§ Mr. MacDermotI beg to move Amendment No. 262, in page 93, line 44, to leave out from "being" to the end of line 45 and to insert:
an age which he will attain at a time not less than ten years after the beginning of the term of the policy of assurance".We have put down the Amendment in response to representations from the friendly societies that the present minimum age provision is too restrictive, that there should not be a requirement that premiums should cease on the attainment of a specified age, and that it should be sufficient to satisfy the ten-year test, even though there is a provision for the premiums to cease at a specified age lower than 60. We understand that a number of societies have such policies, and we see no objection in principle.
§ Amendment agreed to.
§ Mr. MacDermotI beg to move Amendment No. 263, in page 95, to leave out lines 3 to 6 and to insert:
The following limits shall be substituted for the limits imposed by section 41(1) of the Friendly Societies Act 1896 on the amounts which a member, or person claiming through a member, of a registered society or branch is entitled to receive from any one or more such societies or branches (taking together all such societies or branches throughout the United Kingdom).
§ The ChairmanI suggest that it might be convenient to consider, at the same time, Amendment No. 266, in page 96, line 12, to leave out sub-paragraph (2).
§ Mr. MacDermotYes, Sir Eric. I am obliged.
508 These Amendments are necessary to bring paragraph 5 of Schedule 7 into line with Section 41(1) of the Friendly Societies Act, 1896, which contains limits applying to the sums which may be paid to a member or person claiming through a member. The effect, for example, is that, where a policy is inherited, this does not affect the member's personal ration.
§ Amendment agreed to.
§ Mr. MacDermotI beg to move Amendment No. 264, in page 95, line 20, to leave out from "registered" to the end of line 22 and to insert:
if it contracts with any person for the assurance of an annuity or of a gross sum in excess of".This is a minor Amendment to paragraph 5, which at present provides that a friendly society shall not be registered unless its rules specifically prohibit it from assuring a person a sum which contravenes the limits in paragraph 5. This is too restrictive because there are many societies which would have to change their rules in order to comply. It will be enough if the society observes the limit in practice, which is what the Amendment requires.
§ Amendment agreed to.
§ Mr. MacDermotI beg to move Amendment No. 265, in page 96, line 2, after "Schedule" to insert:
otherwise than in pursuance of sub-paragraph (1) above".This Amendment deals with the power given to a committee of management of a society to amend its rules within a 509 limited period by a resolution of the committee in order to take advantage of the new provisions. The way the provision is drafted at present is unduly restrictive because it means that societies would have to make all the changes at one time, whereas they may wish to make amendments separately, on more than one occasion. So long as they are all related to the subject matter of the Schedule, there is no reason why they should not be dealt with in that way, and the difficulty is overcome by the Amendment.
§ Amendment agreed to.
§ Further Amendment made: In page 96, line 12, leave out sub-paragraph (1). —[Mr. MacDermot.]
§ Schedule, as amended, agreed to.