§ (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 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—
- (a) that the approved society or branch 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;
- (b) that the rate at which interest is to be calculated is three per cent. per annum.
§ Amendments made: In Sub-section (1), after the word "by" ["by the Treasury"], insert the words "or with the approval of."
§ In Sub-section (2), paragraph (a), after the word "branch" ["approved society or branch"], insert the word "is."
§ Leave out paragraph (b).—[Mr. Lloyd George.