(1) Section 1 of the Assurance Companies Act, 1909, as adapted by or under the Adaptation of Enactments Act, 1922 (No. 2 of 1922), shall have effect as if after paragraph (e) thereof the following paragraph were added: -
"(f) mechanically propelled vehicle insurance business, that is to say, the business of effecting contracts of insurance against loss of or damage to or arising out of or in connection with the use of mechanically propelled vehicles, including third party risks."
(2) Where an assurance company within the meaning of the Assurance Companies Act, 1909, as so adapted carries on mechanically propelled vehicle insurance business, that Act shall apply with respect to that business, subject to the following modifications, that is to say: -
(a) the sum to be deposited and kept deposited by the company under section 2 of the said Act in respect of the said business shall be the sum of fifteen thousand pounds only;
(b) the making or having made any other deposit under the sa