§ Mr. ROYDSasked the Chancellor of the Exchequer if under the joint operation of Section 23 (3) and Section 24 of the National Insurance Act it is competent to an existing friendly society to become an approved society at any time within twelve months after 15th July next, or within twelve months of such later date, if any, as shall be fixed for the commencement of the Act; and, if so, whether directions will be given to the Government lecturers to make this point clear?
§ Mr. MASTERMANThe Act does not prohibit a society from obtaining approval at any time, whether before or after the commencement of the Act. Societies, however, which delay until the expiration of one year from the commencement of the Act will be unable to take advantage of the special facilities for adapting their rules to the altered circumstances which are provided by Section 24, since that Section ceases to have effect upon the expiration of that period. Generally speaking, however, it is of the utmost importance both to societies which wish to transact business under the Act and to the great mass of insured persons that societies should seek for and obtain approval at the earliest moment possible, and I am sure714W that no useful purpose would be served by recommending delay.