PART XII. INSURANCE.

Transcription

1 56 PART XII. INSURANCE s o j i i n s s o e s o ^ S s ^ S s p i t THE INSURANCE COMPANIES ACT. [India A ct X X, 1928.] (15th Novem ber, 1928.) Whereas it is expedient to provide fo r the collection o f statistical inform ation in respect of insurance business other than life assurance business ; I t is hereby enacted as follow s : PARTS I II. J * * * * P A R T I I I. Provisions as to Insurance Business other than Life Assurance Business- Definitions. D eposit of accounts, etc., with President. Statements to be appended 6. In this Part, unless there is anything repugnant in the subject or context, (a) certified, in relation to any copy or translation of a document required to be furnished by or on behalf o f an insurance company, means certified by a responsible officer of the company to be a true copy or a correct translation, as the case may be ; (b) insurance company means any person who transacts in the Union of Burma the business of effecting contracts of insurance against any risk ; (c) expressions used in this A c t and defined in the L ife Assurance Companies A ct shall have the meanings assigned to them respectively in that A ct. 7. Every insurance company which does not transact life assurance business in the U nion of Burma shall, w ithin six months after the close of each financial year or w ithin such further period as the President of the Union may in any case fo r special reasons allow, deposit w ith the President of the U nion four copies of every report on the affairs o f the company, and of every balance sheet, revenue account and profit and loss account in respect of that year, which has been submitted to its shareholders or policy-holders, and also, in the case of a company whose head office is situated outside the Union of Burma, four copies of such o f the aforementioned documents as are required by law to be submitted to the Government of the country in which the head office is situated. 8. The follow ing statements shall be appended to every revenue account (other than a life assurance revenue account) deposited by an insurance company w ith the President of the U nion in compliance w ith section 7 or

2 Insurance Companies. 57 With the provisions o f the L ife Assurance Companies A ct, as respects the year to reverme and the class o f insurance business to which the revenue account relates, namely, statements showing (1) in respect o f prem ium income fo r which credit is taken in the revenue account, the amount o f premiums derived from business effected in the U nion o f Burma, (2) in respect o f claims, the amount o f the claims paid in the year o f account under policies effected in the U nion o f Burma (a) to claim ants in the U nion o f Burma, and (b) to claim ants outside the U nion o f Burma. 9. There shall be appended to every balance sheet deposited by an statement insurance company w ith the President of the U nion in compliance w ith section 7 a statement showing, in such form as the President of the U nion may prescribe, or Pakistan a classified summary o f the investments of the company in the U nion of Burma assets* and India or Pakistan in government securities and in Burman or [Indian or Pakistan]1 concerns and the other Burman or [ Indian or Pakistan]1 assets held by the company. 10. A t least one copy o f every document deposited by an insurance s ig n in g of company w ith the President of the U nion in accordance w ith the requirements documents, o f section 7, section 8 or section 9 shall be signed in the manner provided in section 11 of the L ife Assurance Companies Act. 11. I f any portion of any document required to be deposited under c e rtifie d section 7, section 8 or section 9 by an insurance company w ith the President c Pies of, vernacular o f the U nion is not w ritten in the [Burm ese]1 language, a certified translation documents, thereof shall be furnished along w ith each copy o f the document. 12. Every insurance company which does not transact life assurance P articulars business in the U nion o f Burma shall, before it begins to carry on business, to be filedfurnish to the President o f the U n io n (a) the fu ll address of the principal office o f the company in the U nion o f Burma ; (b) the names o f the directors, principal officer and the auditor o f the company in the U nion o f Burma ; (c) a statement o f the classes o f insurance business carried on or intended to be carried on by the company in the U nion of Burma ; (d) a certified copy o f the charter, status, deed o f settlement or memorandum and articles of the company, or other instrument constituting or defining the constitution of the company, and, if the instrument is not w ritten in the [Burm ese]1 language, a certified translation thereof ; (e) in the case o f any such company established outside the U nion o f Burma, the names and addresses of sane one or more persons 1 Substituted by the Union of Burma (Adaptation of Laws) Order, 1948.

3 58 insurance Companies. resident in the U nion of Burma, authorized to accept on behalf of the company service o f process and any notice required to be served on the company ; and, in the event o f any alteration being made in the address of the principal office or in such classes of business or in any such instrum ent as aforesaid or in the name of any such person, the company shall fo rth w ith furnish to the President of the U nion particulars o f the alteration. Custody and inspection of documents. 13. Every document deposited w ith the President of the U nion, in compliance w ith section 7, section 8 or section 9, or a certified copy o f such document, shall be kept by the Registrar, and any such documents or copies shall be open to inspection, and any person may procure a copy o f any such document or o f any part thereof on payment of a fee of six annas fo r every hundred words or fractional p a rt thereof required to be copied. Evidence of documents. Sum m ary of accounts, etc., to be published. 14. ( /) Every document deposited w ith the President of the U nion, in compliance w ith section 7, section 8 or section 9, which has been certified by the Registrar to be a document so deposited, shall be deemed to be a document so deposited- (2) Every such document purporting to be certified by the Registrar to be a copy of a document so deposited shall be deemed to be a copy o f that document, and shall be received in evidence as if it were the original document, unless some variation between it and the original document be proved* 15. The President of the Union shall, from time to time, cause to be published, in such manner as he may direct, a summary of the accounts, balance sheets and statements deposited w ith him in compliance w ith section 7, section 8 or section 9, and may append to such summary any note of the President of the U nion thereon and any correspondence in relation thereto. P enalty fo r noncom pliance w ith Act. 16. A ny insurance company which makes default in complying w ith any o f the requirements of this Part, and every director, manager or secretary, or other officer or agent of, or partner in, the company who is know ingly a party to the default, shall be punishable in the manner provided in section 34 of the L ife Assurance Companies. A ct. Penalty fo r fa ls ify in g documents. Cognizance of offences. 17. I f any account, balance sheet, statement or other document required by the provisions of section 7, section 8 or section 9 is false in any particular to the knowledge of any person who signs it, such person shall be punishable in the manner provided in section 35 of the L ife Assurance Companies Act. 18. No Court inferior to that o f a Magistrate of the first class shall try any offence under this Act.

4 insurance Companiesi 9- A person transacting the business o f re-insuring contracts of insurance A p p lica tio n effected by any other person in the course of any class of business other than of P art I I I to re-insurance life assurance business shall not, by reason only of that fact, be deemed to be business. transacting insurance business o f that class- 20. The President of the U nion may, by notification in the Gazette, Exemption. and subject to such restrictions and conditions as he thinks fit, exempt from a ll or any of the provisions o f this A ct any provident insurance society registered under the Provident Insurance Societies A ct. THE LIFE ASSURANCE COMPANIES ACT. CONTENTS- Preliminary- Sections- * * * * 2. D efinitions. 2A. * * * * 3. Companies to which A ct applies. 4- Deposits. Deposits. Accounts and Documents. 5. Separation o f funds. 6- A ppropriatio n o f life assurance fund- 7, Accounts and balance-sheets. 8. A ctuarial report and abstract- 9'. A ctuarial abstract in case of m utual company. 10- Statement o f life assurance business. 11. Deposit o f accounts, etc., w ith President. 12- Deposit o f report. 13. Exem ption fro m certain provisions o f the Burma Companies Act. 14- R ig h t o f shareholders, etc., to copies o f accounts, etc. 15. A u d it o f accounts. 16- L is t o f shareholders. 17- Deed o f settlement. 18- Publication o f authorized as well as subscribed and paid-up capital. 19. Requirements as to companies established outside the U nion o f Burma.

5 6 6 Life Assurance Companies Amalgamation or Transfer. 20. Am algam ation or transfer. 21. Statement in case o f am algam ation or transfer. Winding-up. 22. Special provisions as to w inding-up o f assurance companies. 23. W inding-up o f subsidiary companies. 24. V a luation o f annuities and policies. 25. Rules o f valuation. 26. Power to C ourt to reduce contracts. 26A - A pplication o f surplus assets in liquidatio n. Special Provisions relating to Accounts and Documents. 27. Custody and inspection o f documents deposited w ith President. 28. Accounts, etc., to be published. 29. Evidence o f documents. 30. Evidence o f copies o f documents. 31. A lte ra tio n of forms. Companies carrying on business in the United Kingdom sjs sft sfs sfc * * * * Penalties and Procedure. 34. Penalty fo r non-compliance w ith A ct. 35. Penalty fo r fa lsifyin g statements, etc. 36. Cognizance o f offences. Miscellaneous- 37. Appointm ent o f inspectors. 38. Service o f notices. 39. rpower u w c i to i v make m a K c i rules. u ic a 40. * * * * 41. Power o f President to exempt from the provisions o f the A ct. T H E F IR S T S C H E D U LE. R e v e n u e A c c o u n t s. T H E SECOND S C H E D U LE. P r o f it a n d L o s s A c c o u n t. T H E T H IR D S C H E D U LE. B a l a n c e -s h e e t s - T H E F O U R T H S C H E D U LE. St a t e m e n t r e s p e c t in g V a l u a t io n o f L ia b i l i t i e s. T H E F IF T H S C H E D U L E. St a t e m e n t o f L if e A s s u r a n c e a n d A n n u it y B u s in e s s. T H E S IX T H S C H E D U LE. R u l e s f o r v a l u in g A n n u it ie s, e t c.

6 61 TH E L IF E ASSURANCE COMPANIES ACT. [ I n d ia Act V I, 1912.] (18th March, 1912.) Preliminary. * * * * 2- In this Act, unless there is anything repugnant in the subject or context, (1) actuary means an actuary possessing such qualifications as may be prescribed by rules made by the President of the Union : (2) chairman means the person for the time being presiding over the board of directors or other governing body of a life assurance company : (3) Court means the principal civil Court of original jurisdiction in a district, and includes the High Court in the exercise of its ordinary original civil jurisdiction : (4) financial year means each period of twelve months at the end of which the balance of the accounts of the life assurance company is struck, or, if no such balance is struck, then the calendar year : (5) life assurance business means the issue of, or the undertaking of liability under, policies of assurance upon human life, or the granting of annuities upon human life : (6) policy of assurance on human life means any instrument by which the payment of money is assured on death ( except death by accident only) or the happening of any contingency dependent on human life or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life : (7) policy-holder means the person who for the time being is the legal holder of the policy for securing the contract with the life assurance company : (8) where a company grants' annuities upon human life, policy includes the instrument evidencing the contract to pay such an annuity, and policy-holder includes annuitant : and (9) Registrar means any person who may be appointed by the President of the Union to perform the duties of the Registrar under this A ct. 1 2 A. * * * * 3. Save as hereafter expressly provided, this Act shall apply to all persons or bodies of persons, whether corporate or unincorporate (which persons and bodies of persons are hereafter referred to as life assurance companies), who carry on life assurance business within the Union of Burma. Explanation. A company registered under the Burma Companies Act which carries on life assurance business in any part of the world shall for the purposes of this section be deemed to be a company carrying on such business within the Union of Burma- 1 Omitted by the Union of Burm a (Adaptation of Law s) Order, Definitions. Companies to which Act applies.

7 62 Life Assurance Companies. Exception. Nothing in this A ct shall apply to any society to which the Provident Insurance Societies A ct applies or to any fund which the President o f the U nion may, by notification in the Gazette, exempt from the operation o f this Act. Deposits- D eposits. Separation of funds ) Every life assurance company shall, [ * * * * ] l before it commences to carry on the business of life assurance, deposit and keep deposited w ith the [U nion Bank of B u rm a ]2 or such other Bank as the President o f the U nion may direct, fo r and on behalf o f the President o f the U nion, securities o f [ * * * *] 3 the Government o f the Union o f Burma, o f the face value o f twenty-five thousand rupees or of a face value equal to one-third of the income derived from life assurance business as shown in the revenue account fo r the last financial year, whichever is greater ; and, u n til the company keeps deposited.securities o f the face value of two hundred thousand rupees, shall annually deposit and keep deposited in like manner like securities o f a face value (a) equal to one-third o f the income derived from life assurance business as shown in the revenue account fo r the last financial year, u n til the face value of the securities deposited exceeds one hundred thousand rupees ; (b) and thereafter equal in amount to one-third o f the increase to the life assurance fund as shown in the revenue account fo r the last financial year : Provided that a company may at any time deposit securities of a face value of two hundred thousand rupees or make up its deposit of securities to that value. (2) The interest accruing due on the securities deposited under sub-section ( /) shall be paid to the company, subject only to deduction o f the normal commission chargeable fo r the realisation o f interest. (J) The deposit may be made by the subscribers of the memorandum of association o f a company, or any of them, in the name o f a proposed company and, upon the incorporation of the company, shall be deemed to have been made by, and to be part o f the assets of, the company, and the Registrar shall not issue a certificate o f incorporation of the company u n til the deposit has been made. (4) The deposit shall be deemed to form part o f the life assurance fund o f the company. 4 4A. A life assurance company which has deposited securities of the Government of India before the commencement of the L ife Assurance Companies (Amendment) A ct, 1951, shall, w ith in six months from the date 1 O m itted by the U nion of Burm a (A daptation of L aw s) O rder, Substituted ibid. 3 Deleted b y A ct X X X II, Inserted ibid.

8 Life Assurance Companies- 63 of commencement o f the said Act, deposit and keep deposited, as provided in sub-section ( /) of section 4, securities of the Government of the U nion o f Burma o f equal face value in lieu of the said securities of the Government o f India. >4B. A life assurance company which has been exempted, before the commencement o f the L ife Assurance Companies (Amendment) Act, 1951, from the provisions of section 4 and certain other sections, shall as from the date o f commencement o f the said A ct be subject to all the provisions o f this A c t ; and shall w ith in two months from the said date, deposit and keep deposited securities o f the Government o f the Union of Burma as provided in sub-section ( /) o f section 4 o f the face value o f two hundred thousand rupees : 2 Provided that if a life assurance company has ceased, before the commencement of the said A ct, to enter into any new life assurance contracts, the company shall deposit and keep deposited securities o f the Government of the Union o f Burma o f the face value equal to the total amount o f its lia b ilitie s in the U nion o f Burma, as certified by an actuary : 2 Provided further that, if in any case it is made to appear to the President o f the U nion that the circumstances are such that a longer period should be allowed, he may extend the period prescribed in this section or in section 4A by such period as he may th in k fit. 14C. A life assurance company, which has ceased to carry on the business o f life assurance in the U nion of Burma, shall be entitled to the return o f the securities deposited under section 4 or section 4A or section 4B, when its lia b ilitie s in the U nion o f Burma have been fu lly satisfied. Accounts and Documents. 5. In the case o f a life assurance company transacting other business separation besides that o f life assurance, a separate account shall be kept o f a ll receipts of funds, in respect of the life assurance business, and the said receipts shall be carried to and fo rm a separate fund to be called the life assurance fund. Explanation. N othing in this section shall be deemed to require any life assurance fund to be invested in separate investments from any other, fund, but a separate balance-sheet as prescribed under section 7 shall be kept in respect o f the life assurance fund. Exception. N othing in this section shall apply to a life assurance company established before the 18th M arch, 1912,3 by the terms of whose deed of settlement the whole o f the profits of a ll the business carried on by the company are paid exclusively to the life policy-holders, and on the face of whose life policies the lia b ility o f the life assurance fund in respect of the other business distinctly appears. 1 Inserted by A c t X X X I I, Provisos inserted b y A ct X X I I I, :l Date of commencement of this A c t.

9 A p p ro p ria tion of life assurance fund. Accounts and balancesheets. 64 Life Assurance Companies. 6. The life assurance fund shall be as absolutely the security of the life policy-holders as though it belonged to a company carrying on no other business than life assurance business, and shall not be liable fo r any contracts of the company fo r which it would not have been liable had the business o f the company been only that of life assurance, and shall not be applied, directly or indirectly, fo r any purposes other than those of life assurance. Exception Nothing in this section shall affect the lia b ility of the life assurance fund, in the case of a company established before the 18th March, 1912,1 fo r contracts entered into by the company before such date. 7. ( /) Every life assurance company shall, at the expiration o f each financial year, prepare (a) a revenue account fo r the year in the form or form s set fo rth in the F irst Schedule and applicable to the class or classes of business carried on by the company ; ( b) a p ro fit and loss account in the fo rm set fo rth in the Second Schedule, except where the company carries on life assurance business only and no other business ; (c) a balance-sheet or balance-sheets in the form or form s set fo rth in the T h ird Schedule ; (d) a statement containing the name o f every person who during the year was a member o f the board of directors or other governing body or was manager or secretary or held any sim ilar office by whatever name called ; (e) a statement showing (A ) as regards new policies o f life assurance in respect o f which a prem ium has been paid in the year o f account, (i) the number o f policies, (ii) the sums assured, ( iii) the amount received by way o f single premiums (including all premiums paid at the outset where no subsequent prem ium is payable), and (iv) the amount o f yearly renewal premium income ; (B) as regards total life assurance business, (i) the number o f policies in force at the end of the year of account, ( ii) the sum assured (including reversionary bonus additions thereto) under policies in force at the end o f the year o f account, and ( iii) the prem ium income fo r which credit is taken in the revenue account; (C) as regards claims, the amount o f the claims paid in the year o f account under policies effected in the U nion o f Burma (i) to claimants in the U nion of Burma, and ( ii) to claimants outside the U nion o f Burma ; 1 D ate'of commencement of this Act.

10 Life Assurance Companies. 65 (/) a statement showing, in such forms as the President of U nion may prescribe, a classified summary o f the investments of the company in the U nion of Burma or India or Pakistan in government securities and in Burman or [ Indian or P akistan]1 concerns and the other Burman or [In d ia n or Pakistan j 1 assets held by the company. (2) For the purposes of clause (e) of sub-section (/), all items required to be stated shall be net amounts after deduction o f the re-insurances o f the company s risks, and fo r the purposes o f sub-clauses (A ) and (B) o f that clause (a) the statement shall show separately the numbers and amounts in respect of policies effected in, and policies effected outside, the U nion o f Burma ; (b) where a sum assured is payable periodically, whether by way o f an annuity or otherwise, it shall be stated separately from lum p sum paym ents; and (c) policies o f assurance upon the lives o f a group o f persons whereby sums assured are payable in respect o f several persons included in the group shall be excluded from the statement and be shown in a separate statement containing the like particulars. 8. (1) Every life assurance company shall once in every five years, or at such shorter intervals as may be prescribed by the instrument constituting the company or by its regulations or bye-laws, cause an investigation to be made into its financial condition, including a valuation of its liabilities, by an actuary, and shall cause an abstract of the report of such actuary to be made in the fo rm set fo rth in the Fourth Schedule. (2) The provisions of sub-section ( /) regarding the making of an abstract shall also apply whenever at any other time an investigation into the financial condition o f a life assurance company is made w ith a view to the distribution of profits, or whenever the results of any such investigation are made public. A ctuarial report and abstract. 9. In the case o f a mutual life assurance company whose profits are allocated to members w holly or m ainly by annual abatements o f premium, the abstract of the report of the actuary on the financial condition of the company prepared in accordance w ith the F ourth Schedule may, notw ithstanding anything in section 8, be made and returned at intervals not exceeding five years : Provided that, where such return is not made annually, it shall include particulars as to the rates o f abatement o f premiums applicable to different classes or series of assurances allowed in each year during the period which has elapsed since the previous return under the F ourth Schedule. Actuarial abstract in case of mutual com pany. 1 Substituted by the Union of Burma (Adaptation of Laws) Order,

11 66 Life Assurance Companies. Statement of life assurance business. Deposit of accounts, e tc., w ith President. Deposit of report. 10. Every life assurance company shall, at the date to which the accounts o f the company are made up fo r the purposes o f the investigation prescribed by section 8, prepare a statement of its assurance business in the form set forth in the F ifth Schedule: Provided that, if the investigation is made annually by any company, the company may prepare such a statement at any tim e so that it be made at least once in every five years. 11. ( /) Every account, balance-sheet, abstract or statement hereinbefore required to be made shall be printed, and four copies thereof, one of which shall be signed by the chairman and two directors of the company, and by the principal officer of the company, and if the company has a managing director, by the managing director, shall be deposited w ith the President of the U nion w ith in six months in the case o f accounts and balance-sheets required by section 7, and w ith in one year in other cases, after the close of the period to which the account, balance-sheet, abstract or statement relates '. Provided that, if in any case it is made to appear to the President o f the U nion that the circumstances are such that a longer period should be allowed, he may extend that period by such period as he may th in k fit. (2) The President of the U nion shall consider any document deposited in accordance w ith the provisions of sub-section (l) and, if any such document appears to the President of the U nion to be inaccurate or defective in any respect, the President of the U nion may call upon the company to furnish a further statement correcting any such inaccuracies or supplying any such deficiencies. 12. There shall be deposited w ith every revenue-accoant and balancesheet o f a life assurance company every report on the affairs o f the company submitted to the shareholders or policy-holders of the company in respect of the financial year to which the account and balance-sheet relate. Exem ption from certain provisions o f the Burm a Companies Act. 13. Where a life assurance company registered under the Burma Companies A ct in any year deposits its accounts and balance-sheet in accordance w ith the provisions of section 11, the company may, at the same time, send to the Registrar of Companies a copy of such accounts and balance-sheet, and, where such copy is so sent, it shall not be necessary fo r the company to file a balance-sheet w ith the Registrar of Companies as required by the Burma Companies Act, and the copy of the accounts and balance-sheet so sent shall be dealt w ith in all respects as if it were a balancesheet filed in accordance w ith that Act. R ig h t of shareholders, etc., to copies o f accounts, etc. 14 A printed copy o f the accounts, balance-sheet, abstract or statement last deposited shall, on the application o f any shareholder or policyholder of the company, be forwarded to him by the company by post or otherwise. A u d it of accounts. 15. The accounts o f every life assurance company shall be audited annually in such manner as the.president o f the U nion may prescribe.

12 Life Assurance Companies Every life assurance company which is not registered under the feurma Companies A ct shall keep a lis t of the names and addresses o f its shareholders, and shall, on the application of any shareholder or policy-holder o f the company, furnish to him a copy o f such lis t on payment of a sum not exceeding two annas fo r every hundred words required to be copied. 17. Every life assurance company which is not registered under the Burma Companies A ct shall cause a sufficient number of copies o f its deed of settlement or other instrument constituting the company to be printed, and shall, on the application o f any shareholder or policy-holder o f the company, furnish to him a copy o f such deed of settlement or other instrument on payment o f a sum not exceeding one rupee. 18. Where any notice, advertisement or other official publication of a life assurance company contains a statement of the amount of the authorized capital of the company, the publication shall also contain a statement of the amount o f the capital which has been subscribed and the amount paid up. 19. (7 ) Every life assurance company constituted outside the Union of Burma, which establishes a place of business w ith in the U nion of Burma, or appoints an agent in the Union o f Burma w ith the object of obtaining life assurance business, shall, w ith in three months from the establishment o f the place o f business or the appointment o f such agent, file w ith the Registrar (a) a certified copy o f the charter, statutes or memorandum and articles o f the company, or other instrum ent constituting or defining the constitution o f the company, and, i f the instrument is not w ritten in the [Burmese]1 language, a certified translation th e re o f; (b) a lis t of the directors o f the com pany; (c) the names and addresses of some one or more persons resident in the U nion o f Burma authorized to accept on behalf of the company service o f process and any notices required to be served on the com pany; and, in the event of any alteration being made in any such instrument or in the lis t o f directors or in the names and addresses of such persons as aforesaid, the company shall, w ithin such time as the President o f the U nion may prescribe, file w ith the Registrar a notice o f the alteration. (2) A ny process or notice required to be served on the company shall be sufficiently served if addressed to any person whose name has been so filed as aforesaid and le ft at or sent by post to the address which has been so filed. (5) There shall be paid to the Registrar fo r registering any document, required by this section to be filed, a fee o f five rupees or such smaller fee as the President of the U nion may prescribe. 2(4) * * * # 1 Substituted by the U n io n o f B urm a (A daptation o f Laws) O rder, O m itted ibid. Deed of settlement. Publication of authorized as w ell as subscribed and paid-up capital. List of shareholders. Requirements as to com panies established outside the Union of Burm a.

13 6& Life Assurance Companies- Amalgamation or Transfer. Am algam a tio n or transfer. Statement iu case of amalgamation or transfer. 20. ( /) Where it is intended to amalgamate two or more life assurance companies, or to transfer the life assurance business o f one company to another, the directors o f any one or more o f such companies may apply to the Court, by petition, to sanction the proposed arrangement. (2) Before any such application is made to the Court (a) notice o f the intention to make the application shall be published in the Gazette at least two months before the application is m ade; (b) a statement o f the nature o f the amalgamation or transfer, as the case may be, together w ith an abstract containing the m aterial facts embodied in the agreement or deed under which the amalgamation or transfer is proposed to be effected, and copies of the actuarial or other reports upon which the agreement or deed is founded, including a report by an independent actuary, shall, unless the Court otherwise directs, be transmitted to each policy-holder o f each company ; and (c) the agreement or deed under which the amalgamation or transfer is effected shall be open fo r the inspection o f the policy-holders and shareholders at the offices of the companies fo r a period o f fifteen days after the last publication o f the notice. (5) The Court, after hearing the directors and other persons whom it considers entitled to be heard upon the petition, may sanction the arrangement if it is satisfied that no sufficient objection to the arrangement has been established. (4) The Court shall not sanction the amalgamation or transfer in any case in which it appears to the Court that the life policy-holders representing one-tenth or more of the total amount assured in any company which it is proposed to amalgamate, or in any company the business o f which it is proposed to transfer, dissent fro m the amalgamation or transfer. (5) No life assurance company shall amalgamate w ith another, or transfer its business to another, unless the amalgamation or transfer is sanctioned by the C ourt in accordance w ith this section- 21. Where an amalgamation takes place between any life assurance companies, or where any life assurance business of one such company is transferred to another company, the combined company or the purchasing company, as the case may be, shall, w ith in one month from the date of the com pletion o f the amalgamation or transfer, deposit w ith the President o f the U nion (a) certified copies o f statements o f the assets and lia b ilitie s o f the companies concerned in such amalgamation or transfer, together w ith a statement o f the nature and terms o f the amalgamation or transfer ; and (b) a certified copy o f the agreement or deed under which the amalgamation or transfer is effected ; and

14 Life Assurance Companies. 69 (c) certified copies o f the actuarial or other reports upon which that agreement or deed is founded ; and (d) a declaration under the hand o f the chairm an o f each company, and the principal officer o f each company, that to the best of their belief every payment made or to be made to any person whatsoever on account o f the amalgamation or transfer is therein fu lly set forth, and that no other payments beyond those set fo rth have been made or are to be made either in money, policies, bonds, valuable securities or other property by or w ith the knowledge of any parties to the amalgamation or transfer* Winding-up. 22. The C ourt may order the winding-up o f a life assurance company in accordance w ith the Burma Companies A c t and the provisions of that A c t shall apply accordingly, subject, however, to the m odification that the company may be ordered to be wound u p {a) on the p e titio n o f ten or more policy-holders : Provided that such a petitio n shall not be presented except by the leave of the Court, and leave shall not be granted u n til a prima facie case has been established to the satisfaction o f the Court, and u n til security fo r costs fo r such am ount as the C ourt may th in k reasonable has been given ; or (b) on application made on behalf o f the President o f the U nion, showing that from a consideration o f the documents deposited w ith him under the provisions o f this A c t it appears to him that the company is insolvent. Special provisions as to w in d ing-up of assurance companies. 23. (1) Where a life assurance business or any part of the life assurance winding-up business of a life assurance company has been transferred to another com- ot subsidiary pany under an arrangement in pursuance of which the first mentioned companiescompany (in this section called the subsidiary company) or the creditors thereof has or have claims against the company to which such transfer was made (in this section called the principal company), then, if the principal company is being wound up by or under the supervision o f the Court, the Court shall (subject as hereinafter mentioned) order the subsidiary company to be wound up in conjunction w ith the principal company, and may by the same or any subsequent order appoint the same person to be liquidato r fo r the two companies, and make provision fo r such other matters as may seem to the Court necessary w ith a view to the companies being wound up as if they were one company. (2) The commencement o f winding-up of the principal company shall, save as otherwise ordered by the Court, be the commencement o f the winding-up o f the subsidiary company.

15 70 Life Assurance Companies. (3) In adjusting the rights and lia b ilitie s o f the members of the several companies between themselves, the Court shall have regard to the constitution o f the companies and to the arrangements entered into between the companies, in the same manner as the C ourt has regard to the rights and lia b ilitie s of different classes of contributories in the case o f the winding-up o f a single company, or as near thereto as circumstances admit. (4) Where any company alleged to be subsidiary is not in process of being wound up at the same time as the principal company to which it is subsidiary, the C ourt shall not direct the subsidiary company to be wound up unless, after hearing all objections ( if any) that may be urged by or on behalf of the company against its being wound up, the C ourt is o f opinion that the company is subsidiary to the principal company, and that the winding-up of the company in conjunction w ith the p rincipal company is just and equitable. (5) A n application may be made in relation to the winding-up of any subsidiary company in conjunction w ith a principal company by any creditor of, or person interested in, the principal or subsidiary company. (6) Where a company stands in the relation of a principal company to one company, and in the relation o f a subsidiary company to some other company, or where there are several companies standing in the relation of subsidiary companies to one principal company, the C ourt may deal with any number o f such companies together or in separate groups as it thinks most expedient upon the principles laid down in this section. V aluation of annuities and policies. Rules of valuation. 24. Where a life assurance company is being wound up by the Court, or subject to the supervision of the Court, or voluntarily, the value o f a policy or of a lia b ility under a policy requiring to be valued in such winding-up shall be estimated in manner applicable to policies and lia b ilitie s provided by the Sixth Schedule. 25. The rules in the Sixth Schedule shall be of the same force, and may be repealed, altered or amended as if they were rules made in pursuance of sec- IndiaVI tion 254 of the Indian Companies A ct, 1882,1 and rules may be made under that section fo r the purpose o f carrying in to effect the provisions of this A c t w ith respect to the w inding-up o f life assurance companies. Power to C ourt to reduce contracts. 26. The Court, in the case o f a life assurance company which has been proved to be unable to pay its debts, may, if it thinks fit, reduce the amount of the contracts of the company upon such terms and subject to such conditions as it thinks just, in place o f m aking a winding-up order. A pplication o f surplus assets in liq u id a tio n. 26A. In the winding-up of a life assurance company in a case where any proportion o f the profits o f the company was before the commencement o f the winding-up allocated to policy-holders, if when the assets and lia b ilitie sof the company have been ascertained there is found to be a surplus o f assets over lia b ilitie s (hereinafter referred to as a prima facie surplus), there shall 1 Repealed by the Indian Companies Act, 1913 (In d ia Act V II, 1913).

16 Life Assurance Companies. 71 be added to the lia b ilitie s of the company in respect of its life assurance business an amount equal to such proportion o f the prima facie surplus as is equivalent to such proportion o f the profits allocated to shareholders and policy-holders as was allocated to policy-holders during the ten years immediately preceding the commencement o f the winding-up, and the assets o f the company shall be deemed to exceed its lia b ilitie s only in so fa r as those assets exceed those lia b ilitie s after such addition as aforesaid : Provided that, if in any case there has been no such allocation, or if it appears to the C ourt that by reason o f special circumstances it would be inequitable that the amount to be added to the lia b ilitie s of the company in respect o f the life assurance business should be an amount equal to such proportion as aforesaid, the amount to be so added shall be such amount as the C ourt may direct. Special Provisions relating to Accounts and Documents 27. The President o f the U nion may direct any documen deposited Custody and w ith him under this A ct, or certified copies thereof, to be kept by the Registrar ^ docu m en ts or by any other officer appointed in this behalf, and any such documents and deposited copies shall be open to inspection, and copies thereof may be procured by president any person, on payment o f such fees as the President o f the U nion may direct. 28. The President o f the U nion shall annually cause to be published, in Accounts, such manner as he may direct, a summary o f the accounts, balance-sheets, etc-;.t? b.e published, abstracts, statements and other documents under this A ct, or purporting to be under this A ct, deposited w ith him during the preceding year by every life assurance company except reports on the affairs o f life assurance companies subm itted to the shareholders or policy-holders thereof, and may append to such summary any note o f the President o f the U nion thereon, and any correspondence in relation thereto. 29. Every document deposited under this A ct w ith the President of the Evidence of U nion, and certified by the Registrar or by any person appointed in that documents, behalf by the President o f the U nion to be a document so deposited, shall be deemed to be a document so deposited. 30. Every document purporting to be certified by the Registrar, or by any Evidence of person appointed in that behalf by the President o f the U nion, to be a copy o f copies of a document so deposited, shall be deemed to be a copy o f that document, and ocume s shall be received in evidence as if it were the original document unless some variation between it and the original document be proved. 31. The President o f the U nion may, on the application or w ith the Alteration of consent o f a life assurance company, alter the form s contained in the Schedules to this A c t as respects that company fo r the purpose o f adapting them to the circumstances o f th a t company.

17 72 Life Assurance Companies. Companies carrying on business in the United Kingdom * * * * Penalty for non-com pliance w ith Act. Penalties and Procedure. 34. A ny life assurance company which makes default in complying w ith any o f the requirements o f this A ct, and every director, manager, or secretary, or other officer or agent o f the company who is knowingly a party to the default, shall be punishable w ith fine Which may extend to one thousand rupees, or, in the case o f a continuing default, w ith fine which may extend to five; hundred rupees fo r every day during which the default continues ; and, if default continues fo r a period of three months after notice of default by the President o f the U nion (which notice shall be published in one or more newspapers as the President o f the U nion may, upon the application o f one or more p o licyholders or shareholders, direct), the default shall be a ground on which the C ourt may order the winding-up o f the company in accordance w ith the Burma Companies A ct. P enalty fo r fa ls ify in g statements, etc. Cognizance o f offences. 35. I f any account, balance-sheet, abstract, statement or other document required by this A c t is false in any particular to the knowledge o f any person who signs it, such person shall be punishable w ith im prisonm ent fo r a term which may extend to two years, or w ith fine, or w ith both. 36. No Court in fe rio r to that o f a Magistrate o f the first class shall try any offence against this Act. Miscellaneous. A ppointm ent of inspectors. 37. ( /) The President of the U nion may appoint one or more inspectors to examine into the affairs o f any life assurance company, and to report thereon in such manner as he may direct (i) in the case o f a life assurance company w hich is not registered under the Burm a Companies A ct, upon the application (a) o f shareholders being in number not less than one-fifth o f the whole number o f persons fo r the time being entered on the lis t of shareholders kept in accordance w ith the provisions o f section 16 ; or (b) o f twenty or more policy-holders owning policies o f an aggregate value o f not less than twenty thousand rupees; ( ii) in any case where a life assurance company has failed to furnish a further statement when required to do so under the provisions of section 11, sub-section (2), or where the President of the U nion is o f opinion that any such further statement is insufficient or unsatisfactory. 1 Deleted by Act X X X II, 1951.

18 Life Assurance Companies- 73 (2) On an appointment being made under sub-section ( l), the provisions of the Burma Companies A ct shall apply to the examination made by such inspectors. 38. A ny notice or other document which is by this A c t required to be sent to any policy-holder may be addressed and sent to the person to whom notices respecting such policy are usually sent, and any notice so addressed and sent shall be deemed and taken to be notice to the holder o f such policy : Provided that, where any person claim ing to be interested in a policy has given to the company notice in w riting of his interest, any notice which is by this A c t required to be sent to policy-holders shall also be sent to such person at the address specified by him in his notice. 39. ( /) The President o f the U nion may make rules to carry out the purposes o f this A ct. (2) In particular, and w ithout prejudice to the generality o f the foregoing power, such rules may Service of notices. Pow er to make rules. (a) prescribe the qualifications to be possessed by actuaries, auditors and inspectors under this A ct, and the manner in which the accounts o f life assurance companies shall be a u d ite d; (b) prescribe the time w ith in, and the form in which, notice of alteration o f the particulars specified in section 19 of the A ct shall be filed w ith the Registrar ; (c) subject to the provisions o f this A ct, prescribe the fees payable thereunder. (3) A ll rules made under this A c t shall be published in the Gazette and, on such publication, shall have effect as if enacted in this A ct. 4Q * * * * 41. The President o f the U nion may, by notification in the Gazette Pow and er of President subject to such restrictions and conditions as he thinks fit, exempt any life to exempt assurance company fro m all or any o f the provisions o f this A ct. fro m the p ro v i sions o f the A ct.

19 74 Life Assurance Companies. T H E F IR S T SCHED U LE. {See section 7.) R e v e n u e A c c o u n t s o f t h e f o r t h e y e a r e n d in g (A ) L ife Assurance Account. Amount of life assurance fund at the beginning of the year. Prem ium s C onsideration fo r annuities granted* (see Note 1). Interest?, dividends and rents Less income-tax thereon R.\ Other receipts ( accounis to be specified). D ividends payable on 19 fo rth e y e a r ending 19. (This is Only to be stated here by companies n o t s u p p lin g a P ro fit and Loss account.) Claim s under p o licie s paid and outstandin g B y death B y m a tu rity... Surrenders, in clu d in g surrenders o f bonus additions. A n n u itie s Bonuses in cash... Bonuses in reduction of prem ium s Expenses o f m anagem ent: Com m ission A gent s and Canvassers allowances... Salaries, etc. (other th a n to Agents and Canvassers.) T ra v e llin g expenses D ire ctors fees... A uditors fees M edical fees Rents fo r offices belonging to and occupied by the company. Rents o f other offices occupied by the company. L a w charges A dvertising P rin tin g and stationery O ther expenses of management (accounts to be specified.) O ther payments (accounts to be specified.) A m ount of life assurance fund at the end of the year, as per T h ird Schedule. N o te 1. Companies having a separate annuity fund w ith investments separate from those of the life assurance fund to return the particulars of their annuity business in a separate statement, in Form B of this Schedule. Note 2. Items in this account to be net amouuts after deduction o f the amounts paid and received in respect of reassurances of the com pany s ri'sks. Note 3. If any sum has been deducted from the expenses of management account, and taken credit for in the balance-sheet as an asset, the sum so deducted to be separately shown in the above account.

20 Life Assurance Companies- 75 (B) Revenue Account applicable to annuity business o f those companies having a separate annuity fund, the investments of which are kept separate from those o f the life assurance fund. A m ount of a n n u ity fu n d at the beginning of the year. Consideration fo r annuities granted Interests, dividends and rents Less incom e-tax thereon A nnuities Surrenders Expenses of m anagem ent: Com m ission O ther expenses (to be specified.) O ther payments (accounts to be specified) O ther receipts A m ount o f a n n u ity fu n d at the end of the year as per balance-sheet. No te. Items in this account to be net amounts after deduction of the amounts paid and received in respect of reassurances of the com pany s risks. (C) General Revenue Account applicable to a ll classes o f business other than life assurance and annuity transactions. A m ount o f funds at the beginning o f the year. Premium s (accounts to be specified) Interests, dividends and rents Less incom e-tax thereon Profits (accounts to be specified) Other receipts (to be specified)... C laim s less reassurances (accounts to be specified). Expenses o f m anagem ent: Commission O ther expenses (to be specified) Losses (accounts to be specified) Other payments (accounts to be specified) A m ount of funds at the end of the year as per balance-sheet. Note 1. All the items in the above account to be exclusive of life assurance and annuity transactions. Note 2. - Items in this account to be net amounts after deduction of the amounts paid and received in respect of reassurances o f the com pany s risks.

21 76 Life Assurance Companies- T H E SECOND SCHEDULE. (See section 7.) P r o f i t a n d L o s s A c c o u n t o f t h e f o r t h e y f a r e n d i n g Balance of last year s account Interest and dividends n o t carried to other accounts. Less incom e-tax thereon D ivid e n d s and bonuses to share-holders payable on 19, fo r the year ending 19. Expenses not charged to other accounts Loss realised (accounts to be specified) P rofits realized (accounts to be specified). Other receipts (accounts to be Other payments (accounts to be specified) Balance as per T h ird Schedule (A ) T H E T H IR D S C H EDULE. (See section 7.) B a l a n c e - s h e e t o f t h e o n t h e 19 L IA B IL IT IE S. ASSETS. L ife assurance fund O utstanding lia b ilitie s of life assurance fund. A n n u ity fund (if any) as per separate balance-sheet. O utstanding lia b ilitie s of annuity fund. Shareholders' capita l paid up (if any) P rofit and Loss account (if any)... Funds contained in General Revenue Account (if any) [Schedule I (c)]. O ther sums o w in g by the Com pany... (Accounts to be specified and stated separately under each class of business.) Assets o f life assurance fund as per separate balance-sheet (if any). Assets o f a n n uity fund as per separate balance-sheet (if any). Assets of funds o th e r than those show n in the above mentioned balance-sheets. M ortgages on p ro p e rty w ith in the U nion of Burm a. M ortgages on p ro p e rty out of the U nion o f Burm a. Loans on p u b lic rates Do. life interests and reversions D o, stocks and shares D o. com pany s p o licie s w ith in th e ir surrender values. Do. personal security Investm ents D eposit w ith the authorized Bank (securities to be specified). In d ia n G overnm ent securities o r th e U nion o f B urm a Governm ent securities. B ritis h and C olonial G overnm ent securities. Foreign G overnm ent securities In d ia n M u n ic ip a l and P ro v in c ia l securities or the Union of Burm a M u n ic ip a l and P ro vin cia l securities. B ritis h and C olonial securities Foreign d itto d itto

22 Life Assurance Companies. 77 (A ) B a l a n c e - s h e e t o f t h e o n t h e 19 [ contd.] L IA B IL IT IE S. ASSETS. RS. Bonds, debentures, stocks and other securities whereon in te re s t is guaranteed by th e G overnm ent of the U n io n o f B urm a, Or by any G overnm ent in In d ia or P akistan, or by th e S ecretary o f State, as successor to the Secretary o f State fo r In d ia in C ouncil. Bonds, debentures, stocks and other securities whereou interest is guaranteed by the B ritis h or any Colo n ia l G overnm ent. Bonds, debentures, stocks and other securities whereon interest is guaranteed by any Foreign Governm ent. O rdin a ry stocks and shares of any In d ia n Presidency Bank. D ebentures o f any K a ilw a y in the U nion of Burma. Debentures o f any R a ilw a y the U nion o f Burm a. out of Preference or guaranteed shares of any R a ilw a y in th e U n io n o f Burm a. Preference or guaranteed shares o f any R a ilw a y out of the U n io n of Burm a. O rd in a ry stocks and shares of any R a ilw a y in th e U n io n o f Burm a. O rd in a ry stocks and shares o f any R a ilw a y out of th e U n io n of Burm a. House p ro p e rty in the U n io n of Burm a. House p ro p e rty out of the U n io n of Burm a. Freehold and leasehold ground rents and re n t charges in the U nion of Burma. L ife interests and reversions in the Union of Burma.

23 7 8 Life Assurance Companies. (A ) B a la N c e -s h e e t o f t h e o n t h e 19 [concld.j LIABILITIES. Ks. ASSETS. L ife interests and reversions out of the U n io n o f Burm a. O ther investm ents in the U n io n of B urm a (to be specified). O ther investm ents out of th e U nion of Burm a (to be specified). A g e n ts balances... O utstanding prem ium s * O utstanding interests, dividends and ren ts' Interest accrued but not payable * B ills receivable... Cash On deposit In hand and on current account Other assets (to be specified) Is. * These item s are o r have been included in the corresponding items in the F irst Schedule. N o te 1. W hen p a rt o f th e assets of th e com pany are s p e cifica lly deposited under local la w in various places out o f th e U n io n of Burm a, as se cu rity to h olders o f life assurance policies there issued, each such place and the amount com pulsorily lodged therein m ust be specified. N o t e 2. T he balance-sheet m ust state h o w the values of the stock exchange securities are a rriv e d at, and on th e occasions w hen a statem ent respecting valuation under the F ourth Schedule is made, a ce rtifica te m ust be appended, signed b y the same persons as signed the balance-sheet, to the effect that in th e ir b e lie f the assets set fo rth in th e balance-sheet are in the aggregate fu lly o f the value stated therein,less any investm ent reserve fund taken in to account. N o t e 3. Companies having investm ents w ith any uncalled lia b ility shall state separately the fu ll amount thereof. N o te 4. P articulars m ust be given o f a ll loans, in c lu d in g te m p o ra ry advances, except loans on policies w ith in th e ir surrender values, made at any tim e d uring the year to any director or officer o f a company or to any other company in w h ic h any o f the said directors or officers m ay h old the position either of director or of officer.

24 Life Assurance Companies. (B ) B a l a n c e -s h e e t o f t h e L if e A s s u r a n c e F u n d o n th e 19, TO BE COMPLETED BY COMPANIES DOING BUSINESS OTHER THAN L lf E ASSURANCE FOR WHICH THEY HAVE SEPARATE FUNDS. L IA B IL IT IE S. ASSETS. L ife assurance fund C laim s adm itted or in tim a te d * but not paid. O ther sums o w in g by the com pany * (under this class o f business). M o rt gages on p ro p e rty w ith in the U n io n of B urm a. Mortgages on p ro p e rty out o f the U nion of Burm a. Loans on public rates Do. D o. life interest and reversions stocks and shares Do. company s p o lic ie s w ith in th e ir surrender values. Do. personal security Investm ents : D eposit w ith the authorized Bank (securities to be specified). In d ia n G overnm ent securities or th e U nion of Burm a G overnm ent securities. B ritis h and C olonial Governm ent securities. F oreign G overnm ent securities In d ia n M u n ic ip a l and P ro v in c ia l securities o r the U n io n of B urm a M unicipal and Provincial securities. B ritis h and C olonial securities F oreign do. do. Bonds, debentures, stocks and other securities w hereon inte re st is guaranteed by the G overnm ent of the U n io n o f Burm a, o r b y any G overnm ent in In d ia or Pakistan, or by th e Secretary o f State, as successor to the Secretary of State fo r In d ia in Council. Bonds, debentures, stocks and other securities w hereon interest is guaranteed by the B ritish or any Colon ia l G overnm ent. Bonds, debentures, stocks and other securities w hereon in te re st is guaranteed by any Foreign G overnm ent. O rdin a ry stocks and shares o f any Indian Presidency Bank. Debentures of any R ailw py in the Union of Burma. Debentures o f any R a ilw a y out of the U n io n o f Burm a. Preference o r guaranteed shares o f any R a ilw a y in the U nion of Burm a. Preference or guaranteed shares of any R ail way, out of the U nion of Burma. O rdinary stocks and shares of any R a ilw a y in the U nion o f B urm a. O rd in a ry stocks and shares o f any R ailw ay out o f the U nion o f Burma. These items are o r have been included in the corresponding items in the F ir clu dule.

25 80 Life Assurance Companies. (B ) B a l a n c e-s h e e t o f t h e L if e A s s u r a n c e F u n d o n t h e 19, TO BE COMPLETED BY COMPANIES DOING BUSINESS o t h e r t h a n L if e A s s u r a n c e f o r w h ic h t h e y h a v e s e p a r a t e F u n d s concld. L IA B IL IT IE S. ASSETS. House p roperty in the U n io n of Burm a. House p ro p e rty out o f the U n io n o f Burm a. F reehold and leasehold ground rents and rent-charges in the U n io n o f Burm a. L ife interests and reversions in the U n io n o f B urm a. L ife interests and reversions out o f the U nion o f Burm a. O ther investm ents in the U n io n of Burm a (to be specified). O ther investm ents out of the U nion of Burm a (to be specified). Agents balances... Outstanding premiums * Do. interests, dividends and rents.* Interest accrued but not payable* B ills receivable... Cash On deposit In hand and on c u rre n t account O ther assets (to be specified) * These items are or have been included in the corresponding item s in the F irs t Schedule. N o t e 1. W hen p a rt of the assets o f the com pany are specifically deposited under local law s in various places out of the U n io n o f Burm a, as security to holders o f life assurance policies there issued, each such place and the am ount com pulsorily lodged therein must be specified. N o te 2. A balance-sheet in the above fo rm m ust be rendered in respect of the annuity fund i f the investments of th a t fund are d istin ct from those of the life assurance fu n d. N o t e 3. The balance-sheet must state how the values o f th e stock exchange securities are arrived at, and on the occasions w hen a statem ent respecting valuation under the F ourth Schedule is made, a certifica te m ust be appended, signed by the same persons as signed the balance-sheet, to the effect that in th e ir b e lie f the assets set fo rth in the balance-sheet are in the aggregate fu lly of the value stated therein, less any investm ent reserve fund taken in to account. N o te 4. A certificate must be appended hereto, signed by the same persons as signed the balance-sheet (F o rm A), and by the a u d itor, to the effect that no p a rt of any such fu n d has been applied, d ire c tly or in d ire c tly, fo r any purpose other than the class of businese to w h ich it is applicable. Note 5. Companies having investm ents w ith any uncalled liability shall state separately the full amount thereof. Note 6. Particulars must b e given of all loans, including temporary advances, except loans on policies within their surrender values, made at any time during the year to any director or officer o f a com pany or to any other com pany in which any of the said directors or officer* may hold the position either of director or o f officer.

26 Life Assurance Companies. 81 T H E F O U R T H SC HEDULE. (See sections 8 and 9.) S t a t e m e n t r e s p e c t i n g t h e v a l u a t i o n o f t h e l i a b i l i t i e s u n d e r l i f e p o l i c i e s AND ANNUITIES OF THE TO BE MADE AND SIGNED BY THE ACTUARY- (The answers should be numbered to accord with the numbers of the corresponding questions.) 1- The date up to which the valuation is made. 2. The general principles adopted in the valuation, and the method follow ed in the valuation o f particular classes o f assurances, including a statement o f the method by which the net premiums have been arrived at, and whether these principles were determined by the instrum ent constituting the company or by its regulations or bye-laws, or how otherwise ; together w ith a statement o f the manner in which policies on under-average lives are dealt with- 3f The table or tables of m ortality used in the valuation. In cases where the tables employed are not p ublished, specimen policy values are to be given at the rate of interest employed in the valuation, in respect of w hole-life assurance policies effected at the respective ages o f 20, 30, 40 and 50, and having been respectively in force fo r 5 years, 10 years and upwards at intervals o f five years, respectively ; w ith sim ilar specimen policy values in respect o f endowment assurance policies, according to age at entry, original term o f policy and duration. 4. The rate or rates o f interest assumed in the calculations. 5. The actual proportion o f the annual premium income ( if any), reserved as a provision fo r future expenses and profits, separately specified in respect of assurances w ith immediate profits, w ith deferred profits, and w ith o u t profits. ( I f none, state how this provision is made.) 6. The consolidated revenue-account since the last valuation, or in case o f a company which has made no valuation, since the commencement o f the business. (This return should be made in the form annexed. No return under this heading w ill be required where a statement under this Schedule is deposited annually.) 7. The lia b ilitie s o f the company under life policies and annuities at the date o f the valuation, showing the number o f policies, the amount assured and the amount of premiums payable annually under each class o f policies, both w ith and w ithout participation in p ro fits ; and also the net lia b ilitie s and assets o f the company w ith the amount o f surplus or deficiency. (These returns to be made in the form s annexed-) 6

27 82 Life Assurance Companies- 8. The principles upon which the distribution o f profits among the share-holders and policy-holders is made, and whether these principles were determined by the instrum ent constituting the company or by its regulations or bye-laws, or how otherwise, and the number o f years premiums to be paid before a bonus (a) is allotted, and (b) vests. 9. The results o f the valuation, showing (1) the total amount o f p ro fit made by the company, allocated as fo llo w s : (a) among policy-holders w ith immediate participation, and the number and amount o f the policies which p a rticip a te d ; (b) among policy-holders w ith deferred participation, and the number and amount o f the policies which participated ; (c) among the shareholders ; (d) to reserve funds or other accounts ; (e) carried forw ard unappropriated; (2) specimens o f bonuses allotted to whole life assurance policies fo r 1,000 effected at the respective ages o f 20, 30, 40 and 50, and having been respectively in force fo r five years, 10 years and upwards at intervals o f 5 years respectively, together w ith the amounts apportioned under the various modes in which the bonus m ight be received; w ith sim ilar specimen bonuses and particulars in respect o f endowment assurance policies, according to age at entry, original term o f policy, and duration.

28 Life Assurance Companies. 83 ( F o r m r e f e r r e d t o u n d e r H e a d in g N o. 6 i n F o u r t h S c h e d u l e.) Consolidated Revenue Account of the for years commencing and ending Amount of lite assurance -fund at the C l.vr s under policies paid and beginning of the period c islanding Piem iums By death... By maturity Consideration of annuities granted... Surrenders... Annuities.... Interest, dividends and rents Bonuses in cash Bonuses in reduction of premiums Less income-tax thereon... Com mission Other receipts (accos nts to be specified! Expenses of management... Other payments (accounts specified) to be Amount of life assurance fund at the end of the period as per Third Schedule. Note. If any sum has been deducted from the expenses of management account and taken credit ior in the balance-sheet as an asset, the sum so deducted to be separately shown in the above statement.

29 84 Life Assurance Companies ( F o r m r e f e r r e d t o u n d e r H e a d in g N o. 7 in F o u r t h Sc h e d u l e.) Summary and valuation o f the policies of the as at 19 P articulars o f the policies fo r valuation V aluation. (/) 'u c Ch H-l o *-> 1) 1 B3 & T3 aa 1 <u u Sums assured bonuses. Office yearly i miums. on s 3 V alue by the T able, interest per cei.t. S ' o t*g. 03 <u>> Sums assured and bonuses. Office yearly prem ium s. Net yearly premiums. Net lia b ility. ASSURANCES. I. With immediate participation in profits. F o r w h o le te rm o f life Other classes (to be specified) E x tra prem ium s payable... I I. With deferred participation in profits. F o r w hole te rm of life O ther classes (to be specified) E xtra prem ium s payable... T o t a l A s s u r a n c e s w i t h p r o f i t s I I I. Without participation in profits. F o r w hole term o f life O ther classes (to be specified) E x tra prem ium s T o t a l A s s u r a n c e s w i t h o u t p r o f i t s. T o ta l assurances D educt reassurances (to be specified according to class in a separate statem ent) N e t am ount of assurances A djustm ents, i f any (to be separately specified) A N N U IT IE S O N L IV E S. Im m ediate O ther classes (to be specified) T o t a l o f t h e r e s u l t s Note 1. The term extra premium in this A ct shall be taken to mean the charge for any risk not provided fo r in the minimum contract premium. If policies are issued in or for any country at rates o f premium deducted from tables other than the European mortality tables adopted by the company, separate schedules similar in form to the above must be furnished. Note 2. Separate returns and valuation results must be furnished in respect of classes of policies valued by different tables of m ortality, or at different rates o f interest, also for business at other than European rates. Note 3. In cases also where separate valuations of any portion of the business are required under local laws in places outside the Union of Burma, a summary statement must be furnished in respect of the business so valued in each such place show ing the total number of policies, the total sums assured and bonuses, the total office yearly premiums and the total net liability on the bases as to m ortality and interest adopted in each such place, with a statem ent as to such bases respectively.

30 Life Assurance Companies 85 (F o r m r e f e r r e d t o u n d e r H e a d in g N o. 7 in F o u r t h Sc h e d u l e.) Valuation Balance-sheet of as at 19 D r. C r. T o net liability under life assurance and annuity transactions (as per summary statement provided in Fourth Schedule). By life assurance and annuity funds (as per balance sheet under Third Schedule) T o surplus, if any By deficiency, if any T H E F IF T H S C H E D U LE. (See section 10.) S t a t e m e n t o f t h e L i f e A s s u r a n c e a n d A n n u i t y B u s i n e s s o f t h e ON THE 19, TO BE SIGNED BY THE ACTUARY- {The answers should be numbered to accord with the numbers of the corresponding questions Statements of reassurances corresponding to the statements in respect of assurances are to be given throughout ) Separate statements are to be furnished in the replies to all the headings under this Schedule fo r business at other than European rates. 1. The published table or tables o f premiums fo r assurances fo r the whole term o f life and fo r endowment assurances which are in use at the date abovementioned. 2. The total amount assured on lives fo r the whole term o f life which are in existence at the date abovementioned, distinguishing the portions assured w ith immediate profits, w ith deferred profits and w ithout profits, stating separately the total reversionary bonuses and specifying the sums assured fo r each year o f life from the youngest to the oldest ages, the basis o f division as to immediate and deferred profits being stated. 3- The amount o f premiums receivable annually fo r each year o f life after deducting the abatements made by the application o f bonuses in respect of the respective assurances mentioned under Heading No. 2, distinguishing ordinary from extra premiums. A separate statement is to be given of premiums payable fo r a lim ite d number o f years, classified according to the number o f years payments remaining to be made.

31 86 Life Assurance Companies, 4 The total amount assured under endowment assurances, specifying sums assured and office premiums separately in respect o f each year in which such assurances w ill mature fo r payment. The reversionary bonuses must also be separately specified, and the sums assured w ith immediate profits, w ith deferred profits and w ith o u t profits separately returned. 5. The total amount assured under classes o f assurance business, other than assurances dealt w ith under questions 2 and 4, distinguishing the sums assured under each class and stating separately the amount assured w ith immediate profits, w ith deferred profits, and w ithout profits, and the to ta l amount o f reversionary bonuses. 6. The amount o f premiums receivable annually in respect o f each such special class o f assurance mentioned under Heading No. 5, distinguishing ordinary from extra premiums. 7- The to ta l amount o f premiums which has been received from the commencement upon pure endowment policies which are in force at the date abovementioned. 8. The total amount o f immediate annuities on lives, distinguishing the amounts fo r each year o f life, and distinguishing male and female lives. 9. The amount of all annuities on lives other than those specified under Heading No. 8, distinguishing the amount of annuities payable under each class, and the amount o f premiums annually receivable. 10. The average rate o f interest yielded by the assets, whether invested or uninvested, constituting the life assurance fund o f the company, calculated upon the mean fund o f each year during the period since the last investigatio n, w ithout deduction of income-tax- I t must be stated whether or not the mean fund upon which the average rate o f interest is calculated includes reversionary investments. 11. A table of m inim um values, if any, allowed fo r the surrender o f policies fo r the whole term of life and fo r endowments and endowment assurances, or a statement of the method pursued in calculating such surrender values, w ith instances of the application of such method to policies of different standing and taken out at various interval ages from the youngest to the oldest. T H E S IX T H SCHEDULE. (See section 24 and 25.) R u l e s f o r v a l u i n g A n n u i t i e s, L i f e P o l i c i e s a n d L i a b i l i t i e s. Rule for valuing an annuity. A n annuity shall be valued according to the tables used by the company which granted such annuity at the tim e of granting the same, and, where such tables cannot be ascertained or adopted to the satisfaction of the Court, then according to such rate o f interest and table of m ortality as the Court may direct.

32 Life Assurance Companies, 87 Rule for valuing a policy- The value of the policy is to be the difference between the present value o f the reversion in the sum assured according to the contingency upon which it is payable, including any bonus or addition thereto made before the commencement of the winding-up, and the present value o f the future annual premiums. In calculating such present values interest is to be assumed at such rate, and the rate o f m o rta lity according to such tables, as the C ourt may direct. The premium to be calculated is to be such premium as according to the said rate o f interest and rate o f m o rta lity is sufficient to provide fo r the risk incurred by the office in issuing the policy, exclusive of any addition thereto fo r office expenses and other charges. Rule for valuing a liability- The liquidator, in the case o f a ll persons appearing by the books o f the company to be entitled to or interested in policies granted by such company, is to ascertain the value o f the lia b ility o f the company to each such person, and give notice of such value to such persons in such manner as the Court may direct, and any person to whom notice is so given shall be bound by the value so ascertained unless he gives notice of his intention to dispute such value in manner and w ithin a tim e to be prescribed by a rule o r order of the Court. THE PROVIDENT INSURANCE SOCIETIES ACT. CONTENTS. Sections. 1. * * 2 D efinitions. 3. A pplication o f A ct. Preliminary. # # General. 4- Insurable interest. 5. Provisions to be made by rules. 6. R egistration o f Provident Insurance Societies. 7. Unregistered society not to receive prem ium or contribution. 8. Amendment o f rules. 9. R ig h t to supply of copies o f rules. 10. Register o f members. 11. Publication o f authorized, subscribed and paid-up capital, 12. Office.

33 88 Provident Insurance Societies. Sections 13. Revenue-account and balance-sheet. 14- D elivery and publication o f revenue-account, etc. 15- Record o f insurances effected on life other than life o f person insuring. 16- Inspection of books. 17. Inquiry. 18. Cancellation o f registry- 19. L iquida tors. 20. Appeals- Appeals- Offences and Procedure. 21- Penalty fo r non-compliance w ith A ct- 22. Penalty fo r fa lsifyin g documents. 23. Cognizance o f offences. 24. Rules. Rules. Miscellaneousl y. Saving o f existing policies. 26. Power o f President to exempt from provisions o f the Act. THE PROVIDENT INSURANCE SOCIETIES ACT. [ I n d i a A c t V, 1912-] (18th March, 1912.) Preliminary. * * * * Definitions. 2. In this Act, unless there is anything repugnant in the subject or context, (1) C o u rt means the principal c iv il C ourt o f original jurisdiction in a district, and includes the H igh C ourt in the exercise o f its ordinary original c iv il ju risd ictio n : (2) financial year means each period o f twelve months at the end o f which the balance o f the accounts o f any Provident Insurance Society is struck, or, if no such balance is struck, then the calendar ye a r: (3) life assurance business means the issue of, or the undertaking o f lia b ility under, policies o f assurance upon human life, or the granting o f annuities upon human life : (4) policy o f assurance on human life means any instrum ent by which the payment o f money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums fo r a term dependent on human lif e :

34 Provident Insurance Societies. 89 (5) policy-holder means the person who fo r the tim e being is the legal holder o f the policy fo r securing the contract w ith the Provident Insurance S ociety: (6) where a Provident Insurance Society grants annuities upon human life, policy includes the instrument evidencing the contract to pay such an annuity, and policy-holder includes a n n u ita n t: (7) prescribed means prescribed by rules made under this A c t : (8) Provident Insurance Society means any person who, or body, of persons whether corporate or unincorporate which, receives premiums or contributions fo r insuring money to be paid on the birth, marriage or death o f any person or on the happening of such other contingency or class o f contingency as may be prescribed: and (9) Registrar means any person who may be appointed by the President o f the U nion to perform the duties o f the Registrar under this A ct. 3. Nothing in this A c t shall apply to any Provident Insurance Society carrying on life assurance business, which undertakes to pay on any life assurance policy, or series o f life assurance policies on any one life, an annuity exceeding fifty rupees or a gross sum exceeding five hundred rupees, or w hich receives or undertakes to receive by way of prem ium or contribution fo r life assurance on any one life any sum exceeding two hundred and fifty rupees where the said premiums or contributions are payable fo r one year or a lim ited number o f years, or exceeding twenty-five rupees in any one year where the premiums or contributions are unlim ited in number and term inable on death or the occurrence o f an uncertain event : Provided that, in determining whether this A ct applies to any Provident Insurance Society carrying on life assurance business, contracts entered into by the society before the 18th M arch, 1912,1 shall not be taken into consideration Application of Act. General. 4. N o Provident Insurance Society shall receive any prem ium or c o n tribution fo r insuring money to be paid on the death o f any person other than the person paying such premium or contribution or the wife, husband, child, parent, brother or sister o f such person. 5. Every Provident Insurance Society shall by its rules (a) specify the object, name and registered office o f the society ; (b) prescribe the proportion o f the annual income o f the society derived fro m premiums or contributions which may be disbursed fo r the expenses o f management o f the society; (c) in the case o f a society which by rule or practice divides any part o f the funds thereof, provide fo r the payment o f a ll debts due 1 Date o commencement of this Act. Insurable interest. Provisions to be made by rules.

35 Registration o f Provident Insurance Societies. 90 Provident Insurance Societies by the society existing at the time o f division before any such division has taken place ; and (d) provide fo r any other matters w hich may be prescribed. 6. ( l) Every Provident Insurance Society shall, before it receives any premium or contribution, apply to the Registrar fo r that part o f the Union o f Burma in which the office o f the society is situate fo r registration under this Act, and shall deliver to him a copy o f the rules o f the society. (2) The Registrar shall, on being satisfied that such rules com ply w ith the provisions o f this A ct, acknowledge the receipt of the rules and register the society and its rules (J) I f the Registrar is not satisfied that the rules or any o f them comply w ith the provisions o f this A ct, he shall send to the Provident Insurance Society a notice by post stating in what respect such rule or rules is or are not in accordance w ith the provisions o f this A ct, and calling upon such society to deliver to him an amended rule or rules w ith in sixty days. (4) On receipt of a notice under sub-section (3), the Provident Insurance Society may w ithin sixty days deliver to the Registrar an amended rule or rules in co nform ity w ith this A ct, and the Registrar shall thereupon acknowledge the receipt o f the rules and register the society and its rules as hereinbefore provided. Unregistered society not to receive premium or contribution. Amendment of rules. 7. N o Provident Insurance Society shall receive any premium or contribution, unless it is registered in accordance w ith the provisions o f this A ct. 8- ( /) No amendment of any rule of a Provident Insurance Society shall be valid u n til the same has been registered under this Act, fo r which purpose a copy o f the amended rule shall be sent to the R egistrar. (2) The Registrar shall, on being satisfied that any amendment o f a rule is not contrary to the provisions o f this A ct, issue to the society an acknowledgment of the registration o f the same. Right to supply of copies of rules. Register of members. 9. Every Provident Insurance Society shall, on demand, deliver free o f cost to any member of the society a copy o f the rules of the society, and to any person other than a member a copy of such rules on the payment o f a sum not exceeding one rupee. 10. Every Provident Insurance Society which is not a company, as defined in section 2 o f the Burma Companies A ct, shall cause to be kept in the prescribed form a register o f the names and addresses o f its members. Publication of authorized, subscribed and paid-up capital. 11. Where any notice, advertisement or other official publication of a Provident Insurance Society contains a statement o f the amount of the authorized capital o f the society, the publication shall also contain a statement of the amount o f the capital which has been subscribed and the amount paid up.

36 Provident Insurance Societies Every Provident Insurance Society which is not a company, as defined in section 2 of the Burma Companies A ct, shall have an office on the outside o f which it shall display and keep displayed its name in a conspicuous position in legible letters, to which a ll communications and notices may be addressed, and shall give notice to the Registrar o f the situation o f such office and o f any change therein. Office. 13. Every Provident Insurance Society shall, at the expiration o f each financial year, prepare a revenue-account and balance-sheet in the prescribed form and verified in the prescribed manner, and shall cause them to be audited by an auditor possessing the prescribed qualifications. 14. Every Provident Insurance Society shall, w ith in six months o f the expiration of each financial year, deliver to the Registrar the revenue-account and balance-sheet required by section 13, and shall publish them in the prescribed manner. Revenueaccount and balancesheet. D elivery and publication of revenueaccount, etc. 15. Every Provident Insurance Society shall m aintain in the prescribed form a record o f every insurance effected on a life other than the life o f the person insuring, and shall deliver a copy o f such record to the Registrar, together w ith the balance-sheet and revenue-account. Record of insurances effected on life other than life of person insuring. 16. The books o f every Provident Insurance Society shall at a ll reasonable hours be open to inspection by the Registrar, or by any person appointed by him in this behalf, or by any member o f the society. 17. (I) The Registrar may, i f he thinks fit, o f his own m otion, and shall, upon the application of ten or more members or policy-holders o f a Provident Insurance Society, hold or direct an inquiry to be held by an actuary possessing the prescribed qualifications appointed by him by order in w riting in this behalf as to the solvency o f any Provident Insurance Society or as to the manner in which the business o f any such society is conducted. (2) A n application to the Registrar under sub-section (1) shall be supported by such evidence as the Registrar may require fo r the purpose of showing that the applicants have good reason fo r applying fo r an inquiry. (3) The Registrar may require the applicants under sub-section (l) to give such security as he thinks fit fo r the costs o f the proposed inquiry before such an in q u iry is held. (4) A ll expenses of, and incidental to or prelim inary to, any inquiry made on application as aforesaid shall be defrayed by the applicants therefor or out o f the funds o f the society or by the members or officers o f the society in such proportions as the Registrar may direct by order in w riting. (5) A n order made under sub-section (4) shall on application be enforced by any c iv il Court having local jurisdiction in the same manner as a decree of such Court. Inspection o f books. Inquiry.

37 92 Provident Insurance Societies. (6) A person holding an in q u iry under this section shall have access to a ll the books and documents o f the society, and shall have power to ca ll upon the society and the officers of the society to furnish such statements and other in fo rm a tio n in relation to its business as he may direct. (7) The result o f the inquiry shall be communicated to the society and to the applicants ( if any). C ancellation o{ registry. 18. When an inquiry has been held under section 17, the Registrar may, i f he is satisfied (a) that the society is insolvent, or m ust necessarily become so, or (b) that the business o f any such society is conducted fraudulently or not in accordance w ith the rules thereof, after giving previous notice in w ritin g in such manner as he thinks fit specifying briefly the grounds o f the proposed cancellation, cancel the registry o f the society. Liquidators. 19. ( 1) Where the registry o f a Provident Insurance Society is cancelled in accordance w ith the provisions of section 18, the Registrar may appoint a liquidato r to wind up the society. (2) A liq u id a to r appointed under sub-section ( /) shall have power (a) to institute or defend any legal proceedings on behalf o f the society by his name o f o ffice; (b) to determine the contribution to be made by members o f the society, respectively, to the assets o f the society ; (c) to investigate all claims against the society and to decide questions o f p rio rity arising between claimants ; (d) to determine by w hat persons and in what proportions the costs o f the liquidatio n are to be b o rn e ; and (e) to give such directions in regard to the collection and d istrib u tio n o f the assets o f the society as may appear to him to be necessary fo r winding up the affairs o f the society. (3) Subject to any rules o f procedure made under this Act, a liquidato r appointed under this section shall, in so fa r as such powers are necessary to carry out the purposes o f this section, have power to summon and enforce the attendance o f witnesses and to compel the production o f documents by the same means and as far as may be in the same manner as is provided in the case o f a c iv il C ourt by the Code o f C iv il Procedure. (4) Orders made under this section shall on application be enforced as fo llo w s : (a) when made by a liq u id a to r, by any c iv il C ourt having local jurisdiction in the same manner as a decree o f such C o u rt; (b) when made by the C ourt on appeal, in the same manner as a decree o f the Court.

38 Provident Insurance Societies 93 Appeals. 20. ( I) A n appeal shall lie to the C ourt w ith in th irty days (a) fro m an order o f the R egistrar refusing to register a Provident Insurance Society or any rules or amendments o f rules o f such society ; (b) fro m an order o f the R egistrar cancelling the registry o f a society; (c) fro m an order made by a liq u id a to r appointed under scction 19. (2) Save as hereinbefore expressly provided, orders made under this A c t shall be final and conclusive. Offences and Procedure. 21. A n y Provident Insurance Society which makes default in com plying w ith any of the requirements of this A ct. and every director, manager or secretary or other officer or agent of the society, who is know ingly a party to the default, shall be punishable w ith fine which may extend to five hundred rupees, or, in the case o f a continuing default, w ith fine which may extend to two hundred and fifty rupees fo r every day during which the default continues. 22. I f any register, account, balance-sheet or other document required by th is A c t is false in any particular to the knowledge o f any person who signs it, such person shall be punishable w ith im prisonm ent fo r a term which may extend to tw o years, or w ith fine, or w ith both. 23. No Court in fe rio r to that of a Magistrate o f the first class shall try any offence against this A ct. Rules. 24. (1) The President o f the U nion may make rules to carry out the Rules. purposes o f this A ct. (2) In particular, and w ithout prejudice to the generality o f the foregoing power, such rules may prescribe (a) contingencies or class o f contingencies and thereby extend the application o f this A c t to the receipt o f premiums or c o n tributions fo r insuring money to be paid on the happening o f such contingencies or class o f contingencies; (b) the matters in respect o f w hich a society shall make rules ; (c) the fo rm o f any account, return or register required by this A ct, and the manner in which any such account, return or register shall be verifie d ; (d) the fees to be charged fo r matters transacted under this A ct, and the manner in w hich the same are to be collected ; (e) the qualification o f auditors and actuaries under this A c t ; (/) the manner in which any document required to be published by this A c t shall be published ; and (g) the procedure to be follow ed by liquidators under this A ct. Appeals. P enalty fo r n o n - cotnpliance w ith Act. Penalty for falsifying documents. Cognizance of offence*.

39 94 Provident Insurance Societies. (3) The power to make rules conferred by this A c t is subject to the condition o f the rules being made after previous publication. (4) A ll rules made under this A c t shall be published in the Gazette, and on such publication shall have effect as i f enacted therein. Saving of existing policies. Pow er of President to exempt from provisions of the Act, Miscellaneous. 25. No policy effected before the 18th M arch, 1912 l, w ith a Provident Insurance Society shall be deemed to be void by reason only that the insurance is not authorized by this A ct. 26. The President o f the U nion may, by notification in the Gazette, and subject to such conditions and restrictions as he thinks fit, exempt any Provident Insurance Society or class o f Provident Insurance Societies from all or any of the provisions o f this Act. T H E P R O V ID E N T FUNDS A C T. [In d ia A ct X I X, 1925-] (1st A p ril, 1926.) 1. * * * * Definitions. 2. In this A ct, unless there is anything repugnant in the subject or context, (a) com pulsory deposit means a subscription to, or deposit in, a Provident Fund which, under the rules of the Fund, is not, u n til the happening of some specified contingency, repayable on demand otherwise than fo r the purpose of the payment of premia in respect of a p o licy of life insurance, o r the payment of subscriptions or premia in respect o f a fa m ily pension fund, and includes any contribution and any interest or increment which has accrued under the rules o f the Fund on any such subscription, deposit or contribution, and also any such subscription, deposit, contribution, interest or increment remaining to the credit o f the subscriber or depositor after the happening o f any such contingency ; ( b) contribution means any amount credited in a Provident Fund, by any authority administering the Fund, by way o f addition to a subscription to, or deposit or balance at the credit o f an individual account in, the Fund ; and contributory Provident Fund means a Provident Fund the rules o f which provide fo r the crediting o f contributions ; (c) dependant means any o f the fo llo w in g relatives of a deceased subscriber to, or a depositor in, a Provident Fund, namely, a w ife, husband, parent, child, m inor brother, unm arried sister 1 Date of commencement of this Act.

40 Provident Funds. 95 and a deceased son s widow and child, and, where no parent o f the subscriber or depositor is alive, a paternal grand-parent; (d) Government Provident Fund means a Provident Fund, other than a R ailw ay Provident Fund, constituted by the authority of the Government fo r any class or classes o f its employees or of persons employed in educational institutions or employed by bodies existing solely fo r educational purposes ; (e) Provident Fund means a fund in which subscriptions or deposits of any class or classes of employees are received and held on th e ir in d ivid u a l accounts, and includes any contributions and any interest or increment accruing on such subscriptions, deposits or contributions under the rules o f the F u n d ; (/) railw ay adm inistration means any authority administering a railw ay or tramway under any enactment in force in the Union o f Burma regulating railways or tramways, or under contract w ith the Government [* * * ] x ; (g) R ailw ay Provident Fund means a Provident Fund constituted by the authority of a railw ay adm inistration fo r any class or classes of its employees. 3. (J) A compulsory deposit in any Government or R ailw ay Provident P rotection o f com puls o ry de Fund shall not in any way be capable o f being assigned or charged and shall not be liable to attachment under any decree or order o f any c iv il, revenue posits. or crim inal C ourt in respect o f any debt or lia b ility incurred by the subscriber or depositor, and neither the O fficial Assignee nor any receiver appointed under the Burma Insolvency A ct shall be entitled to, or have any claim on, any such com pulsory deposit. (2) A ny sum standing to the credit of any subscriber to, or depositor in, any such Fund at the time of his decease and payable under the rules of the Fund to any dependant o f the subscriber or depositor, or to such person as may be authorized by law to receive payment on his behalf, shall, subject to any deduction authorized by this A c t and, save where the dependant is the widow or child of the subscriber or depositor, subject also to the rights of an assignee under an assignment made before the 1st A p ril, 1926,2 vest in the dependant, and shall, subject as aforesaid, be free from any debt or other lia b ility incurred by the deceased or incurred by the dependant before the death o f the subscriber or depositor. 4. ( /) When under the rules o f any Government or R ailw ay P rovident Fund the sum standing to the credit o f any subscriber or depositor, or the balance thereof after the making o f any deduction authorized by this A ct, has become payable, the officer whose duty it is to make the payment Provisions regarding repayments. 1 The w ords or the R ailw ay Board were om itted by the U nion of Burm a (Adaptation of Law s) Order, Date of con.mence.'nent of this Act.

41 96 Provident Funds shall pay the sum or balance, as the case may be, to the subscriber or depositor, or, i f he is dead, shall (a) i f the sum or balance, or any p a rt thereof, vests in a dependant under the provisions o f section 3, pay the same to the dependant or to such person as may be authorized by law to receive payment on his b e h a lf; or (b) i f the whole sum or balance, as the case may be, does not exceed five thousand rupees, pay the same, or any part thereof which is not payable under clause (a), to any person nominated to receive it under the rules o f the Fund, or, if no person is so nominated, to any person appearing to him to be otherwise entitled to receive i t ; or (c) in the case of any sum or balance, or any part thereof, which is not payable to any person under clause (a) or clause (b) pay the same (i) to any person nominated to receive it under the rules o f the Fund, on production by such person o f probate or letters o f adm inistration evidencing the grant to him o f adm inistration to the estate o f the deceased or a succession certificate e n titling the holder thereof to receive payment o f such sum, balance or part, or ( ii) where no person is so nominated, to any person who produces such probate, letters or c e rtifica te: Provided that, where the whole or any part o f any sum standing to the credit o f the subscriber or depositor has been assigned to any other person before the 1st A p ril, 1926,1 and notice in w riting o f the assignment has been received by the officer from the assignee( the officer shall, after making any deduction authorized by this A c t and any payment due under clause (a) to or on behalf of the widow or children o f the subscriber or depositor (i) i f the subscriber or depositor or, i f he is dead, the person to whom in the absence o f any valid assignment the sum or balance would be payable under this sub-section gives his consent in w riting, pay the sum or part or the balance thereof, as the case may be, to the assignee, or (ii) if such consent is not forthcom ing, w ithhold payment o f the sum, part or balance, as the case may be, pending a decision of a competent c iv il C ourt as to the person entitled to receive it- (2) The making of any payment authorized by sub-section ( /) shall be a fu ll discharge to the Government or the railw ay adm inistration, as the case may be, from a ll lia b ility in respect o f so much o f the sum standing to the credit o f the subscriber or depositor as is equivalent to the am ount so paid- 1 Date of commencement of this Act.

42 Provident Funds ( 1) Subject to the provisions o f this Act, but otherwise notwithstanding Rights o f nominees. anything contained in any law fo r the time being in force or any disposition, whether testamentary or otherwise, by a subscriber to, or depositor in, a Government or R ailway Provident Fund of the sum standing to his credit in the Fund, or of any part thereof, any nom ination, duly made in accordance w ith the rules o f the Fund, which purports to confer upon any person the rig h t to receive the whole or any part o f such sum on the death o f the subscriber or depositor, shall be deemed to confer such rig h t absolutely u n til such nom ination is varied by another nom ination made in like manner or is expressly cancelled by the subscriber or depositor by notice given in such manner and to such a u thority as is prescribed by those rules. (2) A ny such person shall, on the death o f the subscriber or depositor, be entitled to the grant o f a succession certificate entitling him to receive payment of such sum or part, and such certificate shall not be deemed to be invalidated or superseded by any grant to any other person o f probate or letters o f adm inistration to the estate o f the deceased. 6. When the sum standing to the credit of any subscriber or depositor in any Government or R ailway Provident Fund which is a contributory Provident Fund becomes payable, there may, if the authority specified in this behalf in the rules o f the Fund so directs, be deducted therefrom and paid to Government or the R ailw ay adm inistration, as the case may be (a) any amount due under a lia b ility incurred by the subscriber or depositor to Government or the Railway A dm inistration, but not exceeding in any case the total amount o f any contributions credited to the account o f the subscriber or depositor and of any interest or increment which has accrued on such contributions ; or ( b) where the subscriber or depositor has been dismissed from his employment fo r any reasons specified in this behalf in the rules o f the Fund, or where he has resigned such employment w ith in five years o f the commencement thereof, the whole or any part o f the amount o f any such contributions, interest and increment. 7. No suit or other legal proceeding shall lie against any person in respect of anything which is in good fa ith done or intended to be done under this A ct. Power to make deductions. Protection for acts done in good faith. 8. ( I) The President of the U nion may, by notification in the Gazette, P ow er to direct that the provisions of this A ct shall apply to any Provident Fund a p p ly the A ct to other established fo r the benefit of its employees by any local authority w ith in the Provident meaning of the Local A uthorities Loans A ct, and, on the making of such Funds. declaration, this A ct shall apply accordingly as if such Provident Fund were a Government Provident Fund and such local authority were the Government. (2) The President o f the U nion may, by notification, direct that the provisions of this A c t shall apply to any Provident Fund established fo r the 7

43 98 Provident Funds. benefit of the employees o f the U niversity o f Rangoon or o f any college affiliated thereto, or of any other public in stitu tio n. Savings as to estates of soldiers. 9. N othing in section 4 or section 5 shall apply to money belonging to 56 and any estate fo r the purpose o f the adm inistration of which the Regimental Vict- c- 5' Debts A ct, 1893, [would have applied if the C onstitution o f the U nion had not come in to operation.]1 T H E C O N T R IB U T O R Y P R O V ID E N T FUNDS A C T * [B u r m a A c t V II, 1943.] (8th December, 1941.) Whereas it is expedient to make provision fo r safeguarding, fo r the benefit o f the subscribers and their dependants, the assets o f certain C o n tributory Provident Funds established in the U nion o f Burma ; * * * * I t is hereby enacted as follow s '. Short title, commencem ent and extent. D efinitions. 1. (1) This A c t may be called the C ontributory Provident Funds A ct, (2) I t shall be deemed to have come into force on the 8th day of December 1941, and shall continue in force u n til the President o f the U nion, by notification, declares that it shall cease to be operative. 2. In this A ct (1) dependant means and includes any relative or nominee o f a deceased subscriber to the Provident Fund who, under the rules o f the Fund, is or may become entitled to receive the whole or any portion o f the sum standing to the credit of the subscriber; (2) employer means any person who, by him self or through Trustees, contributes to a Provident Fund maintained fo r the benefit o f his employees ; (3) Provident Fund means a fund in which subscriptions or deposits of any class or classes o f employees are received and held on th e ir individua l accounts, and includes any contributions and any interest or increment accruing on such subscriptions, deposits or contributions under the rules o f the Fund ; (4) subscriber means any person who, in accordance w ith the rules o f the Provident Fund, subscribes to or deposits*in the Fund and thereby is entitled to participate in the F u n d ; (5) Trustees means the Trustees o f the Provident Fund, and includes any person or persons acting in sim ilar capacity in relation to the Fund. 1 Substituted by the U nion o f B urm a (Adaptation of Laws) Order, * Published in C hief Secretary s Office N otification N o. 54, dated 27th February 1943 and republished in Burma Gazette, 1946, Part I, page 135.

44 Contributory Provident Funds. 99 India XIX, In the case of any Provident Fund established in the U nion o f Burma to which the provisions of the Provident Funds A ct are not applicable, and which is such that the subscribers to the Fund have no claim upon the general assets o f the employer, the President of the U nion may, by notification, declare such Provident Fund to be a notified Provident Fund as from a specified date, whether prospectively or retrospectively, and the provisions of this A c t shall thereupon be deemed to apply to such Fund as fro m such date. N otifica tio n o f P rovident Funds. 4. As a condition to the issue o f such notification the President o f the U nion may require from the Trustees or fro m the employer such undertakings as he may th in k fit, and in particular an undertaking that the Trustees w ill pay from the assets of the Fund to the subscribers or their dependants, debarred by reason of the provisions of this A ct from receiving payment from the Trustees in accordance w ith the rules o f the Fund, amounts computed in a specified manner. 5. In making payments in accordance w ith any undertaking given in pursuance of section 4 the Trustees shall reserve a portion o f the Fund sufficient, at the tim e of making such payments as aforesaid, to make payments sim ilarly computed to those subscribers who are s till in the employ, ment o f the employer, or whose whereabouts are unknown or to whom immediate payment is fo r any other reason impracticable ; and no subscriber whose employment terminated on or after the eighth day o f December, 1941, shall be entitled to any p rio rity over other subscribers by reason of the date on which his employment term inated. 6. ( /) On the issue o f a notification under section 3, but subject to such undertakings as may have been given in pursuance o f section 4, the Trustees o f a notified Provident Fund or the employer shall, notwithstanding anything contained in the rules of the Fund, be released from lia b ility to make payments out of the Fund to any subscriber, or to the dependants of any subscriber. (2) Such exemption from lia b ility shall continue so long as the realization of any of the securities belonging to the Provident Fund would involve their disposal at prices below the cost of purchase; but nothing in this A ct shall be deemed to p ro h ib it the Trustees from realizing securities at prices which are not below the cost of purchase, or from making payments pro rata to subscribers or their dependants in excess of the undertakings given under section 4-7. The President of the U nion may at any time require any modificatio11 of the undertakings given under section 4, and may rescind or cancel any notification issued under section 3. U ndertaking b y Trustees o r e m ployer. R ights of continuing employees, and p rio rity, Release o f Trustees fro m lia b ility. M odification o f undertakings, and cancellation of notification.

45 100 Contributory Provident Funds. Fund to continue in existence. Bar to jurisdiction. 8. Notwithstanding anything contained in the rules of the Fund, a Provident Fund notified under this A ct shall be deemed to continue in existence u n til such notification is rescinded or cancelled. 9. No suit or other proceeding shall lie against the Trustees of a notified Provident Fund or against the employer fo r any o f the reliefs to which a subscriber or the dependants of a subscriber m ight have been entitled but fo r this A ct. [oggo 33cSg0G033^cS ogll] (30^0 I SOCO O 6jcSll) G330cSol33 C^Ss 33cSg0G333 8 ggo sd^cs00 Sll gog3ajgat^y^ii OH II ( o ) 33cSgOG3C^I O g ^ O g S 8 l g G<X>o8{^ 030QS0^&33^ 33c8 ( j ) ^SCGOOSOOGOO Cj)cS(y G0C)j )06j OOcS^cS GOOOG 6 c8cg ^5)0^11 J II 8 8g ygo oq 8cqS---- Ug 33cSg0G30g8l 33G^o8s33SP 8 8g(DI G jg^or8 OOOSC^ 3s8y1cS ( o o ) 3 3 ^ S ^ O O ^ O I 33cS go G 333S C*j SsGOOO ggs co O o S ^ 330«l6 is33^c^s^c^ad^ii ( a ) 3 l^ c 8 o O O O j{^ S ^ S c O ^ O I c^33cs g0g 3336) o ooosgooo 331*} o&c^s^cvijsoogsii ( o g ^ O ^ C o S s S^CO^OI g^gcoos^, g^50jo O 008s33^^@8g I ^G(X»o8(5 33^oS gj $os g^so^o^ooss 33^ S g i 33 ooss 6paj}soo8s csajc^ eoo6q8si epofls3 GCOO 33 p o8s 8c0^sp03^0^ OoSgSGODOSpO^OgS islcoosgssssiajc^gcosqss s^cjjioogsii ( & ) g ^ o j g ^ a w s s ^ 03^ 01 ^ e o o ^ s (x rjc S o ^ 3^C^00 II ( c ) S^OO^OI j33c gog3ol gg0^53 c8fcj 08 S 33 0jjo3300c833cgc8 OOOS GO0O33O9S> GoTcS 33S) OCJc8 gos c^cseooo GoTc Ggcoc8Gos6) o o o o ^ 8sc^Goo8q8 si cxjc8gos c8csgooo oocsstjsisjib spo jcs u^s c^s (a n n u ity) c^ocjc8gos S) 00O0^O jgssc^g00scjss S^c^oo^ll g fki Gyco 3 S1^ 1 " «^8 c ^(X ) ;i o g jo g ^ f S i 03^8s 01 eoqjc o? 9 J 2 S@E "

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