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Friday, 21 September 1928


Mr E RILEY (SOUTH SYDNEY, NEW SOUTH WALES) (6:32 AM) - Apparently when the Treasurer was asked to consent to an amendment of the rules governing the superannuation fund he was deceived in order that Mr. Kell might draw £1,000 a year as superannuation allowance. Does the honorable member remember the alterations that he was asked to approve?


Dr Earle Page - They were extensive and I remember that one was to increase the contribution by the bank from 2 per cent. to 3 per cent., to enable the payments to beneficiaries to be slightly increased.


Mr E RILEY (SOUTH SYDNEY, NEW SOUTH WALES) - If the bank is contributing 3 per cent. towards the fund it is our duty to see that it is adequately protected. As a result of a trick the exGovernor of the bank is able to draw £1,000 a year for one contribution of £800.


Dr Earle Page - I do not think the rules would permit that, but I shall ascertain.


Mr E RILEY (SOUTH SYDNEY, NEW SOUTH WALES) - We have asked for information regarding this matter, and the bank has declined to give it. If some worker conspired to alter the rules of a fund to which he was a contributor, in order to improperly increase his own benefits, he would be prosecuted for conspiracy. It seems to me that Mr. Kell conspired with the directors of the bank to get the rules altered in order that he might retire on a superannuation allowance of £1,000 a year. If action cannot be taken to recover that sum from Mr. Kell, he should be prosecuted for conspiracy.







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