In this section—

While the Council is recognised by the Minister as the body entitled to recommend a member for appointment to the Electricians Registration Board under paragraph (c) of subsection two of section four of this Act, the Council may recover as a debt due to it from each insurance company in respect of the financial year ending with the thirty-first day of March, nineteen hundred and fifty-seven, and each financial year thereafter, a part of the amount payable by the Council towards the cost of administering this Act in that year, which part shall bear the same proportion to the said amount as the proportion which, in the opinion of the Council, the total of the premiums received by or due to the insurance company in that financial year in respect of insurance in New Zealand against fire or accident or both bears to the gross total of all such premiums received by or due to all the insurance companies in that year.”