FRIENDLY SOCIETIES BILL.

Wairarapa Age, Volume XXXII, Issue 9668, 6 December 1909, Page 4

FRIENDLY SOCIETIES BILL.

Tne new Friendly Societies Bill is in substitution for the Friendly Societies Act, 1908, which is a re-enact-ment of the Friendly Societies Act, 1882, as amended in 1886 and 1892. The Bill incorporates such provisions of the Imperial Acts of 1896 and 1908 as seem applicable to New Zealand, as well as several new provisions for improving the financial soundness of the societies. In future no society or branch is to be registered unless the rates of contribu tions shown in the rules are certified by an actuary. A*iy existing sjciety 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 does not adversely affect the financial soundness of the society or branch. Additional provisions as to powers of investment are proposed. Trustees, when investing money on mortgage of land or buildings, must not advance more than a fixed proportion of the value of the security, anl if any benefit fuads are in futira kvasted h the purchase of land or t w 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 be guaranteed by the Bociety or branch. Money payable, hy 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.