FRIENDLY SOCIETIES.

Wanganui Herald, Volume XXXXIV, Issue 12941, 4 December 1909, Page 5

FRIENDLY SOCIETIES.

important Amendments Proposed.

(From Our Parliamentary Special. — By TelefcreiihV

WELLINGTON, December 3.

Some important amendments to the existing laws are made in the Friendly Societies Act, which was brought #6\vn by Governor's message to-day. The old provisions relating to "specially authorised" societies have been restored, and "societies may include among, their ofrjectp the guarantee of the fidelity of their officers and servants. The most important provision is on similar lines to those proposed in a previous measure, viz., that in future no society or branch is to be registered unless the rates of contributions shown in the rules, are certified by an actuary. An existing society or branch having an adequate scale of contributions may, on application to the Registrar, obtain an actuarial certificate to that effect. No society or branch will be allowed to register an amendment of its rules unless an actuary has reported that the amendment does not > adversely affect the soundness 1 dr. the society or branch. As to powers of investment, it is provided that trustees, when investing money on mortgoges of l&nd or buildings, must not advance more than a fixed proportion of the value of the security, and if -any benefit funds are in future 'invested in the purchase. of, land,. or erection '6t alteration of buildings wnolly or paitly, occupied ■" by. "the /society, or branch a- specified rate,- of interest — 5 per cent. — mu.Bt 4 be"'gu'aratrsH?d '"by the roei^ or branch. Mone£ payable by sl to a' member or on tuedeath o? a' member is protected against "creditor's, and the provisions .for 1 the insp&e^ion 1 and the. settlement of disputes b.ave"faeen extended in accordance with the lingjisk and New South Wales Acta: • ' '