BUILDING SOCIETIES
Trustee Status Likely (N.Z. Preu Association) MASTERTON, Nov. 3. The Minister of Finance (Mr Lake) said in Masterton on Saturday night he intended to recommend that "efficient” building societies should qualify for trustee status. Mr Lake was the guest speaker at a dinner given by the North Wairarapa Permanent Building and Investment Society to commemorate its first £500,000 in assets. “Your society, among others, has been an advocate for giving trustee status to building society deposits," said Mr Lake. “Once the provisions of new legislation are in force, I intend to recommend to the Government that societies which are running their affairs properly and soundly, and which have adequate reserves, should qualify for trustee status. “This would mean that trustees with moderate sums to invest would be able to place their deposits with building societies, thus adding to the pool of finance for home-ownership." Mr Lake said the exact conditions under which trustee status would be granted had yet to be fully worked out.
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Bibliographic details
Press, Volume CII, Issue 30279, 4 November 1963, Page 14
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166BUILDING SOCIETIES Press, Volume CII, Issue 30279, 4 November 1963, Page 14
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