HC Deb 14 July 1914 vol 64 cc1881-3

(1) Out of any surplus or profits of the Society or of any particular department thereof determined by any annual or other investigation into its financial position made pursuant to the provsions of any public Act relating to assurance companies for the time being in force or to the rules the directors may set aside and carry to any reserve or reserves whether general or special such sums as they think expedient.

(2) All sums so set aside to any reserve and also all sums standing at the date of the passing of this Act to the credit of any reserve or special fund of the existing society shall at the discretion of the directors be applicable for meeting the expense of establishing making known or providing deposits or funds required in connection with any new department hereafter established by the society or of purchasing or taking over any business hereafter purchased or taken over by the society or for meeting any other contin- gencies or for repairing or maintaining the buildings and offices of the society or for providing pensions superannuation allowance or gratuities for the staff employés or ex-employés of the society or the existing society or the wives families dependants or connections of any such persons or for equalising bonuses or for any other purpose for which the directors consider that it is in the interests of the society that the same or any part thereof should be applied and pending such application may at the discretion of the directors be invested upon any of the investments upon which the moneys of the society not required to satisfy the immediate claims and expenses of the society may be laid out and invested by the directors without its being necessary to keep the investments of the reserves separate from the investments of any other funds of the society.


I beg to move to add at the end of the Clause the words, "Provided that the Agents' Pension Reserve Fund shall only be applied to the objects for which the same was established." I do not know whether supporters of the Bill would be inclined to meet me in this matter, but I can deal with it quite briefly. In this Clause it is proposed to take powers to dispose—


I have to say that the promoters of the Bill will accept the Amendment if it will be held to shorten the proceedings.