THE Wairarapa Age MORNING DAILY. FRIDAY, SEPTEMBER 30, 1910. AN IMPORTANT BILL.

Wairarapa Age, Volume XXXII, Issue 10107, 30 September 1910, Page 4

THE Wairarapa Age MORNING DAILY. FRIDAY, SEPTEMBER 30, 1910. AN IMPORTANT BILL.

In the Legislative Council yesterday afternoon, a Bill entitled the "Inalienable Life Annuities Bill," which is of far-reaching importance, was introduced by the Attorney-General and read a second time. Briefly put, it is an attempt to provide means whereby the poorer professional people and the poorer working people may erect an inalienable annuity. It will provide particularly for daughters or for children who have a failing of some unfortunate kind. As the law stands to-day this i cannot be done. Providing the measure passes a father will be able I to make provision of the kind re- ' ferred to without the possibility of the annuity being alienated by bankruptcy or in any other, way whatever. The Bill empowers all Life Insurance Companies and the Government Life Insurance Office to issue inalienable life annuities. The annuities are to be secured by anniv ity policies, and in respect to all such annuities the following provisions shall apply:— (a) Such annuities may be purchased for cash or under any contract for the payment therefor by instalments, with or without provision for the return in whole or in part of the. premiums to the applicant or his nominee in any stated

event. ! (b) Any such policy may be issued upon terms that payment of the life annuity thereby secured may commence at any future or deferred date. (c) Unencumbered life annuity policies now in existence or hereafter created may be exchanged for annuity policies under this Act, by or with the consent of all persons entitled to deal with the same. (d) The special mention in this section of the foregoing powers and provisions shall not derogate from the specification of powers vested ; in the company or the commissioner by the Life Insurance Act, 1908, and the Government Life Insurance Act, 1908, respectively. Inalienable life annuity policies shall be issued in respect of the life of one person only, and such annu- J ity is made a personal provision for ,

the annuitant and, is specifically protected by clause y from creditors and alienees. The maximum amount of an annuity under the Bill is limited to £lO4 per annum in all cases.