§ Sir JOHN SPEARasked whether the accumulated funds of a small friendly society, when joining an approved society under the National Insurance Act, will be reserved for extra benefits for the members of such small society or pooled with any surplus funds of the approved society; and, in case of a small society joining a county group, will the accumulated funds be pooled for the benefit of the group, or otherwise?
§ Mr. MASTERMANThe existing funds of a society remain the absolute property of the society and its members, subject to the obligation on a registered society to submit a scheme under Section 72 of the Act, which in no case operates so as to divert these funds, or any part of them, from the existing members of the society whatever steps it takes with regard to the administration of funds available under the National Insurance Act. In the case of a society with accumulated funds being grouped with other societies in the same county, those funds would still remain the absolute property of the present members of the society, and be applied to their own advantage.