§ (1) Every approved society and every society desirous of becoming an approved society shall give such security as the Insurance Commissioners may consider sufficient to provide against any malversation or misappropriation by officers of the 694 society of any funds coming to their hands under this Part of this Act, and in determining the amount of the security to be required the Commissioners shall have regard to the amount of the funds so coming into their hands; Provided that no security shall be required from any society which proves to the Insurance Commissioners that the only funds coming into the hands of the society under this Part of this Act are such funds as are required for reimbursing to the society sums previously expended by the society under this Part of this Act.
§ (2) In the case of an approved society with branches having insured persons among their members, security shall be given in respect of each such branch by the society.
§ (3) The Insurance Commissioners may from time to time vary the amount of security to be given or maintained by an approved society as may be thought proper, and where security is given by the deposit of securities, the society which made the deposit may, with the consent of the Insurance Commissioners, substitute other securities for the securities for the time being deposited.
§ (4) Any dividends or interest arising from securities deposited by an approved society under this section shall be paid to the society.
§ Amendments made: In Sub-section (1), leave out the words "their hands" ["their hands under"], and insert instead thereof the words "the hands of the society."
§ Leave out the words "their hands" ["their hands. Provided"], and insert instead thereof the words "the hands of the society."
§ In Sub-section (3), leave out the words "the" ["the deposit of securities"], and insert instead thereof the words "way of."—[Mr. Lloyd George.]