FRIENDLY SOCITIES' BILL.

Feilding Star, Volume IV, Issue IV, 4 December 1909, Page 2

FRIENDLY SOCITIES' BILL.

FiN Ai\CI AL SfAFEG U ARDS . "Wellington, Dec. 3. Tho Friendly (societies' Bill, which was introduced in the House of Representatives to-day, is similar to that circulated last year. It is in substitution for the Friendly Societies Act, 18D6 and 1892. - The Bill incorporates such provisions of the Imperial Acts as seem applicable to New Zealand, as well as several new provisions for improving the financial soundness of the societies. The classes of 1 societies to be registered are slightly altered. Cattle Insurance' Societies are omitted, as no such societies have ever made use of the Friendly Societies' statutes in N<i\v Zealand. The provisions of the Act of 1882, as to ' specially authorised ' societies have been re-iustated. imendly societies may include among their obects the guarantee of the fidelity of their officers and servants. In future no society or branch is to be registered unless the scale of contributions shown in tho rules is certified by an actuary. Any existing society or branch liaviug 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 the powers of Investment are proposed. A trustee, when investing; money on mortgages of land or buildings, must not advance more than a tixed pro|x>rtion of the value of the security, and if any benefit funds aro in future invested in the purchase of land or the erection of 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 society or branch. Money payable by a friendly society to a member is protected against creditors in the same manner as life insurance policies. The provisions of the law as to inspection and the settlement of disputes by arbitration have been extended in accordance with the English and New South Wales 'Acte. The provisions of the Friendly Societies Act, 1903, as to "collecting societes " have been omitted as no longer necessary or operative.