(1) Whenever an assurance company ceases to carry on any particular class of assurance business in respect of which such assurance company maintains a deposit with the Accountant of the Courts of Justice in pursuance of this Part of this Act, such assurance company may apply in a summary manner to the High Court on notice to the Bank for such order as is mentioned in the next following sub-section of this section.
(2) If, on an application to the High Court under this section by an assurance company, the High Court is satisfied that the deposit to which such application relates is not required to be maintained in respect of any other class of assurance business carried on by such assurance company, and that either the liabilities of such assurance company within Saorstát Eireann in respect of the said class of assurance business which such assurance company has so ceased to carry on have been met and discharged or security for the payment of such liabilities has been given to the Ac
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