(1) Whenever the Bank is satisfied that the provisions of this Part of this Act in relation to any industrial assurance valuation have not been complied with, or that the industrial assurance fund of any industrial assurance company as stated in a valuation balance sheet of such company is greater than the value of the assets available for the liabilities of such fund, due regard being had to the other liabilities of such company and to the said provisions of this Part of this Act, the Bank may, subject to the provisions of the next following sub-section of this section, reject such valuation and may, subject as aforesaid, direct such company to make such alterations therein as may be necessary to secure compliance with the said provisions.
(2) Whenever the Bank rejects an industrial assurance valuation and gives a direction to an industrial assurance company under the foregoing sub-section of this section, the following provisions shall have effect, that is to say: -
(a) such com
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