Number 21 of 1928.
LOCAL AUTHORITIES (MUTUAL ASSURANCE) ACT, 1928.
ARRANGEMENT OF SECTIONS
Section | |
Protection of Irish Public Bodies Mutual Insurances Limited. | |
Act Referred to | |
No. 34 of 1926 | |
Number 21 of 1928.
LOCAL AUTHORITIES (MUTUAL ASSURANCE) ACT, 1928.
The Principal Act.
1.—In this Act the expression “the Principal Act” means the Local Authorities (Mutual Assurance) Act, 1926 (No. 34 of 1926).
Protection of Irish Public Bodies Mutual Insurances Limited.
2.—(1) Irish Public Bodies Mutual Insurances Limited shall be deemed always to have been and shall (subject to the provisions of this section) continue to be a company to which the Principal Act applies and to be exempt from such of the provisions of the Assurance Companies Act, 1909, as relate to deposits under that Act.
(2) The Memorandum and Articles of Association of the said Irish Public Bodies Mutual Insurances Limited shall be deemed to comply and always to have complied with the requirements of the Companies Acts, 1908 to 1924.
(3) All policies of assurance issued whether before or after the passing of this Act by the said Irish Public Bodies Mutual Insurances Limited while it was or is by virtue of this section a company to which the Principal Act applies shall be deemed to be and, in the case of policies issued before the passing of this Act, always to have been policies of mutual insurance within the meaning of the Principal Act and of the Memorandum of Association of the said Irish Public Bodies Mutual Insurances Limited.
(4) If the said Irish Public Bodies Mutual Insurances Limited at any time after the passing of this Act alters in any respect its Memorandum of Association it shall forthwith cease to be by virtue of this section a company to which the Principal Act applies and cease to be exempted by virtue of this section from the said provisions of the Assurance Companies Act, 1909, but without prejudice to any application of the Principal Act or exemption from the said provisions which may then exist or thereafter arise under the Principal Act or otherwise.
Meaning of “mutual insurance” in the Principal Act.
3.—The expression “mutual insurance” where it occurs in the Principal Act shall mean insurance by a company in which all the holders of policies issued by such company and no other persons are members of such company whether any liability does or does not exist between such members, each to and with the others, in respect of claims under such policies.
Amendment of section 4 of the Principal Act.
4.—Section 4 of the Principal Act is hereby repealed and in lieu thereof it is hereby enacted that such of the provisions of the Assurance Companies Act, 1909, as relate to deposits under that Act shall not apply to a company to which the Principal Act applies.
Short title and citation.
5.—(1) This Act may be cited as the Local Authorities (Mutual Assurance) Act, 1928.
(2) The Principal Act and this Act may be cited together as the Local Authorities (Mutual Assurance) Acts, 1926 and 1928.