MR. MOWBRAY (Lancashire, Prestwich)asked the President of the Board of Trade, Whether Friendly Societies registered under the Friendly Societies Act, if converted into Companies, will or will not be subject to the provisions of the Life Assurance Companies Act?
§ THE PRESIDENT (Sir MICHAEL HICKS-BEACH) (Bristol, W.)Friendly Societies registered under the Friendly Societies Acts, if converted into Companies, will be subject to the provisions of the Life Assurance Companies Act, if they do life assurance business within the meaning of Section 2 of that Act; but whether any particular Company is so subject must necessarily depend on the nature of the business transacted.