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Application of Act of 1909 to industrial assurance.
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54.—Industrial assurance business shall, for the purposes of the Act of 1909, be deemed to be a separate class of assurance business and accordingly the said Act shall apply to such business and have effect subject to the following modifications, that is to say:—
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(a) the provisions relating to life assurance business of the said Act shall apply to industrial assurance business but with the modification that, for the purposes of such application, references in the said Act to “industrial assurance business” and “the industrial assurance fund” shall be substituted for references to “life assurance business” and “the life assurance fund” respectively, and
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(b) where any expenses of management, or any interest or dividend from investments, or any sums on account of depreciation of securities are apportioned between the industrial assurance business and the life assurance business (if any) carried on by an industrial assurance company, the auditor of such company shall, when auditing the accounts thereof, include in his report on such accounts a special report as to the propriety or otherwise of such apportionment, and
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