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Friendly Societies Act 1974

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This is the original version (as it was originally enacted).

73Supplementary provisions as to insurances referred to in s. 72

(1)The provisions of Schedule 5 to this Act shall have effect with regard to the production of certificates of death in connection with the making of payments relevant for the purposes of section 72 above.

(2)Where under any relevant insurance effected by a registered society or branch money is for the time being insured to be paid to the person by whom the insurance was taken out on the death of a parent or grandparent of his, any assignment or charge made by him of or on all or any of the rights in respect of the insurance conferred on him by the policy, by section 24 of the Industrial Assurance Act 1923 (provisions as to forfeited policies), section 3 of the Industrial Assurance and Friendly Societies Act 1929 (which after the commencement of this Act is confined to industrial assurance companies but is otherwise similar to section 75 below) or section 75 below, and any agreement so made by him to assign or charge all or any of those rights, shall, except in the case of a charge or agreement to charge for the purpose only of securing sums paid for keeping on foot or restoring the insurance, be void; and on any bankruptcy of his or on the sequestration of his estate none of those rights shall pass to any trustee or other person acting on behalf of his creditors.

(3)Subsections (4) and (5) of section 72 above shall apply in relation to this section as they apply in relation to that section.

(4)Any registered society or branch, other than a collecting society or branch thereof, which fails to comply with the provisions of section 72 above shall be guilty of an offence under this section, and any collecting society or branch thereof which fails to comply with the said provisions shall be guilty of an offence under the Industrial Assurance Act 1923, unless (in either case) it is proved that, owing to any false representation on the part of the proposer, the society or branch did not know that the insurance was in contravention of that section.

(5)A society or branch which is guilty of an offence under this section shall be liable on summary conviction to a fine not exceeding £100.

(6)Section 72 above, this section and Schedule 5 to this Act in their application to collecting societies shall be construed as one with the Industrial Assurance Acts 1923 to 1968.

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