11.—(1) Section 148 (avoidance of certain exceptions to policies or securities)(1) is amended as follows.
(2) In the heading, omit “or securities”.
(3) In subsection (1)—
(a)in the words before paragraph (a)—
(i)for “or security is issued or given” substitute “is issued”; and
(ii)omit “or security”;
(b)omit paragraph (b) and the “or” preceding that paragraph; and
(c)in the words after paragraph (b), omit “(as the case may be)”.
(4) In subsection (3), omit “or the giver of a security”.
(5) In subsection (4)—
(a)omit “or the giver of a security”;
(b)omit “or security”; and
(c)omit “or giver of the security”.
(6) In subsection (5)—
(a)in the words before paragraph (a), for “or security issued or given” substitute “issued”;
(b)in paragraph (a), omit “or security”; and
(c)in the words following paragraph (b), omit “or security”.
(7) In subsection (6)—
(a)omit “or security” in both places;
(b)omit “or secured”; and
(c)omit “or the giver of the security”.
Section 148 was amended by the Deregulation Act 2015, section 9 and paragraph 3 of Schedule 3; there are other amendments not relevant to this instrument.