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(1)The [F1Board of Trade] (hereafter in this Act referred to as “theBoard”) may, with the approval of the Treasury, enter into agreements with any authorities or persons—
(a)whereby [F1the Board] undertakes the liability of re-insuring any war risks against which a ship or aircraft is for the time being insured; and
(b)whereby [F1the Board] undertakes the liability of re-insuring any war risks against which the cargo carried in a ship or aircraft is for the time being insured:
Provided that the [F1Board] shall not enter into an agreement whereby [F1the Board] undertakes the liability of re-insuring any war risks against which a ship or aircraft not being a British ship or British aircraft is for the time being insured, except in so far as they arise during the continuance of any war or other hostilities in which Her Majesty is engaged or arise after any such war or hostilities in consequence of things done or omitted during the continuance thereof.
(2)A copy of every agreement made in pursuance of this section shall, as soon as may be after the agreement is made, be laid before each House of Parliament; and if either House, within the period of fourteen days beginning with the day on which a copy of such an agreement is laid before it, resolves that the agreement be annulled, the agreement shall thereupon become void except in so far as it confers rights or imposes obligations in respect of things previously done or omitted to be done, without prejudice, however, to the making of a new agreement.
In reckoning for the purposes of this subsection any such period of fourteen days as aforesaid, no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.
(3)The reference in paragraph (a) of subsection (1) of this section to a ship or aircraft shall be construed as including a reference to any machinery, tackle, furniture or equipment of a ship or aircraft, and to any goods on board of a ship or aircraft, not being cargo carried therein, and the first reference in the proviso to that subsection to a ship or aircraft shall accordingly be similarly construed.
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