Friendly Societies Act Amendment Act 1946 (WA)

1946.] Friendly Societies. [No. 13.

FRIENDLY SOCIETIES.

10 D GEO. VI., No. XIII.

No. 13 of 1946.

AN ACT to amend sections seven and twelve of the

Friendly Societies Act, 1894-1939.

[Assented to 18th November, 1946.]

BE it enacted by the King's Most Excellent Majesty,by and with the advice and consent of the Legis- lative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

1.    This Act may be cited as the Friendly Societies Short title.

Act Amendment Act, 1946, and shall be read as one with the Friendly Societies Act, 1894-1939 (58 Vict. No. 23 as reprinted in the Appendix to the Sessional Volume of the Statutes for the year 1923 and amended by the Acts No. 38 of 1930, No. 38 of 1938, and No. 41 of 1939), here- inafter referred to as the principal Act.

2. Section seven of the principal Act is amended by Amendment of s. 7.

deleting the word ''three'' in the last line, and inserting

in lieu thereof the word "five."

deleting paragraph (4) and inserting in lieu thereof a of s.12. 3. Section twelve of the principal Act is amended by Amendment

paragraph as f ollows

(4) (a) In the case of societies and branches which have been reported to possess a surplus at the last valuation made under this Act, and whose scales of contributions for new members have been certified to as adequate by-

(i) the Registrar ; or

(ii)    any public valuer under this Act; or

No. 13.] Friendly Societies. [1946.

(iii) any actuary approved by the Registrar,

it shall be lawful for a society or branch (as the case may be) to apply to such purposes, as may be approved by the Registrar, in any financial year of such society or branch, that portion of the income derived in that year from the investment (including deposit in a Savings Bank) of capital moneys stand- ing to the credit of any particular fund or benefit re- ferred to in subsection (3) of this section, which re- mains after placing to the credit of such particular fund or benefit out of the said income an amount equal to interest at the rate of four and one half per centum per annum on the total amount of the capital stand- ing to the credit of such particular fund or benefit at the beginning of such financial year as disclosed by Return "A";

(b) When any funds are invested in Government securities of the Commonwealth or of this State or in debentures or other securities of the corporation of any municipality in this State, and the interest accruing from such investment is less than four and a half, but not less than four, per centum per annum then for the purposes of this paragraph investment shall be deemed to be and treated as producing interest at four and a half per centum per annum.

..tion of	Mi
principal Act 4. The principal Act as amended by this Act may be
as amended. cited as the Friendly Societies Act, 1894-1946.