Insurance (Amendment) Act, 1938

Provisions in relation to persons employed by Participating Companies.

9.—The following provisions shall have effect in relation to all persons (in this section referred to as the said persons) who are in the employment (whether as directors, executives, members of the staff, or otherwise, and whether whole-time or part-time) of a Participating Company immediately before the transfer date, that is to say:—

(a) the provisions contained in the Scheduled Agreement in relation to the transfer to the employment of the Terminating Company or the Permanent Company or both those Companies of the said persons and in relation to the compensation or prohibition of compensation of such of the said persons as are not so transferred shall be binding on all the said persons;

(b) every of the said persons shall be entitled to take and receive for his own use all benefits to which he may be entitled under the said provisions of the Scheduled Agreement, notwithstanding that he was concerned (whether in or not in a fiduciary capacity) in the negotiations for or the making of the Scheduled Agreement;

(c) the said provisions of the Scheduled Agreement shall be deemed for all purposes to be substituted for every agreement, express or implied, between any of the said persons and the Participating Company by whom he is employed in relation to his employment, and accordingly no right or claim (other than a claim under the said provisions of the Scheduled Agreement) for remuneration, compensation, or damages arising out of or in relation to his employment shall be enforceable by any of the said persons against a Participating Company or the Terminating Company, or the Permanent Company;

(d) until the expiration of twelve months from the transfer date, it shall not be lawful for any of the said persons to whom compensation is paid in pursuance of the Scheduled Agreement to enter into or be engaged in the employment or service of any assurance company (other than the Terminating Company and the Permanent Company) in relation to life assurance business and industrial assurance business or either of those businesses and, if any of the said persons contravenes the foregoing provisions of this paragraph, he shall be guilty of an offence under this section and shall be liable on summary conviction thereof, to a fine not exceeding one hundred pounds together with, in the case of a continuing offence, a further fine not exceeding fifty pounds for every day upon which the offence is continued.