(8)Any such contract as is referred to in sub-section (7) which was subsisting on the 1 st day of January, 1949 , but has terminated or has been terminated before the commencement of the Insurance (Amendment) Act, 1950 , shall be subject to the maximum limits specified in clause (i) of the proviso to sub-section (7) as respects remuneration, if any, payable on business procured before the termination of the contract.
