Where a child is adopted whose natural parent has effected an insurance with a friendly society or a collecting society or an industrial insurance company for the payment on the death of the child of money for funeral expenses, then—
the rights and liabilities under the policy are by virtue of the adoption transferred to the adoptive parents, and
for the purposes of the enactments relating to such societies and companies, the adoptive parents are to be treated as the person who took out the policy.
Where the adoption is effected by an order made by virtue of section 51(2), the references in subsection (1) to the adoptive parents are to be read as references to the adopter and the other one of the couple.