§ (1) Where a society with branches is so organised that the branches in different geographical areas are grouped together for the purposes of this Section, the branches in any such area may, if and to such extent as the rules of the society so provide, and if the number of members of the branches in the area exceed five thousand, be treated for the purposes of the provisions of this Part of this Act relating to valuations, surpluses, and deficiencies as if they formed a separate society.
§ (2) The rules of any society with branches may provide for the branches reinsuring with the society their liabilities in respect of any of the benefits under this Part of this Act, or if the society is so organised as aforesaid for such reinsurance either with the society or with the group.
§ Amendments made: In Sub-section (1), after the word "branches" ["members of the branches"], insert the words "being insured persons."
§
At the end of Sub-section (2) to add,
(3) Where a society with branches has among members insured persons who
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are not members of any branch, and the benefits of such members are administered by the society itself, such members shall be treated for the purposes of this Part of this Act relating to valuations, surpluses, and deficiencies as if they formed a separate branch.—[Mr. Lloyd George.]