FRIENDLY SOCIETIES BILL.

Gisborne Times, Volume XXVII, Issue 2676, 4 December 1909, Page 5

FRIENDLY SOCIETIES BILL.

THE PROVISIONS OF THE

MEASURE

(Special to “Times.”) WELLINGTON, Dec. 3. The Friendly Societies Bill, brought down by Governor’s message to-day, is in substitution for the Friendly Societies Act, 1908. It incorporates such provisions of the Imperial Acts of 1896 and 1908 as seem applicable to New Zealand, as well as several new provisons for improving the financial soundness of the societies. The provisions of the Act of 1882 as to “specially authorised” societies have been restored. Friendly societies may include, among their objects, the guarantee of the fidelity of tlicir officers and servants. In future no society or branch is to be registered unless the rates of contributions shown in the rules are certified by an actuary. Any existing society or branch having an adequate scale of contributions may obtain, on application to the Registrar, an actuarial certificate to that effect. No amendment of the rules of a society or branch- is to be registered until an actuary has reported that the amendment- docs not adversely affect the financial soundness of the society or branch. Additional provisions as to powers of investment are proposed.. A trustee, when investing money on mortgage of land or buildings. must not advance more than a fixed proportion of the value of the security, and if any benefit funds are in future invested in the purchase of land or the erection or alteration of buildings wholly or partly occupied by the society or branch, a specified rate of interest on the sum so invested must lie guaranteed by the society or branch. Money payable by a friendly society to a member or on the death of a member is protected against creditors in the same manner as life insurance policies. The provisions as to inspection and the settlement of disputes by arbitration have been extended in accordance with the English and New South Waies Acts.