In section 11 (special provision for future benefits under long term policies) after F1subsection (3A) there shall be inserted the following subsection—

F2“(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

F3(b)

in subsection (5)(b) below, with the insertion after the words “this Act applies" of the words “or authorised friendly society",”F4and in subsection (5)(a) for “another" there shall be substituted “an"