Companies Act 1948

The Assurance Companies Acts, 1909 to 1946.

1 The Assurance Companies Acts, 1909 to 1946, shall have effect as if—

(a) for subsection (4) of section two of the [23 & 24 Geo. 5. c. 9.] Assurance Companies (Winding Up) Act, 1933, as substituted by the [25 & 26 Geo. 5. c. 45.] Assurance Companies (Winding Up) Act, 1935, there were substituted the following subsection :—

“(4) Where an appointment is made under this section the provisions of sections one hundred and sixty-six and one hundred and sixty-seven of the Companies Act, 1948, shall apply with respect to an inspector appointed under this section in like manner as they apply to an inspector appointed under section one hundred and sixty-four of that Act, and any such refusal as under subsection (3) of the said section one hundred and sixty-seven is, or might be, made the ground of the punishment of an officer or agent of the company or other body corporate whose affairs are investigated by virtue of the said section one hundred and sixty-six, shall also be a ground on which the company may, on the petition of the Board of Trade presented by leave of the court, be wound up by the court in accordance with the provisions of the Companies Act, 1948.”; and

(b) the powers conferred on the Board of Trade and the Industrial Assurance Commissioner respectively by virtue of subsection (3) of section seven of the [9 & 10 Geo. 6. c. 28.] Assurance Companies Act, 1946, to make regulations providing for the modification, in consequence of the passing of that Act, of the forms set out in the Schedule to the Assurance Companies Act, 1909, extended to the modification, having regard to the provisions of the Eighth Schedule to this Act, of any form set out in the Schedules to either of those Acts.