INDUSTRIAL AND LIFE ASSURANCE AMALGAMATION COMPANY, LIMITED (ACQUISITION OF SHARES), ACT, 1947

Definitions.

Definitions.

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1.—In this Act—

the expression “British holding Company” means any body being—

(a) the Britannic Assurance Company, Limited, or

(b) the Pearl Assurance Company, Limited, or

(c) the Prudential Assurance Company, Limited, or

(d) the Refuge Assurance Company, Limited, or

(e) the Liverpool Victoria Friendly Society;

the expression “the Minister” means the Minister for Finance.

the expression “the Terminating Company” means The Industrial and Life Assurance Amalgamation Company, Limited.

Power of Minister to purchase certain shares of the Terminating Company.

Power of Minister to purchase certain shares of the Terminating Company.

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2.—(1) The Minister may purchase the “A” ordinary shares of two shillings each held by any British holding Company in the Terminating Company at a price not exceeding three shillings per share.

(2) No stamp duty shall be payable in respect of the transfer of shares purchased under this section.

Application of section 6 of the Insurance (Amendment) Act, 1938.

Application of section 6 of the Insurance (Amendment) Act, 1938.

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3.—The references, in subsections (2) and (3) of section 6 of the Insurance (Amendment) Act, 1938 (No. 31 of 1938), to shares of the Terminating Company shall be construed as including references to shares of the Terminating Company purchased by the Minister under this Act.

Advances of moneys out of the Central Fund.

Advances of moneys out of the Central Fund.

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4.—(1) All moneys from time to time required by the Minister to pay for any shares of the Terminating Company purchased by him under this Act shall be advanced out of the Central Fund or the growing produce thereof.

(2) For the purpose of providing moneys for the sums advanced out of the Central Fund under this section the Minister may borrow from any person any sum or sums, and for the purpose of such borrowing the Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the moneys so borrowed into the Exchequer.

(3) The principal of and interest on any securities issued by the Minister under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

Short title.

Short title.

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5.—This Act may be cited as The Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947.