§ 24. Mr. FELLasked if societies approved under the National Insurance Act will be authorised to invest the portion of the funds in their hands in mortgages of land, or in ground rents, or in other forms of investment in land, which they have hitherto been accustomed to do?
§ Mr. MASTERMANSuch investments as those referred to in the question will be available to approved societies in respect of funds coming into their hands for investment under the National Insurance Act in so far as they fall within the category of trustee securities or may be specially approved by the Insurance Commissioners under Section 56 (2) of the National Insurance Act, but not otherwise.
§ Mr. FELLWill the right hon. Gentleman state what will be the effect upon these approved societies if they invest in mortgages on land and fresh Land Taxes are imposed?
§ Mr. MASTERMANIf the mortgages are sound I cannot imagine any legislation affecting them.