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(1)This Part of this Act shall be construed—
(a)in its application to industrial assurance companies and collecting societies, as one with the Industrial Assurance Acts 1923 to 1948; and
(b)in its application to friendly societies which are not collecting societies, as one with the Friendly Societies Acts 1896 to 1948;
(2)In this Part of this Act, except where the context otherwise requires, the following expressions have the meanings hereby assigned to them respectively, that is to say:—
“the Commissioner” means the authority designated in relation to collecting societies as the Industrial Assurance Commissioner, and, in relation to friendly societies which are not collecting societies, as the Chief Registrar of Friendly Societies;
“owner” means, in relation to a policy effected with a friendly society other than a collecting society, the person who is for the time being the person entitled to receive the sums payable under the policy on maturity, and means, in relation to a policy which has been forfeited, the person who would be so entitled if the policy were still in force;
“policy” includes a contract of assurance in respect of which no specific document constituting the contract is issued;
references to a registered society include references to a branch of such a society;
references to forfeiture of a policy shall be construed, in a case where the policy provides that on a default in the payment of premiums the policy provides that on a default in the payment of premiums the policy shall be converted into a free policy for a reduced amount, as including references to such a conversion.
(3)His Majesty may be Order in Council direct that this Part of this Act shall extend, with such expceptions, adaptations and modifications, if any, as may be specified in the Order, to the Isle of Man or any of the Channel Islands.
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