Insurance (Amendment) Act, 1938
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The Permanent Company. |
14.—(1) It shall be the duty of the Terminating Company and it is hereby empowered, as soon as may be after it is incorporated, to promote the Permanent Company in accordance with the provisions in that behalf of the Scheduled Agreement. | |
(2) The Memorandum of Association and the Articles of Association of the Permanent Company shall be so framed as to conform with the provisions relating thereto contained in the Scheduled Agreement, and neither the said Memorandum nor the said Articles shall be invalidated or rendered unlawful merely by reason of anything done in relation thereto or inserted therein or omitted therefrom in compliance with the Scheduled Agreement or this Act. | ||
(3) Section 13 of the Assurance Companies Act, 1909 , shall not apply to any transfer of assurance business from the Terminating Company to the Permanent Company. |