THE GOVERNMENT LIFE INSURANCE BILL.

Kumara Times, Issue 3047, 9 August 1886, Page 2

THE GOVERNMENT LIFE INSURANCE BILL.

The Wellington correspondent of the Pi eas, under date 3rd inst., reports : The Government Life Insurance Bill is at last circulated. Its date of coming into force is not specified. The Government Insurance Act of 1874 is re-enacted, with the exception of clauses H to 19, 21, 22, 23, 25, and 28 to 31. The Commissioner is to have poweis, &c, of "a Company" and "of a Secretary," as defined in the Life Insurnnce Policies Act, 1884. One clause ruus as follows:—On the commencement of this Act the New Zealand Government Insurance Association Act, 1884, shall be, and the same is, hereby repealed, and thereupon the Association thereby created and incorporated shall be dissolved, and the entire Board and every member thereof shall cease to hold office. The property of the Association is to vest in the Queen, and all rights, claims, objections, liabilities, "and engagements of the Association are to vest in the Commissioner. Contracts of the Associ.ition are to be deemed to be made with the Commissioner. Policies in force ate to be subject to this Act; regulations in force are to be subject to this Act; regulations in force are to continue ; officers of the Association are to be in the Civil Service; the peison holding the oflice of General Manager of the Association at the commencement of this Act shall, without further appointment, be the Commissioner under this Act. If the Assembly is not in session when the pending quinquennial report is made, the division may be authorised by the Governor in Council. In reference to investment of moneys, the following are the pi ovisions :—Not less than one half of the moneys standing at the credit of the Government Insurance account from time to time shall be invested in accordance with this Act in securities of the Government of New Zealand, or upon loans to the local authority of any county, borough, road district, town district, river district, or drainage district in New Zealand, in respect of securities made and issued by any such local authority, under authority of an Act of the Geueral Assembly, and which are secured by a special rate on property or partly by each rate and partly in some other manner provided; that every loan so made to a local authority shall be approved by the Governor in Council. Half of such moneys may be invested in accordance with this Act in the following manner:-—(1) p ar fc may be lent to holders of policies in •such manner ns is prescribed by this Act ; (2) part may lent, on fist mortgage of laud in New Zi.land held ia

fee simple in possession with or without buildings, but so that no moneys shall be so lent which shall exceed onehalf of the value of the property to be mortgaged as determined by a Valuator or Valuators, to be appointed by the Board, hereinafter referred to. No one loan on mortgage shall exceed pounds in amount, and, so far as is practicable, applications for such loans not exceeding £SOO shall have priority over applications for larger sums. For the purpose of controlling aud managing such investments upon mortgage of land, a Board is hereby constituted, consisting of the Colonial Treasurer, the Solicitor-General, the Surveyor. General, the Property Tax Commissioner, the Public Trustee, and the Commissioner for the time being respectively, provided that the Colonial Treasurer may be represented at any meetings of the Board by any member of the Executive Council of the colony whom he may request to represent him thereat, or who may be acting for the Colonial Treasurer in his absence. No loan upon mortgage of land, as aforesaid, shall be made except upon the unanimous vote of all the members of the Board present at the meeting at which such loan is considered, and in no case shall the same be made or agreed to unless at least three members of the Board are preeent voting for such loan.