10Annuities payable by trade unions.N.I.
(1)If, in the event of a dissolution of any …F1 trade union which has entered into contracts, approved by the Commissioners of Inland Revenue under section twenty-twoF2 of the Finance Act, 1956 [1956 c.54] , for the payment of annuities, any such annuity ceases to be paid, or any contract for the payment of such an annuity fails in whole or in part, no payment shall be made in respect thereof out of the funds of the …F1 union to the annuitant or other person entitled to the benefit of the contract, but any sum which, but for this provision, would have been paid to him shall be applied in purchasing for the benefit of the annuitant an annuity (for the like term, and subject to the like conditions against surrender, commutation or assignment) from a person lawfully carrying on in the United Kingdom a business of granting annuities on human life.
Subs. (2) rep. by 1970 c. 31 (NI); subs. (3) spent