Local Authorities (Mutual Assurance) Act, 1928

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.