§ (1) Any society, that is to say, any body of persons, corporate or unincorporate (not being a branch of another such body), registered or established under any Act of Parliament, or by Royal Charter, or if not so registered or established, having a constitution which is in accordance with regulations prescribed by the Insurance Commissioners, which complies with the requirements of this Act relating to approved societies, may be approved by the Insurance Commissioners, and if so approved shall be an approved society for the purposes of this Part of this Act:
§ Provided that where any society establishes for the purposes of this Part of this Act a separate section consisting of insured persons, whether with or without honorary members not being insured persons, and so constituted as to comply with the requirements of this Act relating to approved societies, such separate section may be approved by the Insurance Commissioners, and if so approved shall be an approved society, and the provisions of this Part of this Act relating to approved societies shall apply only to such separate section of the society.
§ (2) No society shall receive the approval of the Insurance Commissioners unless it satisfies the following conditions:—
- (i.) It must not be a society carried on for profit;
- (ii.) Its constitution must provide to the satisfaction of the Insurance Commissioners for its affairs being subject to the absolute control of its members being insured persons or, if the rules of the society so provide, of its members whether insured persons or not including provision for
691 the election and removal of the committee of management or other governing body of the society, in the case of a society whose affairs are managed by delegates elected by members, by such delegates, and in other cases in such manner as will secure absolute control by its members.
§ (3) Applications for approval under this section may be made and approval granted at any time before or after the commencement of this Act, and the Insurance Commissioners may grant approval either unconditionally or subject to the condition of the society taking within such time as the Commissioners may allow such steps as may be necessary to make the society comply with the requirements of this Act relating to approved societies.
§ Amendments made: In Sub-section (1), leave out the words "which is in accordance with regulations prescribed by the Insurance Commissioners," and insert instead thereof the words "of such a character as may be prescribed."
§ After the word "relating" ["Part of this Act relating"], insert the words "to the conditions, of approval of societies and."
§
At end of Sub-section 2 (ii.), insert,
(iii.) if the society has honorary members, its constitution must provide for excluding such honorary members from the right of voting in their capacity of members of the society on all questions and matters arising under this Part of this Act.
§ In Sub-section (3), after the word "this" ["requirements of this Act"], insert the words "Part of this."—[Mr. Lloyd George.]