(1) A company shall, in respect of each industrial policy issued by the company, issue to the policy-holder a premium-receipt book as follows—
(a) where the policy was issued before or is issued within the period of 12 months immediately following the commencement of this Act — issue the book before the end of that period of 12 months; or
(b) where the policy is issued after the end of that period of 12 months — issue the book at the time of the issue of the policy.
(2) Despite subsection (1), if the policy-holders concerned do not object, the company may—
(a) issue one premium-receipt book in respect of 2 or more policies if held by the same policy-holder or by 2 or more policy-holders who are members of the same household; or
(b) add the endorsements and entries required by this section in respect of any policy to the premium-receipt book issued in respect of any earlier policy held by the same policy-holder or by a member of the same household.
(3) After the end of the period of 12 months immediately following the commencement of this Act a company shall not issue or permit to be used one premium-receipt book in respect of 2 or more policies held by different policy-holders not being members of the same household.
(4) Any premium-receipt book issued to a policy holder by a company, whether before or after the commencement of this Act, shall, if it complies with this section or if it is amended to comply with these provisions and returned to the policy-holder within the period of 12 months immediately following the commencement of this Act, be deemed to be a premium-receipt book issued in accordance with this section.
(5) Every premium-receipt book issued by a company shall contain in respect of each policy to which it relates—
(a) an endorsement in distinctive type of the particulars referred to in section 121(a) and 121(b);
(b) an entry made by the company of the following matters, namely—
(i) the surname and initials of the policy-holder and, where the policy is issued in respect of the life of a person other than the policy-holder, the surname and initials of that person,
(ii) the amount of the weekly or other periodical premium; and
(c) a notice stating that proof of age may be required before payment of the sum insured.