S. 8 repealed (the repeal being in force as mentioned below and otherwise beingprosp.) by Friendly Societies Act 1992 (c. 40), ss. 120(2), 126(2), (with ss. 7(5), 93(4)), Sch. 22 Pt. I (the repeal was brought into force on 1.2.1993 in respect of s. 8(3) wholly, and in respect of s. 8(2)(4) for specified purposes only, by S.I. 1993/16, art. 2, Sch. 3,Appendix, Sch. 4,Appendix; on 5.2.1993 in respect of s. 8(1)(b) for specified purposes only by S.I. 1993/197, art. 2,Sch. and on 1.1.1994 in respect of s. 8(2)(4) for all remaining purposes by S.I. 1993/2213, art. 2(1), Sch. 5,Appendix
S. 8 modified by Friendly and Industrial and Provident Societies Act 1968 (c. 55), s. 17(2)
The rules of a collecting society shall provide—
for a separate account being kept of all receipts in respect of the industrial assurance business transacted by the society, and for those receipts being carried to and forming a separate fund under the name of the industrial assurance fund; but nothing in this provision shall be construed as requiring the investments of the industrial assurance fund to be kept separate from the other investments of the society;
for the industrial assurance fund being as absolutely the security of the owners of the industrial assurance policies as though it belonged to a society carrying on no business other than industrial assurance business, and not being liable for any contracts of the society for which it would not have been liable had the business of the society been only that of industrial assurance, and not being applied directly or indirectly for any purposes other than those of the industrial assurance business of the society, so however as not to affect the liability of that fund to the prejudice of persons interested in contracts entered into by the society before the fourteenth day of February, nineteen hundred and twenty-three;
for separate valuations being made of the industrial assurance business of the society.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .