the matters which it is so required to file, and

(d) every such certificate shall be prima facie evidence of the matters stated therein and it shall not be necessary to prove the signature of the Registrar of Companies or that he was in fact such Registrar, and

(e) the Registrar of Companies shall if required by any person and on payment to such Registrar by such person of whichever of the following fees is the lesser, that is to say, a fee of sixpence for every folio of seventy-two words, or a fee of one pound, issue to such person a copy (certified by such Registrar to be a true copy) of any of the matters required by this Part of this Act to be filed with such Registrar by such syndicate and every such copy when so certified shall be prima facie evidence of the contents thereof and it shall not be necessary to prove the signature of such Registrar or that he was in fact such Registrar.

15 Restrictions on grant of assurance licences.

15.—(1) Whenever an application is duly made in accordance with this Act by an assurance company or a syndicate for an assurance licence, the Minister may (without prejudice to any other power of refusal conferred on him by this Act) refuse such application—

(a) if such company or the Committee of Lloyd's (as the case may be) has not complied with the provisions of this Part of this Act relating to the deposit of moneys with the Accountant of the Courts of Justice, or

(b) if it appears to the Minister that there is reasonable ground for believing that such company is insolvent.

(2) Whenever the Minister grants to an assurance company an assurance licence to carry on life assurance business or industrial assurance business or both those businesses, the Minister shall, while such licence continues in force, refuse every application by such company for an assurance licence to carry on any other class of assurance business, save where the grant of the licence so applied for is expressly authorised by another section of this Part of this Act.

(3) Whenever the Minister grants to a foreign company an assurance licence to carry on one or more than one class of assurance business (other than life assurance business or industrial assurance business) the Minister shall (without prejudice to any other power of refusal conferred on him by this Act) refuse every application by such company for an assurance licence to carry on any other such class of assurance business unless such company on the 31st day of October, 1935, carried on in Saorstát Eireann that other class of assurance business.

(4) Whenever the Minister grants to an assurance company an assurance licence to carry on any class of assurance business other than life assurance business or industrial assurance business the Minister shall, while such licence continues in force, refuse every application by such company for an assurance licence to carry on life assurance business or industrial assurance business, save where the grant of the licence so applied for is expressly authorised by another section of this Part of this Act.

16 Appeal against refusal of application for assurance licence.

16.—Where the Minister refuses to grant an application for an assurance licence the following provisions shall have effect, that is to say:—

(a) the applicant for such licence may, within one month after such refusal, apply in a summary manner to the High Court for a declaration that such licence should be granted to him;

(b) the Minister shall be named as respondent in any application to the High Court under the next preceding paragraph of this section;

(c) the High Court, if it is satisfied that such applicant has complied or will in due course comply with the provisions of the Act of 1909 and this Act and that, having regard to all the circumstances of the case, it is just and equitable that such licence should be granted to such applicant, may make an order declaring that such licence should be granted to such applicant;

(d) whenever the High Court makes an order under this section declaring that an assurance licence should be granted to an applicant therefor, the Minister shall, as soon as conveniently may be, grant, under and in accordance with this Act, such licence to such applicant.

17 Form, etc., of assurance licence.

17.—Every assurance licence shall—

(a) be in the prescribed form, and

(b) if granted to an assurance company, state the name of such assurance company, and if granted to a syndicate, state the names and the addresses of the members constituting such syndicate, and

(c) state the class or classes of assurance business which may be carried on by such assurance company or syndicate (as the case may be), and

(d) be expressed and operate to authorise such assurance company or syndicate (as the case may be) to carry on the class or classes of assurance business stated in such licence, and

(e) be and be expressed to be granted subject to the provisions of this Act.

18 Transfer of assurance licences.

18.—(1) An assurance licence shall not be transferable by the licensee thereunder or by operation of law to any company or other person.

(2) Whenever the ownership of an assurance business has been transferred, whether by act of the parties or operation of law, from the licensee under the assurance licence relating to such business to another assurance company, the Minister may, if he thinks proper so to do on the application of such other person or company, transfer the said assurance licence to such other assurance company, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) the name of such other assurance company as the licensee thereunder.

(3) Whenever a syndicate, which is the holder of an assurance licence for the time being in force, ceases to carry on in Saorstát Éireann the class of assurance business to which such assurance licence relates the Minister may, in his absolute discretion, on the application of some other syndicate, transfer the said assurance licence to such other syndicate, and for that purpose amend the said assurance licence by substituting therein (by correction or endorsement) such other syndicate as the licensee thereunder.

(4) The provisions of this Act in relation to an application for and the grant of an assurance licence shall apply, so far as applicable, in relation to applications for and grants of transfers of assurance licences.

19 Forfeiture of assurance licence.

19.—Whenever—

(a) an assurance licence is granted to a Saorstát Eireann company under a provision of this Act whereby the Minister is required to grant such licence if, but only if, certain conditions are complied with by such company, and

(b) one of those conditions is that the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann,

then and in every such case the condition set forth in the foregoing paragraph (b) shall be deemed to be a continuing condition attached to such licence, and, if such company ceases at any time while such licence remains in force to comply with the said condition, such licence shall forthwith become and be forfeited and void.

20 Revocation, etc., of assurance licences.

20.—(1) The Minister may, at any time, alter or revoke an assurance licence upon the application in writing in the prescribed form and manner of the licensee under such licence.

(2) Whenever it appears to the Minister that an assurance licence should be suspended or revoked on all or any of the following grounds, that is to say:—

(a) that the licensee thereunder has failed to comply with the provisions of the Act of 1909 or of this Act, or

(b) that, by reason of the insufficiency of the assets of the licensee thereunder, the carrying on by such licensee of the assurance business in respect of which such licence was granted is not justified, or

(c) that such licensee has failed to pay, within one month after a claim on an insurance policy with such licensee is admitted, decided, or adjudged to be due, the amount of such claim to the person entitled thereto, or

(d) in the case of a syndicate, that the constitution of the syndicate is varied by such an increase in the membership of such syndicate as in the opinion of the Minister is unreasonable having regard to the number of the members constituting such syndicate at the date of the issue of the assurance licence to such syndicate,

the Minister may give to such licensee notice in writing of his intention to consider the suspension or revocation of such licence and the grounds on which he intends to consider such suspension or revocation (as the case may be).

(3) Whenever the Minister gives under this section to the licensee under an assurance licence notice of his intention to consider the suspension or revocation of such licence, the following provisions shall have effect, that is to say:—

(a) such licensee may, within twenty-one days, or such longer time as the Minister shall allow, after the giving of such notice, make representations to the Minister in relation to such suspension or revocation;

(b) at any time after the expiration of the time limited by the next preceding paragraph of this sub-section for the making of such representations as are mentioned in that paragraph and after consideration by the Minister of such representations (if any), the Minister may, if he so thinks proper, by notice given to such licensee suspend for such time as he thinks proper and specifies in such notice, or wholly revoke, such licence;

(c) save as is otherwise provided by this sub-section, such suspension or revocation (as the case may be) shall take effect as on and from the fifteenth day after the giving of the notice effecting such suspension or revocation;

(d) at any time after the giving of such notice of suspension or revocation (as the case may be) and before such suspension or revocation takes effect, such licensee may apply in a summary manner to the High Court for the annulment of such suspension or revocation, and on such application the High Court, if it is satisfied that such licensee has complied with the provisions of the Act of 1909 and this Act and that, having regard to all the circumstances of the case, it is just and equitable that such suspension or revocation (as the case may be) should be annulled, may annul such suspension or revocation;

(e) the Minister shall be named as respondent in any application to the High Court under the next preceding paragraph of this sub-section;

(f) when an application is made to the High Court under the preceding paragraph of this sub-section, the suspension or revocation which is the subject of such application shall not take effect unless or until the High Court shall have refused to annul such suspension or revocation, but subject to the right of the High Court further to postpone such taking effect pending an appeal to the Supreme Court.

21 Register of licences.

21.—(1) The Minister shall cause a register of licences (in this section referred to as the register of licences) to be kept of all assurance licences.

(2) Whenever an assurance licence is granted, the Minister shall cause to be entered forthwith in the register of licences the following particulars, that is to say:—

(a) the grant of such licence, and

(b) the date on which such licence was granted, and

(c) in the case of an assurance company the name and the address of the registered office or other principal place of business in Saorstát Éireann of the assurance company to which such licence was granted, and, in the case of a syndicate, the names and the addresses of the members of such syndicate together with the names and the addresses of the person or persons resident in Saorstát Eireann who are authorised on behalf of such syndicate to accept service of any notices, documents or legal process, and

(d) such other particulars of or relating to such licence as the Minister shall from time to time direct.

(3) Whenever an assurance licence is altered, revoked, or transferred, or becomes forfeited, there shall be entered forthwith in the register of licences such particulars as the Minister shall from time to time direct of such alteration, revocation, transfer, or forfeiture, as the case may be.

(4) The register of licences shall be in such form and shall be kept at such place in the county borough of Dublin as the Minister shall from time to time direct.

(5) Any person may inspect at such times as the Minister may appoint the register of licences on payment of such fee not exceeding one shilling as the Minister with the consent of the Minister for Finance shall from time to time direct.

(6) All fees payable under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct.

(7) The Public Offices Fees Act, 1879, shall not apply in respect of any fees payable under this section.

22 Obligation of assurance companies to deposit moneys with Accountant of Courts of Justice.

22.—(1) Subject to the provisions of this section, every assurance company which carries on or proposes to carry on assurance business in Saorstát Eireann shall deposit and shall (while such company so carries on the class of assurance business to which any sum deposited under this section relates) keep deposited with the Accountant of the Courts of Justice such one or more of the following sums as is or are applicable to the class or classes of assurance business so carried on by such company, that is to say:—

(a) the sum of twenty thousand pounds in respect of each of the following classes of assurance business, that is to say, life assurance business and industrial assurance business, and

(b) the sum of twenty thousand pounds in respect of any one or more than one class of assurance business other than life assurance business, industrial assurance business, mechanically propelled vehicle insurance business and glass insurance business, and

(c) the sum of fifteen thousand pounds in respect of mechanically propelled vehicle insurance business.

(2) Section 2 (which relates to deposits) of the Act of 1909, as amended or varied by this section, shall apply to every sum which an assurance company is required by this section to deposit and keep deposited in like manner as the said section 2 applies to the sum which an assurance company is required to deposit and keep deposited under that section.

(3) This section shall not apply to any of the following, that is to say:—

(a) a Saorstát Eireann company which is an association of employers and in respect of which the Minister is satisfied that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against liability to pay compensation or damages to workmen employed by such members, either alone or in conjunction with insurance against any other risk incidental to the trade, industry or business carried on by such members, or

(b) a Saorstát Eireann company which is an association of owners or occupiers of buildings or other property and in respect of which the Minister is satisfied that the business which such company carries on or is about to carry on is, wholly or substantially, the mutual insurance of its members against damage by, or incidental to, fire caused to the buildings or other property owned or occupied by them, or

(c) a company in respect of which the Minister is satisfied that it complies with the provisions of section 2 of the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926), or

(d) an assurance company which on the 31st day of October, 1935, carried on in Saorstát Eireann assurance business other than life assurance business or industrial assurance business and which is not required by the Act of 1909 to make a deposit and in respect of which the Minister is satisfied that the business which such company carries on is wholly or substantially the effecting of insurances against loss of or damage to or in respect of property belonging to, or held in trust for, or used or occupied by or on behalf of a religious organisation or body, including liability to pay compensation or damages to workmen employed by trustees, committees, stewards or other officers or holders of such property, or

(e) an assurance company which carries on glass insurance business and in respect of which the Minister is satisfied that such company carries on no other class of assurance business.

23 Obligation of the Committee of Lloyd's to make deposits.

23.—(1) Whenever and so long as there is or are a syndicate or two or more syndicates carrying on in Saorstát Eireann any assurance business other than life assurance business, industrial assurance business, bond investment business, mechanically propelled vehicle insurance business, and glass insurance business, the Committee of Lloyd's shall deposit and keep deposited with the Accountant of the Courts of Justice the sum of twenty thousand pounds.

(2) Whenever and so long as there is or are a syndicate or two or more syndicates carrying on in Saorstát Éireann mechanically propelled vehicle insurance business, the Committee of Lloyd's shall deposit and keep deposited with the Accountant of the Courts of Justice the sum of fifteen thousand pounds.

(3) Every sum deposited under this section shall be invested by the Accountant of the Courts of Justice in such securities for the time being authorised by law for the investment of money under the control or subject to the order of the High Court as the Committee of Lloyd's may select, and the said Accountant shall pay the interest on such securities to the said Committee.

(4) Sub-sections (5) and (6) of section 2 of the Act of 1909 shall apply in relation to the deposit of sums under this section in like manner as they apply in relation to the deposit of sums under the said section.

24 Transfer of existing deposits under the Act of 1909.

24.—(1) Whenever a deposit is, at the commencement of this Part of this Act, maintained in pursuance of the Act of 1909 with the Accountant of the Courts of Justice by an assurance company in respect of a particular class of assurance business and such assurance company is required by this Part of this Act to deposit and keep deposited with the Accountant of the Courts of Justice a sum of money in respect of the same particular class of assurance business, the said deposit so maintained at the commencement of this Part of this Act and the investments then representing the same shall be retained by the Accountant of the Courts of Justice and be deemed to be a deposit made in pursuance of this Part of this Act by such assurance company in respect of the said particular class of assurance business.

(2) Immediately upon the commencement of this Part of this Act, the Accountant of the Courts of Justice shall, in respect of every deposit retained by him in pursuance of the next preceding sub-section of this section, calculate and ascertain the market value at such commencement of the investments then representing such deposit, and shall forthwith give to the assurance company by which such deposit was so maintained notice in writing stating the amount of such market value so ascertained and the amount (if any) by which such market value falls short of or exceeds (as the case may be) the full proper amount of the said deposit and thereupon the following provisions shall have effect, that is to say:—

(a) where the said market value falls short of the said full proper amount and such assurance company, not more than one month after receiving the said notice, deposits with the Accountant of the Courts of Justice a sum equal to the difference between the said market value and the said full proper amount, the sum so deposited shall be added to and treated as part of the deposit represented by the said investments and the said deposit shall be deemed to have been of the said full proper amount as at and from the commencement of this Part of this Act;

(b) where the said market value exceeds the said full proper amount, such assurance company may at any time within three months after receiving the said notice, apply in a summary manner to the High Court on notice to the Minister for payment of such excess and thereupon the High Court may either direct the Accountant of the High Court to sell so much (if any) of the said investments as will leave the market value of the residue of such investments on the day of such sale equal to the said full proper amount and to pay the proceeds of such sale (after providing thereout for the costs of such sale) to such assurance company or, if requested by such assurance company so to do, direct the Accountant of the Courts of Justice to transfer to such assurance company or some person nominated by such assurance company so much (if any) of the said investments as will leave the market value of the residue of such investments on the day of such transfer equal to the said full proper amount.

25 Payment of judgment debts out of deposits.

25.—(1) Whenever a Court makes an order, decree, or judgment for the payment of money by an assurance company or a syndicate to any person in respect of a claim under a policy issued by such assurance company or syndicate (as the case may be), the High Court may, on the application in a summary manner of such person, order such money (with or without the costs of such application) to be paid to such person out of the deposit or any particular deposit maintained by such assurance company or by the Committee of Lloyd's (as the case may be) in pursuance of this Act.

(2) Whenever the High Court makes an order under the foregoing sub-section of this section, the Accountant of the Courts of Justice shall pay the money stated in such order to the person and out of the deposit specified in such order and shall for that purpose sell so much of the investments representing the said deposit as is necessary (after defraying the costs of such sale) to enable such money to be so paid.

(3) Whenever the Accountant of the High Court, in pursuance of an order made by a Court under this section, pays any money out of or sells any of the investments representing a deposit maintained with him by an assurance company or by the Committee of Lloyd's in pursuance of this Part of this Act, he shall forthwith calculate and ascertain the market value of so much of the investments representing such deposit as remains unsold and, if such market value together with any uninvested money included in such deposit falls short of the full proper amount of such deposit, he shall give to such assurance company or such Committee (as the case may require) notice in writing of such deficiency and of the amount thereof.

(4) If, when a notice of deficiency of deposit is given to an assurance company or to the Committee of Lloyd's by the Accountant of the Courts of Justice in pursuance of the next preceding sub-section of this section, such assurance company or the Committee of Lloyd's not more than fourteen days after receiving such notice, deposits with the Accountant of the Courts of Justice a sum equal to the amount of the deficiency stated in such notice, the sum so deposited shall be added to and treated as part of the said deposit and such assurance company or the Committee of Lloyd's (as the case may be) shall be deemed to have maintained such deposit at its full proper amount.

26 Release of deposits.

26.—(1) Whenever an assurance company ceases to carry on any particular class of assurance business in respect of which such assurance company maintains a deposit with the Accountant of the Courts of Justice in pursuance of this Part of this Act, such assurance company may apply in a summary manner to the High Court on notice to the Minister for such order as is mentioned in the next following sub-section of this section.

(2) If, on an application to the High Court under this section by an assurance company, the High Court is satisfied that the deposit to which such application relates is not required to be maintained in respect of any other class of assurance business carried on by such assurance company, and that either the liabilities of such assurance company within Saorstát Eireann in respect of the said class of assurance business which such assurance company has so ceased to carry on have been met and discharged or security for the payment of such liabilities has been given to the Accountant of the Courts of Justice to his satisfaction, the High Court shall order the Accountant of the Courts of Justice out of the investments and money representing such deposit to pay such costs (if any) as the High Court shall direct and, if the said money is not sufficient to meet such costs, to sell so much of the said investments as shall be sufficient (after paying the costs of such sale) for that purpose and to transfer the said investments or the residue thereof (as the case may be) to such assurance company and to pay the said money or the residue (if any) thereof (as the case may be) to such assurance company.

27 Release of deposits made by the Committee of Lloyd's.

27.—(1) If, at any time while the Committee of Lloyd's maintains in pursuance of this Part of this Act a deposit of twenty thousand pounds with the Accountant of the Courts of Justice, there is no syndicate carrying on in Saorstát Eireann any assurance business other than life assurance business, industrial assurance business, bond investment business, mechanically propelled vehicle insurance business, or glass insurance business, the Committee of Lloyd's may apply in a summary manner to the High Court on notice to the Minister for such order as is hereinafter mentioned in relation to such deposit.

(2) If, at any time while the Committee of Lloyd's maintains in pursuance of this Part of this Act a deposit of fifteen thousand pounds with the Accountant of the Courts of Justice, there is no syndicate carrying on in Saorstát Eireann mechanically propelled vehicle insurance business, the Committee of Lloyd's may apply in a summary manner to the High Court on notice to the Minister for such order as is hereinafter mentioned in relation to such deposit.

(3) If, on an application to the High Court under this section by the Committee of Lloyd's, the High Court is satisfied that there is no syndicate carrying on in Saorstát Eireann any relevant assurance business (as defined in the next following sub-section of this section) and that either the liabilities within Saorstát Eireann of every syndicate which formerly carried on in Saorstát Eireann any relevant assurance business have been met or discharged or security for the payment of such liabilities has been given to the Accountant of the Courts of Justice to his satisfaction, the High Court shall order the Accountant of the Courts of Justice out of the investments and money representing the deposit to which such application relates to pay such costs (if any) as the High Court shall direct and, if the said money is not sufficient to meet such costs, to sell so much of the said investments as shall be sufficient (after paying the costs of such sale) for that purpose and to transfer the said investments or the residue thereof (as the case may be) to the Committee of Lloyd's and to pay the said money or the residue (if any) thereof to the said Committee.

(4) In the foregoing sub-section of this section, the expression “relevant assurance business” means—

(a) in the case of an application in relation to a deposit of twenty thousand pounds made by the Committee of Lloyd's in pursuance of this Act—any assurance business other than life assurance business, industrial assurance business, bond investment business, mechanically propelled vehicle insurance business, and glass insurance business, and

(b) in the case of an application in relation to a deposit of fifteen thousand pounds made by the Committee of Lloyd's in pursuance of this Act—mechanically propelled vehicle insurance business.

PART III. Amalgamation and Transfer of Certain Assurance Businesses.

28 Submission to Minister of scheme for amalgamation of assurance companies.

28.—(1) Any two or more Saorstát Eireann companies which, on the 31st day of October, 1935, carried on in Saorstát Eireann life assurance business or industrial assurance business or both such businesses (in this Part of this Act referred to as promoting companies) may, notwithstanding anything contained in the articles and memorandum of association of such companies whether such companies do or do not carry on any other class of assurance business, submit to the Minister at any time before the appointed day a scheme in writing for the amalgamation into one company (in this Part of this Act and in the First Schedule to this Act referred to as the amalgamated company) of such promoting companies so far as respects the life assurance business (if any) and the industrial assurance business (if any) carried on by each of them respectively, and the transfer to some other Saorstát Eireann company or companies (in this Part of this Act referred to as the transferee companies) of the several other (if any) classes of assurance business carried on by such promoting companies respectively.

(2) Every scheme submitted to the Minister under this section shall—

(a) contain particulars of the arrangements between the companies concerned for the amalgamation and the transfer (if any) to which such scheme relates,

(b) be accompanied by copies of the deeds, contracts, and other documents embodying the said arrangements,

(c) contain all such provisions as are necessary for carrying out the said amalgamation and the said transfer, if any,

(d) be accompanied by reports made and certified by actuaries on behalf of each of the promoting companies in relation to the businesses of such company to be amalgamated in pursuance of such scheme,

(e) be accompanied by a report made and certified by an independent actuary agreed upon by all the promoting companies in relation to the several businesses to be included in such amalgamation,

(f) contain, in relation to the amalgamated company to be formed in pursuance of such scheme, provisions conforming to the conditions set out in the First Schedule to this Act.

(3) The Minister may by order appoint a day to be the appointed day for the purposes of this section, and the expression “the appointed day” in this section means the day so appointed.

29 Investigation of amalgamation scheme by the Minister.

29.—(1) When a scheme has been submitted to the Minister under this Part of this Act, the Minister may submit such scheme to some person nominated by him for investigation and report.

(2) When a scheme has been submitted to the Minister under this Part of this Act, a promoting company shall, when required by the Minister so to do, furnish to the Minister all such information, particulars and documents in relation to such promoting company as the Minister may require.

(3) If any promoting company fails to furnish any information, particulars or documents which such company is required by the Minister under the next preceding sub-section of this section to furnish, the Minister may, on the ground of such failure and without prejudice to his absolute discretion to refuse to approve of the scheme in relation to which the company so failing is one of the promoting companies, refuse to approve of such scheme.

(4) When a scheme has been submitted to the Minister under this Part of this Act, the Minister may require the promoting companies to amend such scheme in any specified manner or particular, and if the promoting companies fail or refuse to amend such scheme accordingly, the Minister may (without prejudice to his absolute discretion to refuse to approve of such scheme) refuse to approve of such scheme.

(5) All expenses incurred by the Minister under this section shall to such extent as shall be determined by the Minister with the consent of the Minister for Finance be defrayed by the promoting companies in such proportions as the Minister shall, in each particular case, direct, and the amount of such expenses so apportioned to any such company may be recovered by the Minister from such company as a civil debt in any court of competent jurisdiction.

30 Approval of scheme by the Minister.

30.—Whenever a scheme has been submitted to the Minister under this Part of this Act, the Minister may in his absolute discretion approve or refuse to approve of such scheme either before or after the same has been amended in accordance with a requisition made in that behalf by the Minister.

31 Confirmation and sanction of amalgamation scheme by the High Court.

31.—(1) When the Minister has approved (either with or without amendment) of a scheme submitted to him under this Part of this Act, the promoting companies or the Minister may apply to the High Court for confirmation and sanction of such scheme.

(2) Before making an application to the High Court under this section for the confirmation and sanction of a scheme, the promoting companies or the Minister (as the case may be) shall—

(a) cause notice of the approval of the scheme by the Minister and of the intention of the promoting companies or the Minister (as the case may be) to apply to the High Court for confirmation and sanction of such scheme to be published at least once in Iris Oifigiúil, and

(b) for at least fifteen days before making such application keep at the office of each of the promoting companies or the office of the Minister (as the case may require) copies of the agreements, deeds, and other arrangements which form the basis of such scheme, and permit policy holders and shareholders in any of the promoting companies to inspect such copies free of charge, and

(c) unless the High Court otherwise directs, give notice of such scheme by advertisement once in Iris Oifigiúil and once in each of two daily newspapers published in Saorstát Eireann and every such advertisement shall contain the following particulars, that is to say:—

(i) a statement of the nature of the proposed amalgamation and the proposed transfer, if any, and

(ii) a summary of the material facts contained in the agreements, deeds, or other arrangements which form the basis of such scheme, and

(iii) the place where and the times at which any report furnished to the Minister with such scheme may be inspected.

(3) On the hearing of an application under this section for the confirmation and sanction of a scheme the High Court, after hearing the promoting companies and the Minister and such other persons as it considers entitled to be heard, may, if it so thinks fit, confirm and sanction such scheme either unconditionally or with such modifications as it may think fit to make therein, and may, whether it does or does not confirm and sanction such scheme, make such order as to the costs of such application and the parties by whom such costs are to be borne as shall appear to the said Court to be just and equitable having regard to all the circumstances.

32 Effect of confirmation and sanction of amalgamation scheme.

32.—(1) Whenever the High Court confirms and sanctions a scheme under this Part of this Act, such confirmation and sanction shall, notwithstanding anything in the memorandum of association of any of the promoting companies concerned in such scheme, be effectual to bind all shareholders and policy holders in and all creditors and debtors of every such promoting company.

(2) Whenever the High Court confirms and sanctions a scheme under this Part of this Act, such one as the High Court shall direct of the promoting companies concerned in such scheme shall, within twenty-one days after such confirmation and sanction, deliver to the Minister and to the Registrar of Companies a copy of such scheme as confirmed and sanctioned by the High Court and also a certified copy of the order of the High Court confirming and sanctioning such scheme, and if such promoting company fails so to do every director of such promoting company shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds, together with in the case of a continuing offence a further fine not exceeding one pound for every day during which such offence continues.

33 Rights of amalgamated company for purposes of Part II.

33.—Whenever any promoting companies have under this Part of this Act become an amalgamated company and all or any of such promoting companies on the 31st day of October, 1935, carried on life assurance business or industrial assurance business or both such businesses, such amalgamated company shall for the purposes of Part II of this Act be deemed to be a Saorstát Eireann company which on the said date carried on (as the case may require) either or both of such businesses.

34 Restriction on application of section 13 of the Act of 1909.

34.—Section 13 of the Act of 1909 shall not apply to any scheme submitted to the Minister under this Part of this Act but, if the Minister refuses to approve of a scheme under this Part of this Act, such non-application shall not affect or prejudice the right of any two or more Saorstát Eireann companies which carry on life assurance business or industrial assurance business or both such businesses (whether they do or do not carry on any other assurance business) to amalgamate or transfer any assurance business under the said section 13.

35 Restriction on issue of share capital by an amalgamated company.

35.—No issue of the share capital of any amalgamated company shall while the Minister for Finance holds any shares of such company be made without the consent of the Minister for Finance given after consultation with the Minister.

36 Underwriting of and subscription for shares of amalgamated companies by Minister for Finance.

36.—(1) Subject to the provisions of this section, the Minister for Finance may—

(a) subject to such conditions as he may think fit, agree with any amalgamated company that, if any shares in such company about to be offered to the public for subscription are not, within a specified time, taken up by the public, he will take up and pay for such shares or some specified proportion thereof, and

(b) from time to time acquire by subscription any shares (of any class or description) of an amalgamated company.

(2).—The aggregate amount of all shares taken up or acquired by the Minister under this section shall not exceed five hundred thousand pounds in nominal value.

37 Issue of moneys from the Central Fund.

37.—(1) All moneys from time to time required to meet payments to be made by the Minister for Finance to any amalgamated company in respect of any shares taken up or acquired by him under this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2). For the purpose of providing money for the sums advanced out of the Central Fund or the growing produce thereof under this section the Minister for Finance may borrow money and for the purpose of such borrowing the said Minister may create and issue securities bearing such rate of interest, and subject to such conditions as to repayment, redemption or otherwise as he shall think fit.

(3) The principal of and interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(4) Any money raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which that Fund is available.

38 Disposal of dividends, etc., received by the Minister for Finance.

38.—All dividends, bonus, and other moneys received by the Minister for Finance in respect of shares of an amalgamated company held by him shall be paid into or disposed of for the benefit of the Exchequer in such manner as the said Minister may direct.

39 Exercise by the Minister for Finance of powers of shareholder.

39.—The Minister for Finance may, so long as he holds any of the shares of an amalgamated company, exercise all or any of the rights and powers from time to time exercisable by the holder of such shares and, where such rights or powers are exercisable by attorney, the said Minister may, if he so thinks proper, exercise such rights or powers by his attorney.

40 Power of Minister for Finance to hold and sell shares.

40.—(1) The Minister for Finance may hold, for so long as he thinks fit, the shares of an amalgamated company acquired or taken up by him under this Act and may, as and when he thinks fit, sell all or any of such shares.

(2) The net proceeds of every sale by the Minister for Finance of shares of an amalgamated company held by him shall be paid into or disposed of for the benefit of the Exchequer in such manner as the said Minister may direct.

41 Consultation by Minister for Finance with Minister.

41.—The Minister for Finance shall, before exercising any power conferred on him by the articles of association of an amalgamated company in relation to the nomination of directors of such company, consult with the Minister.

42 Alteration of memorandum and articles of association of amalgamated company.

42.—Notwithstanding anything contained in the Companies Acts, 1908 to 1924, no alteration in the memorandum of association or the articles of association of an amalgamated company which is, while the Minister for Finance holds any shares of such company, made without the previous approval of the Minister for Finance after consultation by him with the Minister, shall be valid and effective.

43 Obligation of amalgamated company to furnish balance sheets, etc.

43.—(1) Every amalgamated company shall within six months after the end of every accounting year of such company furnish to the Minister and to the Minister for Finance in respect of such accounting year the following documents, audited by the auditor of such company and drawn up in such manner as shall be approved by the Minister for Finance after consultation with the Minister, that is to say, a balance sheet and a profit and loss account, and also a separate revenue account in respect of each class of assurance business carried on by such company.

(2) Every amalgamated company shall on demand by the Minister or by the Minister for Finance furnish to the Minister making such demand such explanations as such Minister shall think proper to require in respect of any balance sheet, profit and loss account or revenue account furnished to him pursuant to this section.

(3) A copy of every balance sheet, profit and loss account and revenue account furnished to the Minister for Finance pursuant to this section shall be laid by the said Minister before Dáil Eireann within one month after such balance sheet, profit and loss account or revenue account (as the case may be) are so furnished to him.

(4) If an amalgamated company makes default in complying with any of the provisions of this section, such company and every director, manager, and other officer of such company, who knowingly and wilfully authorised or permitted such default, shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding five pounds for every day during which the default continues.

(5) The balance sheet, profit and loss account and revenue account which every amalgamated company is required by this section to furnish shall be in addition to and not in substitution for any other balance sheet, profit and loss account or revenue account which such company may for the time being be required by law to prepare and furnish.

PART IV. Winding up and Inspection of Insolvent Assurance Companies.

44 Definition of insolvency.

44.—A company shall be deemed to be or have been insolvent for the purposes of this Part of this Act on any particular date, present or past, if the circumstances of such company on that particular date are or were such that if proceedings for the winding up of such company were or had been taken on the said date, the Court could, under sections 129 and 130 of the Act of 1908, hold or have held such company to be, on the said date, unable to pay its debts.

45 Power of Minister to petition for winding up of assurance company.

45.—The Minister may present a petition for the winding-up of an assurance company on the ground that such company is unable to pay its debts within the meaning of sections 129 and 130 of the Act of 1908.

46 Powers in cases of assurance companies of doubtful solvency.

46.—(1) The Minister may, by notice served upon an assurance company, require such company to furnish to him, within such time as may be specified in such notice, such specified explanations, information, accounts, balance sheets, abstracts and statements as the Minister may consider necessary for determining whether such company is or is not insolvent.

(2) A notice served under the foregoing sub-section of this section may require that any of the explanations, information, accounts, balance sheets, abstracts and statements to be furnished in pursuance of such notice shall be—

(a) signed by such number of the directors and by such officers of the assurance company as shall be specified in such notice;

(b) be accompanied by such copies of documents as may be specified in such notice;

(c) be certified to be correct by an auditor approved by the Minister, or by an actuary so approved or by both such an auditor and such an actuary.

(3) Whenever a notice has been served by the Minister on an assurance company under the foregoing sub-section of this section, the following provisions shall have effect, that is to say:—

(a) whether such assurance company does or does not comply with such notice, the Minister may, if he so thinks proper, at any time after the expiration of the time limited by such notice for compliance therewith and after considering the information and documents (if any) furnished by such assurance company in pursuance of such notice, serve on such assurance company a notice (in this section referred to as an investigation notice) stating that the Minister proposes to investigate under this section the affairs of such assurance company at the expiration of the time (not being less than seven days from the service of such notice) specified in that behalf in such notice;

(b) at any time before the expiration of the time specified as aforesaid in such investigation notice, such assurance company may give to the Minister notice (in this section referred to as notice of objection) stating that such assurance company objects to the investigation mentioned in such investigation notice;

(c) within one month after the giving of a notice of objection, the Minister may, unless such notice of objection is sooner withdrawn by such assurance company, apply in a summary manner to the High Court for such order as is hereinafter mentioned, and on such application the High Court shall, unless it is satisfied that, having regard to all the circumstances of the case, the investigation mentioned in such investigation notice cannot reasonably be required or made by the Minister, order and empower the Minister to make such investigation;

(d) on an application under the next preceding paragraph of this sub-section the High Court may make such order as to the costs of and incidental to such application as it shall think proper;

(e) where no notice of objection is served within the time limited in that behalf, or a notice of objection so served is withdrawn before the institution of an application to the High Court by the Minister, or the High Court makes an order empowering the Minister to make such investigation, the Minister may make such investigation as is mentioned in such investigation notice at any time after whichever of the following times is applicable, that is to say:—

(i) where no notice of objection is served within the time limited in that behalf, the expiration of the time so limited, or

(ii) where a notice of objection so served is withdrawn as aforesaid, the date of such withdrawal, or

(iii) where the High Court makes such order as aforesaid, the date of such order.

(4) Whenever the Minister investigates under this section the affairs of an assurance company, he may, with the consent of the Minister for Finance, appoint one or more inspectors for the purposes of such investigation, and every inspector so appointed shall hold office upon such terms and conditions and at such remuneration as the Minister shall, with the consent of the Minister for Finance, determine.

(5) The provisions of sub-sections (3), (4) and (5) of section 109 of the Act of 1908 shall apply to every inspector appointed under the next preceding sub-section of this section in like manner as they apply to inspectors appointed under that section, and any refusal mentioned in the said sub-section (5) which is the refusal of an officer or agent of an assurance company and which is, or might be, a ground for the punishment of such officer or agent of such assurance company under the said sub-section (5), shall also be a ground upon which the Minister may present a petition for the winding up of such assurance company and upon which the High Court may, on the hearing of any such petition, make an order for the winding up of such assurance company under and in accordance with the Act of 1908.

(6) Whenever the Minister has investigated the affairs of an assurance company under this section, the Minister may apply in a summary manner to the High Court for an order that such assurance company shall repay to the Minister the whole or such part of the costs and expenses of and incidental to the carrying out of such investigation, and on the hearing of any such application the High Court may, if it so thinks fit, make an order for the payment by such assurance company to the Minister of the whole or any part of the costs and expenses of and incidental to the carrying out of such investigation, and for that purpose measure, tax, or otherwise ascertain the amount of such costs and expenses.

47 Evidence of inability to pay debts.

47.—In any proceedings upon a petition presented under this Part of this Act to wind up an assurance company, evidence that such company was insolvent at the close of the period to which the latest accounts and balance sheet of such company furnished to the Minister in pursuance of this Part of this Act relate, or at the date of the service of a notice by the Minister on such assurance company under this Part of this Act, shall be evidence, unless the contrary is proved, that such company is unable, taking into account its contingent and prospective liabilities to pay its debts.

PART V. Industrial Assurance Business.

48 Definitions in this Part.

48.—In this Part of this Act—

the expression “industrial assurance company” means an assurance company which carries on industrial assurance business;

the word “collector” means a person, howsoever remunerated, who makes house to house visits for the purpose of receiving premiums payable on policies of industrial assurance and includes a deputy of or substitute for any such person, and also includes a person who holds' any interest in a collecting book;

the expression “collecting book” means any book or document issued by an industrial assurance company and in the custody of a collector in which payments of premiums on foot of policies of industrial assurance are entered;

the expression “premium receipt book” means any book or document in which acknowledgments of the receipt of premiums payable in respect of a policy of industrial assurance are entered.

49 Application of this Part of this Act in certain cases.

49.—(1) Where an assurance company, which formerly carried on industrial assurance business, has ceased, before the commencement of this Part of this Act, to carry on industrial assurance business, this Part of this Act shall apply to such company so long (if at all) as such company continues, after the commencement of this Part of this Act, to be liable on a policy of industrial assurance issued by it before such cesser.

(2) Where an assurance company, which, at or after the commencement of this Part of this Act, carries on industrial assurance business, ceases after such commencement to carry on industrial assurance business, this Part of this Act shall continue to apply to such company so long as such company continues to be liable on a policy of industrial assurance issued by it before such cesser.

(3) Whenever this Part of this Act applies to a company by virtue of this section, such company shall, during and for the purposes of such application, be deemed to be an industrial assurance company within the meaning of this Part of this Act.

50 Additional purposes for which industrial assurance policies may be issued.

50.—(1) Amongst the purposes for which industrial assurance companies may issue policies of industrial assurance there shall be included—

(a) the insuring of money to be paid for the reasonable expenses in connection with the death and funeral of any of the following persons, that is to say:—

(i) of a parent, son, daughter, grandparent, grandchild, step-parent, step-son, step-daughter, brother or sister of the person effecting the policy, or

(ii) of an uncle or aunt of the person effecting the policy, where such uncle or aunt at the time when the policy is effected resides with the person effecting the policy, or

(iii) of a nephew or niece of the person effecting the policy, where such person at the time when the policy is effected resides with such nephew or niece;

(b) subject to the provisions of the next following sub-section of this section, the insuring of money to be paid on the duration for a specified period of the life of a parent, son, daughter, grandparent, grandchild, step-parent, step-son, step-daughter, brother, or sister, or the insuring of money to be paid on the duration for a specified period of the life of an uncle, aunt, nephew, or niece of the person effecting the policy, who resides with such person or with whom such person resides, and in either case either with or without the payment of money in the event of the death of such person before the expiration of such period.

(2) No industrial assurance company shall insure on a policy issued under paragraph (b) of the next preceding sub-section of this section on the death of any person any sum exceeding a reasonable amount for expenses in connection with the death and funeral of such person, but in calculating such sum no account shall be taken of any repayment on such death of premiums paid in respect of an endowment or endowment assurance policy.

(3) Every person who effects a policy of industrial assurance under and in accordance with this section shall be deemed to have an insurable interest in the life of the person in relation to whom such policy was effected and no such policy shall be deemed to be an indemnity policy.

(4) Nothing in this section shall permit or extend to permit the assurance, whether by an industrial assurance company or any other person, of the life of any person under the age of ten years.

(5) Whenever the sum assured under a policy of industrial assurance (issued for a purpose for which industrial assurance companies may issue policies of industrial assurance under this section) does not exceed the sum of twenty-five pounds such sum shall be presumed to be reasonable.

51 Assurances on lives of children under the age of ten years.

51.—(1) Notwithstanding anything contained in the Life Assurance Act, 1774, as extended by the Life Insurance (Ireland) Act, 1866, it shall be lawful for an industrial assurance company to issue policies of industrial assurance on the life of a child under the age of ten years if, but only if, such policies are issued to a parent, grandparent, step-parent, brother, or sister of such child or to an uncle or aunt of such child if such child resides with such uncle or aunt at the time when the policy is effected.

(2) Subject to the provisions of this section, it shall not be lawful for an industrial assurance company to pay or undertake liability, by the issue of a policy or otherwise, to pay on the death of a child, under the age of ten years, any sum of money which, when added to the amount or the aggregate of the several amounts payable on the death of such child by another or other industrial assurance company or companies, exclusive of bonus or free paid-up policies, exceeds—

(a) if such child dies under the age of three years, the sum of six pounds, or

(b) if such child dies aged three years or more but less than six years, the sum of ten pounds, or

(c) if such child dies aged six years or more but less than ten years, the sum of fifteen pounds.

(3) In calculating in relation to any particular child the sum of money which is the maximum under the next preceding sub-section of this section, no account shall be taken of any repayment on the death of such child of premiums paid in respect of an endowment or endowment assurance policy.