PETITION TO PARLIAMENT

Chronicle (Levin), 23 October 1947, Page 5

PETITION TO PARLIAMENT

Press Association)

(Pzr

WELLINGTON, Oet. 22. A request that tlie Commissioner ot Taxes be required to witlulraw liis approval for income tax purposes, of the guaruntee and provident fund.s of the Union Bank of Australia Ltd., until the rules of those funds are amended, was sought in a petition presented to the House of Representatives today on behaif of James Philip Webster, of Palmerston North, and live others. The petition was presented by Dr. A. M. Finlay for Mr. Ormond Wilson who was absent. Petitioners said that, in spite of numerous requests by members and ex members of its staff, the Union Banu continued in its refusal to include in the rules of its pension funds, any ar rangenient for the refunding of eontnbutions to members who leave its ser viee. Althougli the bank had reeently reeognised the validity of elaims fnr these refunds by making eertain exgratia pavments to members of its staff who resign, its aetion in reserving diseretionary powers in this matter and m fixing an arbitrary date (1/1/45) toi the making of these payments, called for some action "to bring home to the directors of the bank an awareness of their responsibilities as employers in a demoeratie eountry. "Petitioners therefore asked that the Commissioner of Taxes should exereise his power to withdraw approval of the- contributory pension funds for income tax purposes and sliould vvithhold approval from these funds pending, lirstly, an amendment of the rules to provide for the refunding of contributions to those who leave or have left the bank's serviee before qualifying for the payment of a pension and, secondly, the payment of eompensation to petitioners for the loss of contributions conliscated by the bank under the existing rules of the funds, or sueh other relief as might be deemed appropriate.