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(1)An authorisation under section 61 of this Act in whose case section 62 of this Act does not apply to the issue thereof may contain provision imposing on the company, society or body with respect to which it is issued either or both of the following obligations, namely.—
(a)to refrain, in the course of carrying on business of the class to which the authorisation relates, from insuring persons other than of a specified class; and
(b)to refrain, as aforesaid, from insuring persons against risks other than of a specified class.
(2)An obligation binding on a company, society or body by virtue of the foregoing subsection may be discharged by the Board of Trade if it appears to them to be no longer necessary for the obligation to continue in force or may be varied at any time by them.
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