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Wednesday, 9 March 1932

Mr BAKER (Oxley) .- There is some ambiguity about this clause when read in conjunction with clause 3, subclause 2. Sub-clause 1 of clause 10 provides that a person carrying on a life insurance business shall lodge with the Treasurer money or securities to the value of £50,000. Sub-clause 2 of clause 3 provides that where the insurance business carried on by any person consists only of life and accident insurance that person shall, for the purpose of the act, be deemed to carry on only one class of business. Will the Assistant Treasurer (Mr. Bruce) state what deposit will be required in the case of such a business ?

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