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Certificates of liability in respect of societies.
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4.—(1) When the Department has duly issued to the Company a certificate of liability in respect of a society the Company shall forthwith serve by post on such society notice of the issue of such certificate together with (either included in such notice or as a separate document) a copy of such certificate and thereupon such society shall become and be liable to pay to the Company the principal sum and interest stated in such certificate in the manner following, that is to say, to pay the said principal sum by eight equal annual instalments of which the first instalment shall be payable on the 1st day of November next after the issue of such certificate together with interest on the said principal sum at the rate of five and one-half per cent. per annum from the transfer day to the date of payment and the subsequent instalments shall be payable on the 1st day of November in each of the succeeding seven years together with interest at the rate aforesaid from the payment of the previous instalment on the amount of the principal sum for the time being outstanding.
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(2) When a society has become liable under this section to pay a principal sum to the Company by instalments, then—
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(a) if any such instalment of the said principal sum or any interest thereon remains unpaid for thirty days after the same has become due, or
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(b) if such society ceases to carry on its business, or
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(c) if an order is made or a special or extraordinary resolution is passed for the winding up of such society, or
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(d) if such society fails to perform or comply with any of the provisions of the next following section of this Act on its part to be performed or complied with,
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the whole of the said principal sum then unpaid shall, notwithstanding anything contained in the foregoing sub-section, become immediately payable with interest thereon at the rate aforesaid and all securities for the said principal sum shall become immediately enforceable.
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