Page 2 Advertisements Column 2

Manawatu Standard, Volume LXIII, Issue 25, 29 December 1942, Page 2

Meeting. ■ The --provisions of the existing Bylaws as to the holding of another ballot if a candidate should die within a certain timo beforo the declaration of the ballot are repeated with certain extensions and modifications in the proposed Bylaws. Provision is made for secret voting. Notice of candidature must bo given in the month of March. The revised form of voting paper indicates which of the candidates are retiring Directors. ANNUAL MEETINGS.—In consequence of proposed alterations in the method of election tho date for holding Annual Meetings is changed from May "proceedings OF DIRECTORS.Bylaw 63 of the proposed Bylaws gives tho Board freedom to meet and regulate its meetings as it thinks fit. This is a similar power to that conferred on Companies by Tabic A of tho New South Wales Companies' Act, 1936. Provision is also made for the : Board to delegate its powers to committees. INVESTMENT OF FUNDS.—Wider powers of investment are expressly B iven by the Society's Amending Act of 1941, which also empowers tho Society by its Bylaws to proscribe the mode of investment of the Society's funds. The pro posed Bylaws accordingly give greater scope for the .investment of the Socity's funds, the necessity for which has been occasioned by changed and everchanging conditions. The alterations include power to invest in shares and debentures of corporations and companies. Tho limitations on the investment in purchase of mortgage of land are removed and securities which are Trustee investments in any British Country and securities guaranteed by any British Government (and not only by that of the United Kingdom) become authorised investments. Power to improve properties and to purchase any real or personal property for tho purpose of working to better advantage properties owned by or under mortgage to the Society arc also conferred. The power of investing money on deposit is also enlarged. ANNUAL INVESTIGATIONS. The provision in tho present Bylaws that bonus additions to any Policy shall not vest until after the policy has endured two years is not included in the proposed new Bvlaws. This docs not indicate any chango in the practice of the Society. It is considered desirable, however, that the Board should have power to alter tho Society's practice either in respect of somo or all classes of policies at any time it might think it desirable to do so. . , The present Bylaws provido that no unrealised profit arising from the m creased, value of any asset shall be taken into account as portion of the devisiblc surplus. This is unduly restrictive and with respect to securities purchased below par is not in accordance with sound accountancy practice. It is riot included in the proposed new Bylaws. AUDITORS.—A retiring Auditor is not required to give notice of candidature. The rights and duties of an Auditor are set out in greater detail and correspond substantially with the provisions of the New South Wales Companies' Act, 1936. Bylaw 87 of the proposed Bvlaws relates to the. auditing ot the accounts kept at the Society's Branch Offices, no mention of which appears-in the present Bylaws. With the rapid growth of the boeiety the duties and responsibilities of tho Auditors have increased greatly, The present remuneration of each Auditor was nxed at £SOO twenty-two. years ago when the assets of the Society wore £44000,000, compared with' £140,000,000 at the present time. Provision is made for remuneration at the rate of £IOOO a year, or such other sum as is fixed by the Annual Meeting. ..___ A-vrvm PENSIONS AND SUPERANNUATION BENEFITS—At tho present time tho only fund for superannuation purposes subsidised by the Society is the Officers' Provident Fund, tho benefits of which apply only to male members of the permanent staff. Female members of. the staff . agents (of both the Ordinary and Industrial Departments), and wage employees are not covered by any similar fund. the proposed new Bylaws provide that the, Board shall have power to subsidise all Funds or Schemes which it considers desirable for the welfare of the staff. A proviso is included in the new Bylaws "No pension shall be granted or given to an officer whro has retired or is about to retire, and who is or will become entitled to a pension under tho Australian Mutual Provident [society's Officers' Provident Fund, or to his wife, widow, family, connections, or dependants without the consent o£ a General Meeting of the Society INDEMNITY OF DIRECIORS AND OFFICERS.—An indemnity following the form in general use in Great Britain since the passing of the Companies Act, 1929, and in New South Wales since the passing of the Companies Act, i 960, is included. . , . , GENERAL.—The limitations with respect to tho countries in which the Society can issue policies are removed. Certain powers which in the past have been assumed to be vested in the Board will bo cxpresslv conferred by the new Bvlaws. These include power to divide the business of the Society into departments (Bylaw 4), to accept surrenders of policies (Bylaw 8) to exercise statutory powers in other States or countries (Bvlaw 11), to keep separate registers at. "all or any of the offices or agencies of the Society, to transfer at the request of the member a policy from one .register to another (Bylaw 15) to provide that premiums and claims be paid. at, and in the currency of, tho fllwe in. w! ' lch the policy is registered (Bylaw 16). Others matters dealt. with are the signing of policies (Bylaw 6) the keeping of minutes (Bylaw 92) the giving of notices (Bylaws 93 to 100) the conditions on which policies are to he issued (Bvlaw 9) the removal of the limits on the amount of assurance on any one lite and of the conditions on which reassurance business can be undertaken, and on which the Society can reassure part of any policy issued by it (see existing liy-law-8), the qualifications and disqualifications of Directors and Auditors (Bylaws 45, 46, 81, and 82). In many cases the language has been revised and the substance of the previous Bvlaws expressed in a clearer manner and various anomalies have been corrected The order of the Bylaws has also been rearranged. Complete, tear out, and present to the A.M.P. Office where your Policy is Registered. Please supply me with Proxy Forms in connection with the Specia Meetb« JieW i" on Fe^" a i? 127 1943, and March 1, 1943, respectively. Name in Full