Insurance Act, 1936

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PART VII

Miscellaneous.

Extension of bond investment business.

91.—(1) Whenever any person or body of persons, whether corporate or unincorporate (not being registered or certified under any Act relating to friendly societies, building societies, or trade unions), carries on the business of accepting subscriptions payable at periodical intervals of less than six months and, in return, undertakes by prospectus or otherwise to pay, at a future date, to the subscribers the amount of such subscriptions with interest thereon (whether with or without a right on the part of the subscriber to the return of his subscriptions in the meantime) such business shall be deemed to be bond investment business.

(2) The following provisions shall have effect in relation to every business which is deemed under the foregoing sub-section of this section to be bond investment business, that is to say:—

(a) the card, book, or other document in which receipts of subscriptions are entered shall be deemed to be the instrument evidencing the contract, and

(b) the subscriber shall be the owner of the policy, and

(c) the Minister may by order prescribe such modifications of the Fourth, Fifth and Sixth Schedules of the Act of 1909 as may be necessary to adapt to the business which is deemed by the foregoing sub-section to be bond investment business the provisions of the said Schedules relating to bond investment business.