Insurance Companies Act Amendment Act 1931 (WA)

INSURANCE COMPANIES.

22° GEO. V., No. Lit

No. 52 of 1931,

AN ACT to amend section three of the Insurance

Companies Act, 1918.

[Assented to 29th December, 1931.]

Council and Legislative Assembly of Western Australia, inBE it enacted by the King's Most Excellent Majesty, byand with the advice and consent of the Legislative

this present Parliament assembled, and by the authority of

the same, as follows :—

1. This Act may be cited as the Insurance Companies Short title.

Act Amendment Act, 1931., and shall be read as one with the Insurance Companies Act, 1918 (No. 1.9 of 1918), hereinafter referred to as the principal Act.

No. 52.] Insurance Companies. [1931.

Operation. 2. This Act shall have effect as from and including the

first day of August, one thousand nine hundred and thirty-

one.

Amendment of 5. 3.

3.    Section three of the principal Act is amended as fol-

lows :-

(a)	by inserting at the beginning of subsection three the words, "Subject to subsection four A of this sec- tion";
(b)	by deleting from subsection three the words "four

and a half" in lines one and two and inserting in lieu thereof the words "three pounds nine shillings and ninepence";

(c)	by inserting at the beginning of subsection four the words "Subject to subsection four A of this sec- tion";
(d)	by inserting after subsection four a subsection as

follows :—

(4A) Where, prior to the commencement of this subsection, any insurance company has in accordance with subsection one hereof de- posited with the Treasurer the sum of five thousand pounds, and the Treasurer has issued Treasury Bills for the sum so de- posited in accordance with subsection four hereof, bearing interest at the rate of four and a half per cent., then, notwithstanding anything to the contrary contained in this Act prior to the commencement of this sub- section, the following provisions shall apply :-

(i) In so far as such Treasury Bills have under or by virtue of the provisions of the Commonwealth Debt Conversion Act, 1931, or any Act amending or sup- plementary to the same been con- verted, or are liable to be or are cap- able of being converted into Common- wealth securities issuable by the Com- monwealth thereunder, the interest payable by the Treasurer in respect of the sum so deposited shall be the rate of interest payable in respect of the

1931.] Insurance Companies. [No. 52.

Commonwealth securities into which such Treasury Bills have been con- verted or are liable to be or are capable of being converted as aforesaid;

(ii) Where such Treasury Bills are not actually converted into Common- wealth securities as aforesaid, but are renewed from time to time as provided for in subsection four hereof, this sub- section shall apply to such Treasury Bills when renewed as if they had actually been converted into Common- wealth securities as aforesaid;

(iii)  Where such Treasury Bills are actually converted into Commonwealth securi- ties as aforesaid, such securities dur- ing the currency thereof shall for the purposes of this Act take the place of the said Treasury Bills.

(e) by inserting in subsection five, after the word "com- pany" in line three, the words "or the other securities for the time being representing the same."

4. The principal Act as amended by the Insurance Coin- Citation of prin.

panics Act Amendment Act, 1923 (No. 34 of 1923), and by t	ypal Act.
this Act may be cited as the Insurance Companies Act, 191.8-