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Prospective
9In section 11 (special provision for future benefits under long term policies) after [F2subsection (3A)] there shall be inserted the following subsection—
[F3“(3B)]This section applies to a long term policy of a closing society as it applies to a long term policy of a company in liquidation but—
(a)with the addition at the end of subsection (3) above of the words “subject to the giving up of any right to a payment on dissolution of the society"; and
[F4(b)in subsection (5)(b) below, with the insertion after the words “this Act applies" of the words “or authorised friendly society",”][F5and in subsection (5)(a) for “another" there shall be substituted “an"]
Textual Amendments
F2Words in Sch. 17 para. 9 substituted (19.3.1997) by 1997 c. 18, ss. 20, 23(2), Sch. 4 para. 5(a)
F3Words in Sch. 17 para. 9 renumbered (19.3.1997) by 1997 c. 18 ss. 20, 23(2), Sch. 4 para. 5(b)
F4Words in Sch. 17 para. 9 substituted (19.3.1997) by 1997 c. 18, ss. 20, 23(2), Sch. 4 para. 5(b)
F5Words in Sch. 17 para. 9 inserted (19.3.1997) by 1997 c. 18, ss. 20, 23(2), Sch. 4 para. 5(c)
9In section 11 (special provision for future benefits under long term policies) after subsection (3) there shall be inserted the following subsection—
“(3A)This section applies to a long term policy of a closing society as it applies to a long term policy of a company in liquidation but—
(a)with the addition at the end of subsection (3) above of the words “subject to the giving up of any right to a payment on dissolution of the society"; and
(b)in subsection (5) below, with the insertion after the words “insurance company" of the words “or friendly society".”
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