§ (1) It shall be lawful for any body of persons, corporate or unincorporate, established before the passing of this Act which is desirous of transacting insurance business under this Part of this Act, notwithstanding anything in the provisions of the Acts under which it is established or registered or carried on, or of its memorandum or articles of association, rules, or other instrument governing its constitution or defining its objects, to do all such acts and things (including the establishment of a separate section as aforesaid) as may be necessary for the purpose of enabling the body to undertake the transaction of such business.
692§ (2) This Section shall come into operation on the passing of this Act.
§ Amendments made: In Sub-section (1), after the word "Act" ["this Part of this Act"], insert the words "or of making any Amendments in its constitution, or administration, or contributions, or benefits, or otherwise which may be necessary or expedient in consequence of the passing of this Act."
§ At end of Sub-section, insert the words, "as soon as may be after the passing of this Act, and, if the instrument regulating the constitution of the body contains provisions requiring any interval to elapse before action can be taken, such provisions shall not apply to action taken for the purposes aforesaid."
§ After the words last inserted, insert, "(2) Sub-sections (3) and (4) of Section seventy of the Friendly Societies Act, 1896, shall not apply to any resolutions for amalgamation or transfer engagements when the resolution is made expressly for the purposes of this Part of this Act."
§ At end of Sub-section (2), insert the words "and shall not continue in force beyond the expiration of one year from the commencement of this Act."—[Mr. Lloyd George.]