(1) Every proposal for an industrial assurance policy shall, unless -
(a) such policy is proposed to be effected on the life and on behalf of a child under the age of sixteen years, or
(b) the person whose life is proposed to be assured under such policy is a person in whom the proposer has an insurable interest,
contain a declaration by the person whose life is proposed to be assured under such policy that such policy is proposed to be taken out by him and that the premiums thereon will be paid by him.
(2) Where the person whose life is proposed to be assured under an industrial assurance policy is a person in whom the proposer has an insurable interest, the proposal for such policy shall contain a statement of the nature of such interest.
(3) Every industrial assurance company which fails to comply with or to observe the foregoing provisions of this section shall be deemed to have failed to comply with the provisions of this Act and every collector or agent of such company who takes
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