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Tuesday, 15 March 1927

In committee(Consideration resumed from 4th March, vide page 113).

Clause 2.

After section twenty-two of . the Principal Act the following section is inserted : - "22a. - (1.) Notwithstanding anything contained in this act, stock may, subject to this section, be inscribed in the name of any friendly society or branch of a friendly society which the Registrar is satisfied is registered under the laws of any State. " (2.) An application by a friendly society or a branch of a friendly society for inscribed stock shall be in such form and contain such particulars as are prescribed, and any documents prescribed- by or under this Act and relating to that stock shall be signed by such two ormore persons as are appointed in that behalf by the society or branch, as. the case may be. " " (3.) Certificates, receipts and other documents relating to stock inscribed in the name of a friendly society or branch shall be issued only to such person as the society or branch, as the case may be, appoints in that behalf. (4.) No transactions under this act shall be effected in relation to stock inscribed under this section unless they are authorized by the persons appointed by the society or branch, as the case may be, in accordance with sub-section (2.) of this section, and the Commonwealth shall be under no legal liability in respect of any such transaction which is so authorized.".

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