In 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”.”