Nothing in this Act shall affect -
(a) the validity or the due continuance and fulfilment of any contract of assurance effected before the commencement of this Part of this Act; or
(b) the liability of the life assurance fund or the industrial assurance fund of a company carrying on in Saorstát Eireann at such commencement life assurance business or industrial assurance business to the prejudice of persons who have before such commencement effected policies of life assurance or industrial assurance with any such company; or
(c) any business lawfully carried on by societies and other bodies registered in Saorstát Eireann under the Acts relating to friendly societies or to trade unions; or
(d) any business which is the insuring against risks arising out of or in connection with the use of aircraft; or
(e) any business which was, on the 31st day of October, 1935, lawfully carried on by a trade union not registered in Saorstát Eireann under the Acts relating to trade unions and which is
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