|
|
Adoption of Scheduled Agreement by other assurance companies.
|
19.—(1) If an assurance company (in this section referred to as an Adopting Company) which is not a participating Company, the Terminating Company, or the Permanent Company, but which carries on in Ireland the business of life assurance or the business of industrial assurance or both those businesses, enters before the transfer date into an agreement (in this section referred to as a supplemental agreement) with the Terminating Company for the transfer to the Terminating Company of the life assurance business or the industrial assurance business or both those businesses of such Adopting Company so far as such business or businesses is or are carried on in Ireland, the following provisions shall have effect, that is to say:—
|
|
| |
(a) such supplemental agreement shall not be of any force or effect unless or until a consenting order is made in respect thereof under the next following paragraph of this sub-section;
|
|
| |
(b) if the Minister for Industry and Commerce is satisfied that the terms on which the said business or businesses of such Adopting Company is or are transferred to the Terminating Company by such supplemental agreement are similar (save for such (if any) modifications as are approved of by the said Minister) to the terms on which the life assurance and the industrial assurance businesses of the Participating Companies are transferred to the Terminating Company by the Scheduled Agreement, the said Minister may by order (in this section referred to as a consenting order), if he so thinks proper, consent to such supplemental agreement;
|
|
| |
(c) if and when such consenting order is made, such supplemental agreement shall have and be deemed to have had as from its date statutory effect and to be binding on the said Adopting Company and the Terminating Company as fully as if it had been enacted in this Act.
|
|
| |
(2) If and when a consenting order has been made in respect of a supplemental agreement, the following provisions shall have effect, that is to say:—
|
|
| |
(a) it shall be the duty of the Adopting Company which is a party to such supplemental agreement, and such Company is hereby empowered, to carry out such supplemental agreement so far as the provisions thereof are to be performed by it;
|
|
| |
(b) if such Adopting Company is registered in Ireland under the Companies Acts, 1908 to 1924, the directors thereof shall have and be deemed always to have had power, notwithstanding anything contained in the Memorandum of Association or the Articles of Association of such Adopting Company or in the Companies Acts, 1908 to 1924, or in the Insurance Acts, 1909 and 1936, or in any other enactment, to enter into such supplemental agreement on behalf of such Adopting Company and to bind that Company thereby;
|
|
| |
(c) it shall be the duty of the Terminating Company, and that Company is hereby empowered, to carry out such supplemental agreement so far as the provisions thereof are to be performed by it;
|
|
| |
(d) the provisions of this Act so far as they are relevant and applicable shall apply and have effect (with all necessary modifications) in relation to such Adopting Company and such supplemental agreement in like manner as they apply and have effect in relation to the Participating Companies and the Scheduled Agreement;
|
|
| |
(e) it shall be lawful for the Terminating Company, with the approval of the Minister for Industry and Commerce, to grant, in respect of any policy of such Adopting Company which is transferred by such sup plemental agreement and this Act to the Terminating Company, such additional benefits on such terms as, in the opinion of the said Minister, are expedient and desirable and are not prejudicial to the interests of the policy-holders of the respective Participating Companies or the interests of the shareholders of those Companies respectively.
|
