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Industrial Assurance Act 1923
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13Prohibition of charges on industrial assurance fund
An industrial assurance company shall not, after the commencement of this Act, issue any debentures or debenture stock, or raise any loan, charged or purporting to be charged on any assets of the company in which the industrial assurance fund is invested, and any such charge shall be void:
Provided that this section shall not apply to a temporary bank overdraft.
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