(1) Subject to the following provisions of this section, a friendly society which -
(a) is not a society to which section 46 above applies and carries on insurance business; or
(b) is a society to which that section applies and carries on general business;
shall, at least once in every period of 3 years, cause an investigation to be made by the appropriate actuary into the financial condition of the society in respect of its insurance business.
(2) Where an investigation under this section is carried out, the society shall cause an abstract of the actuary's report to be made and sent to the Commission within 6 months of the date to which the accounts of the society were made up for the purposes of that investigation or such further period (not exceeding 6 months) as the Commission may by notice to the society direct.
(3) The first investigation into a society's financial condition under this section shall be -
(a) in the case of a registered friendly society, or an incorporated fr