§ (1) Any mutual indemnity association which carries on, or intends to carry on, business wholly or partly for the purpose of the mutual insurance of its members against liability under the principal Act to pay compensation in respect of the employment of workmen for the purposes of coal mines, may deposit the sum of twenty thousand pounds with the accountant-general of the Supreme Court for and on 658 account of the Supreme Court, and it shall be the duty of the accountant-general to receive the deposit accordingly.
§ (2) Where a mutual indemnity association has made a deposit in pursuance of Sub-section (1) of this section, the association shall not be entitled to withdraw, or transfer to any other person, the whole or any part of the deposit unless it proves that it has ceased to carry on or, as the case may be, has abandoned the intention to carry on, business for the purpose of such insurance as is mentioned in the said Subsection.
§ (3) The Secretary of State may make such rules as appear to him, after consultation with the Lord Chancellor, to be necessary with respect to the following matters, that is to say, the payment of deposits for the purpose of this section, and the investment thereof and dealing therewith, the deposit of stock or other securities in lieu of money, the payment of the interest or dividends from time to time accruing due on any securities in which deposits are for the time being invested, and the withdrawal and transfer of deposits.—[Mr. G. Nicholson.]
§ Brought up, and read the First time.
§ Mr. G. NICHOLSONI beg to move, "That the Clause be read a Second time."
This Clause has been drafted in consultation with the Board of Trade and the Lord Chancellor's Department. It provides the necessary machinery to enable new mutual indemnity associations to become authorised insurers for the purposes of Clause I. I think that the Clause is on sound lines, and I hope the Committee will accept it.
§ Question put, and agreed to.
§ Clause read a Second time, and added to the Bill.