Moreover, it is, in my opinion, correct to say that when the Board performs its function of insurance under Pt III of the Act, it carries on "the business of insurance". The word "business" is, of course, one of wide import, although the precise scope of its meaning will always depend upon the context in which it appears. Here, as I have said, the question is one of its ordinary and popular denotation. Thus I do not think, contrary to the argument for the Board, that the word "business" in the present case merely contemplates commercial enterprises which are in competition and which are conducted for profit. Rather, it denotes the idea that some person, body or organization is engaged in the activity or undertaking of insurance. Once this definition or understanding of the word "business" is accepted, it follows that certain features of the Board and of the scheme which it administers do not conclude the issue of whether the Board is in "the business of insurance". Thus, for example, it cannot be decisive that the Board is a statutory body nor that it is not out to make a profit (see s. 11 (3) of the Act). Furthermore, it can hardly be significant that the effect of the scheme of insurance created by the Act is to supersede the system of compulsory third party insurance established under the Traffic Act 1925. Indeed, the fact that the Board's functions under Pt III of the Act replace those of the insurers who were involved in the system of insurance which obtained under the Traffic Act 1925 rather lends force to the conclusion that the Board is engaged in the "business" of compulsory third party insurance.