§ (1) A valuation of the assets and liabilities arising under this Part of this Act of every approved society and of every branch of an approved society shall be made by a valuer, to be appointed by or with the approval of the Treasury, at the expiration of every three years dating from the commencement of this Act, or at such other times as the Insurance Commissioners appoint.
§ (2) Every such valuation shall be made on such basis as may be prescribed:
§ Provided that it shall be assumed for the purposes of such valuation that the approved society or branch is liable to pay the proportion of the benefits administered by the society, and of the cost of the administration of those benefits which is payable out of the contributions payable by or in respect of the members, that is to say, seven-ninths, or in the case of women three-fourths, of such benefits and cost.
§ Amendments made: At end of Sub-section (1), insert the words "the times so appointed may be at shorter or longer intervals than three years and at regular or irregular intervals, and may apply to all approved societies or any particular society or societies."
§ Leave out the words, "Provided that it shall be assumed for the purposes of such valuation that the approved society or branch is liable to pay the proportion of the benefits administered by the society, and of the cost of the administration of those benefits which is payable out of the contributions payable by or in respect of the members, that is to say, seven- 701 ninths, or in the case of women three-fourths, of such benefits and costs."—[Mr. Lloyd George.]