Decimal Currency Act, 1970
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Payments under friendly society and industrial assurance contracts. |
8.—(1) This section applies to all payments payable to or by a registered friendly society or industrial assurance company under any friendly society or industrial assurance contract made before decimal day. | |
(2) The Minister for Industry and Commerce may make regulations specifying the methods to be applied for the purpose of determining the amounts in the new currency payable in respect of payments to which this section applies and which fall due on or after decimal day. | ||
(3) Regulations under subsection (2) of this section may— | ||
(a) make different provision for payments payable at different intervals, for payments payable under different classes of contracts and for other different circumstances, | ||
(b) contain such transitional, incidental and supplementary provisions as the Minister for Industry and Commerce thinks necessary or expedient for the purpose of the regulations, | ||
(cI provide for the making of alterations in the rules of registered friendly societies. | ||
(4) The Minister for Industry and Commerce may make regulations providing for the insertion in premium receipt books of statements approved of by him, or for the issue to policy holders and members of registered friendly societies of notices containing such statements, for the purpose of explaining the effect of any regulations made under subsection (2) of this section. | ||
(5) In this section— | ||
“assurance company”, “industrial assurance business” and “premium receipt book” have the same meanings as in the Insurance Act, 1936 ; | ||
“friendly society contract” means a contract made by a registered friendly society in the course of its business in the State, whether contained in the rules of the society or not; | ||
“industrial assurance company” means an assurance company which carries on industrial assurance business in the State; | ||
“industrial assurance contract” means a contract of assurance made by a person carrying on industrial assurance business in the course of his industrial assurance business in the State; | ||
“registered friendly society” means a society registered in the State under the Friendly Societies Acts, 1896 to 1953. |