§ (1) Notwithstanding anything in any enactment to the contrary, it shall be lawful, when provision is made therefor by the rules of any friendly society or trade union registered in Scotland, or of any society approved by the Scottish Insurance Commissioners for the purpose of the National Insurance Act, 1911, or of any branch of such society or union, for any funds of such society or union or branch which may lawfully be invested in stock issued in connection with any loan raised for the purposes of the present War, to be 171 invested in such stock in the name of the "Accountant of Court," provided that pending the making of rules so providing it shall be lawful for the executive body of such society, union, or branch to invest any such funds in the said stock in the name of the "Accountant of Court" as if such provision were made by the rules.
§ Mr. PETO
I beg to move, in Sub-section (1), to leave out the words "Accountant of Court" ["in such stock in the name of the 'Accountant of Court'"], and to insert instead thereof the words "trustees of the society."
I move this formally in order to ask if there is any object in the cumbrous procedure which seems to be contemplated in Scotland of paying the dividends and so forth to the Accountant of Court, who in his turn, under Sub-section (2), may hand it over to the trustees of the society. Cannot the right hon. Gentleman see his way clear to accept these Amendments and allow the trustees to act?
§ Mr. MONTAGU
The Accountant of Court in this case is chosen as the nearest analogy we can get to the Public Trustee. If you put in the trustees of the society the same difficulty would occur as occurred in England. Since the hon. Baronet (Sir G. Younger) put these Amendments on the Paper I have explained the situation to him, and he has expressed himself satisfied.
Mr. T. WILSON
I am quite satisfied that this will simplify the investment of the funds of trade unions. I have no objection to it.
§ Amendment, by leave, withdrawn.
§ Bill reported; as amended, considered; read the third time, and passed.