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SCHEDULES

SCHEDULE 5N.I.PROVISIONS AS TO VALUATIONS AND RELATED MATTERS

3.  Where the balance sheet ofF1. . . an industrial assurance company includes amongst the assets thereof any sums representing—N.I.

(a)expenses of organisation or extension; or

(b)the purchase of business or goodwill;

and the amount of the assets, exclusive of such sums (after deducting debts due by theF1. . . company, other than debentures and loans), is less than the amount of the industrial assurance fund or, as the case may be, of the several assurance and insurance funds as shown in that balance sheet, the amount of the industrial assurance fund shown in the valuation balance sheet shall be reduced by the amount of the deficiency or, as the case may be, by a sum bearing such proportion to that deficiency as the amount of the industrial assurance fund shown in the first-mentioned balance sheet bears to the aggregate amount of all the assurance and insurance funds so shown.