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Release of deposits made by the Committee of Lloyd's.
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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.
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(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.
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(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.
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(4) In the foregoing sub-section of this section, the expression “relevant assurance business” means—
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(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
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(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.
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