(1) Whenever an industrial assurance company (in this section called the first-mentioned company) receives from any person a proposal for a policy of industrial assurance which to the knowledge of such company is, and the premiums which will be payable under a policy of industrial assurance issued in pursuance of such proposal are, intended to replace and be in lieu of a policy of industrial assurance and the premiums payable thereunder issued by another industrial assurance company (in this section called the second-mentioned company) and in force at the date of the receipt by the first-mentioned company of such proposal, the first-mentioned company shall (unless it refuses to entertain such proposal) within seven days after the receipt of such proposal send to the second-mentioned company a notice in the prescribed form and containing the following particulars, that is to say: -

(a) the terms of and the rights under the policy with the second-mentioned company, and

(b) the terms of such proposal, and

(c) the terms of and the rights under the intended policy with such first-mentioned company.