The powers to insure conferred on registered friendly societies and on industrial assurance companies by the following enactments in the [59 & 60 Vict. c. 25.] Friendly Societies Act, 1896, the [13 & 14 Geo. 5. c. 8.] Industrial Assurance Act, 1923, and the [19 & 20 Geo. 5. c. 28.] Industrial Assurance and Friendly Societies Act, 1929 (in this Act referred to respectively as the Act of 1896, the Act of 1923, and the Act of 1929) shall cease to be exercisable at the expiration of one year from the day appointed for the coming into operation of section twenty-two of the [9 & 10 Geo. 6. c. 67.] National Insurance Act, 1946, that is to say—
(a)so much of paragraph (b) of subsection (1) of section eight of the Act of 1896 as relates to insuring money for funeral expenses ;
(b)section three of the Act of 1923 (which relates to insuring money for funeral expenses) ; and
(c)section one of the Act of 1929 (which relates to insuring money to be paid on the duration of a life for a specified period, either with or without provision for a payment in the event of a death before the expiration of the period but subject to a limitation of any payment at death to an amount reasonable for funeral expenses) :
Provided that—
(a)this section shall apply only to insurances where the funeral expenses in question are those, or the life in question is that, of a person who at the time of the proposal is ordinarily resident in Great Britain ; and
(b)nothing in this section shall prejudice any insurance effected in exercise of any of the said powers before the expiration of one year from the day appointed as aforesaid, or any rights or liabilities in respect of any such insurance.