Article 3

1. Paragraphs 2 to 18 apply even though the 1923 Act is repealed on commencement.

2. Section 1 of the 1923 Act (industrial assurance business) has effect after commencement with the following modifications -

(a) omit subsection (1) [Subsection (1) was amended by the Companies Act 1967 (c. 81), s. 130(4)(a), Schedule 8, Part I.];

(b) in subsection (1A) [Subsection (1A) was inserted by the Companies Act 1967, s. 99, Schedule 6, Part II, and substituted by the Friendly Societies Act 1992 (c. 40), s.100, Schedule 19, paragraphs 1, 2(1).] -

(i) in the definition of "collecting society" for "which carries on industrial assurance business" substitute "which carried on industrial assurance business immediately before 1st December 2001, and is subject to an existing liability or a liability which may accrue under any policy effected in the course of that business";

(ii) in the definition of "industrial assurance company" for "which carries on such business" substitute "which carried on such business immediately before 1st December 2001, and is subject to any such liability,"; and

(iii) after the definition of "industrial assurance company" insert -