Decimal Currency Act, 1969

Payments under friendly society and industrial assurance company contracts.

16.—(1) The Minister for Industry and Commerce may by regulations under this section provide for a method or methods by which premiums or other payments which are payable to a registered friendly society or an industrial assurance company under a friendly society contract or an industrial assurance contract, as the case may be, and which consist of or include a halfpenny shall be varied to take account of the calling in of coins of the denomination halfpenny.

(2) In this section—

“assurance company”, “industrial assurance business” and “premium” 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.