Industrial Assurance Act 1923 (repealed )
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Change 1
18 Provisions as to valuations.
(1) . . . the following provisions shall have effect with regard to every valuation. . . :— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) Where the balance sheet of a . . . company includes amongst the assets thereof any sums representing expenses of organisation or extension, or the purchase of business or good will, and the amount of the assets, exclusive of such sums (after deducting debts due by the . . . company other than debentures and loans), is less than the amount of the industrial assurance fund, or, as the case may be, of the several assurance and insurance funds as shown in that balance sheet, the amount of the industrial assurance fund shown in the valuation balance sheet shall be reduced by the amount of the deficiency, or, as the case may be, by a sum bearing such proportion to that deficiency as the amount of the industrial assurance fund shown in the first-mentioned balance sheet bears to the aggregate amount of all the assurance and insurance funds so shown: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e) Where debentures have been issued or loans raised which are charged on any of the assets of the company in which the industrial assurance fund is invested, there shall be inserted in the valuation balance sheet a note giving the particulars of the charge and stating that the result shown by the valuation is subject to the liability under the charge; (f) The Commission, if satisfied on any valuation that any of the foregoing provisions of this section have not been complied with, or that the industrial assurance fund as stated in the valuation balance sheet is greater than the value of the assets available for the liabilities of that fund, due regard being had to the other liabilities of the . . . company and to the foregoing provisions of this section, may reject the valuation, and may direct the . . . company to make such alteration therein as may be necessary to secure compliance with those provisions: Provided that the . . . company may appeal to the High Court, or in the case of a society or company registered in Scotland to the Court of Session, against any decision of the Commission under this paragraph; (g) The Commission may direct any . . . industrial assurance company to furnish to it, in addition to such information as . . . the company is required to furnish under the Assurance Companies Act 1909. . . such explanations as it may consider necessary in order to satisfy itself whether the valuation complies with the provisions of this section. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) If . . . a valuation. . . , discloses a deficiency, the Commission may, if after investigation it is satisfied that the . . . company should cease to carry on industrial assurance business, . . . present a petition to the court for the winding-up of the company: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 Provisions as to valuations.
(1) . . . the following provisions shall have effect with regard to every valuation. . . :— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) Where the balance sheet of a . . . company includes amongst the assets thereof any sums representing expenses of organisation or extension, or the purchase of business or good will, and the amount of the assets, exclusive of such sums (after deducting debts due by the . . . company other than debentures and loans), is less than the amount of the industrial assurance fund, or, as the case may be, of the several assurance and insurance funds as shown in that balance sheet, the amount of the industrial assurance fund shown in the valuation balance sheet shall be reduced by the amount of the deficiency, or, as the case may be, by a sum bearing such proportion to that deficiency as the amount of the industrial assurance fund shown in the first-mentioned balance sheet bears to the aggregate amount of all the assurance and insurance funds so shown: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e) Where debentures have been issued or loans raised which are charged on any of the assets of the company in which the industrial assurance fund is invested, there shall be inserted in the valuation balance sheet a note giving the particulars of the charge and stating that the result shown by the valuation is subject to the liability under the charge; (f) The Commission, if satisfied on any valuation that any of the foregoing provisions of this section have not been complied with, or that the industrial assurance fund as stated in the valuation balance sheet is greater than the value of the assets available for the liabilities of that fund, due regard being had to the other liabilities of the . . . company and to the foregoing provisions of this section, may reject the valuation, and may direct the . . . company to make such alteration therein as may be necessary to secure compliance with those provisions: Provided that the . . . company may appeal to the High Court, or in the case of a society or company registered in Scotland to the Court of Session, against any decision of the Commission under this paragraph; (g) The Commission may direct any . . . industrial assurance company to furnish to it, in addition to such information as . . . the company is required to furnish under the Assurance Companies Act 1909. . . such explanations as it may consider necessary in order to satisfy itself whether the valuation complies with the provisions of this section. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) If . . . a valuation. . . , discloses a deficiency, the Commission may, if after investigation it is satisfied that the . . . company should cease to carry on industrial assurance business, . . . present a petition to the court for the winding-up of the company: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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