Regulation 4

An industrial assurance company or a collecting society may by resolution of its board of directors or, as the case may be, of its committee of management, passed before 15th February 1971 adopt—

for the purpose of securing that under any industrial assurance or collecting society contract made before 15th February 1971 to which the prescribed scheme or an approved scheme applies no amount other than a new halfpenny or multiple thereof will be payable in respect of any payment that falls due on or after that date.

Where an industrial assurance company or collecting society has so adopted any such scheme, the amount payable to or by the company or society in respect of a payment payable under any contract to which the scheme applies that falls due as aforesaid shall be the amount in the new currency provided for in the scheme.

Written notice of a resolution adopting the prescribed or an approved scheme shall within fourteen days of the passing thereof be sent by the industrial assurance company or collecting society to the Industrial Assurance Commissioner.