(l) Whenever an investigation is made intothe financial condition of a provident society under Sec. 81 of theAct the report of the actuary-
(a) shall, so far as practicable, be prepared in accordance withthe regulations, and requirements contained in the Fourth Schedule tothe Act except that it shall not be necessary to supply aconsolidated revenue account in Form G, a statement in Form DDD ofadditions to and deductions from policies and a statement in FormDDDD of particulars of policies forfeited or lapsed;
(b) shall contain in the appropriate places the informationrequired in Cls.
(a) to (e) of sub-section (2) of Sec. 81;
(c) shall state the proportion of the renewal premium income spentin payment of commission and other expenses in each year during theperiod since the last investigation after allowing as the cost of thenew business of the year, 71/2 per cent, of single premiums and 90per cent of first year's premiums, falling due in the year afterdeduction of those unpaid under policies allowed to lapse in theyear;
(d) shall state whether the actuary has taken steps to prevent thepolicy reserve values from being less than the minimum surrendervalues;
(e) shall have appended to it a certificate as prescribed insub-section (2) of sec. 81; and
(f) shall contain a statement that in no case where a policy hasbeen written off as a lapse does there exist any further liabilityactual or contingent.
(2) Where an investigation into the financial condition of aprovident society is made as at a date other than the expiration ofthe year of account, the accounts for the period since the expirationof the last year of account and the balance-sheet as at the date atwhich the investigation is made shall be prepared and audited in themanner provided by the act and these rules.