This Act may be cited as the Insurance Companies’ Deposits Amendment Act, 1923, and shall be read together with and deemed part of the Insurance Companies’ Deposits Act, 1921–22 (hereinafter referred to as the principal Act).

Income-tax payable under any Act heretofore passed or hereafter to be passed shall be assessed upon the income derived by each insurance company from its moneys deposited in accordance with the provisions of the principal Act separately from any other income of such company, and so that the rate of income-tax payable by such company in respect of its income derived from such deposits shall be the same rate as would be payable by such company if such company received in or derived from New Zealand no other income.