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The Pamphlet Collection of Sir Robert Stout: Volume 45

Investment of funds

Investment of funds.

(1.) The Trustees, with the consent of the committee of management or of a majority of the members of a society or of a registered branch present and entitled to vote in general meeting, may from time to time invest the funds of such society or registered branch, or any part thereof, to any amount in any of the following ways:—
(a.)In the Post Office Savings Bank, or in any savings bank constituted under "The Savings Bank Act, 1858," or in such other bank or banks in the colony as the Governor may from time to time appoint:—
(b.)In any debentures, bonds, or Treasury bills issued by or on behalf of the General Government of the colony under the authority of any Act of the General Assembly:
(c.)In the purchase of land, or in the erection or alteration of offices or other buildings thereon:
(d.)Upon any other security expressly directed by the rules of the society or registered branch, not being personal security, except as hereinafter authorised with respect to loans.

Nothing herein shall interfere with or restrict any special power or authority given to friendly societies by any Act of the General Assembly to invest the funds of such society or registered branch in any security by such Act authorised.