to enable the Commissioners to discharge their liabilities in respect of interest on moneys standing in the Investment Account shall be carried to the Interest Account, and all sums credited to Societies, and to the Deposit Contributors Fund, the Navy and Army Insurance Fund, Reserve Suspense Fund Account or any other Fund or Account constituted under the principal Act by way of interest on such moneys shall be debited to that Account. (3) Any sums paid to the Commissioners by way of interest on the moneys handed over to the National Debt Commissioners for temporary investment under any Regulations made by the Treasury, shall likewise be carried to the Interest Account, and the due proportion calculated in such manner as the Commissioners may determine of the sums so carried to that Account shall from time to time be credited to Societies, the Deposit Contributors Fund, the Navy and Army Insurance Fund, Reserve Suspense Fund Account and any other Fund or Account having moneys standing to its credit, otherwise than in the Investment Account, and debited to the Interest Account, so, however, that where at any time during the period of account there was a debit balance in the account of any Society or Fund or Account as aforesaid such adjustments shall be made as are appropriate in the circumstances.

In determining for the purpose of this paragraph the proportion of interest to be credited to each Society, the Commissioners may have regard to the date or dates at which contribution cards. are surrendered by the Society as hereinafter provided.

be sent to Societies.

26. An advice shall be sent by the Commissioners to each Advices to Society of every amount debited or credited to the Society in the books of the Commissioners, and there shall from time to time (but at least once in respect of every year) be forwarded to the Society a statement showing the entries that have been made in the several accounts relating to the Society in the books of the Commissioners in respect of the period to which the statement relates.

Procedure of Societies with regard to transactions with the

Commissioners.

contribution

27. (1) Every Society shall forward to the Commissioners the Duty of contribution cards of its members relating to each half-year Societies before the expiration of the next half-year or such later date to forward as the Commissioners may either generally or in any particular- cards. case determine, and shall at the same time forward to the Commissioners contribution cards of its members for any preceding half-year in the hands of the Society which cards for any preceding half-year shall, for the purpose of claiming credit in respect thereof, be treated as if they were contribution cards for the half-year to which the contribution cards along with which they are forwarded relate.

(2) Every Society shall furnish such summaries, declarations, and returns relating to contribution cards forwarded as aforesaid as the Commissioners may require.

Claims for

reserve

values, transfer values, &c.

Application for issue of money by Society giv. ing security.

Application for issue of money by Society not giving security.

(3) No Society shall be credited in respect of any contribution paid by or in respect of an insured person who was not, or was not deemed to be, a member of the Society at the time when the contribution was paid.

28. Every Society shall transmit to the Commissioners, in such form and at such times as the Commissioners may from time to time direct, particulars with reference to persons who are or have ceased to be members of the Society, in respect of whom reserve values are due to be credited to the Society or in respect of whom transfer values or other sums are due to be credited or debited to the Society.

29.-(1) Every Society which has given security in accordance with the provisions of Section 26 of the principal Act and which requires to have moneys issued to it for the purpose of meeting expenditure under the principal Act, shall apply to the Commissioners in such a form as the Commissioners may from time to time require for the issue of such an amount as is required for the purpose of enabling the Society to defray the expenses which will be properly incurred by it under the principal Act in respect of the period specified in the application.

(2) Every such application shall show, as respects the period to which the application relates, the estimated cost of benefits and of the administration of benefits in respect of members residing in that part of the United Kingdom to which the application relates, the estimated amount of the sums to be received by the Society otherwise than from the Commissioners in connection with its business under the principal Act, and the balance in hand at the date of application, and shall also show the receipts and payments for the purposes aforesaid according to he accounts and books of the Society for such periods prior to the date of application as the Commissioners may require.

(3) If the Commissioners have approved any arrangements whereby payments of benefits are made through the Post Office, the application by the Society shall be made and the money issued dealt with in such manner as the Commissioners may determine.

30.-(1) Any Society which has not given such security as aforesaid may apply to the Commissioners for the issue of such an amount out of the Fund as is required for reimbursing to the Society sums previously expended by it under the principal Act.

(2) Every such application shall be in such form as the Commissioners may from time to time require and shall show as respects the period to which the application relates the expenses properly incurred under the principal Act, according to the accounts and books of the Society, for the cost of benefits and administration of benefits in respect of members residing in that part of the United Kingdom to which the application relates and all sums received by the Society otherwise than from the Commissioners, in connection with its business under the principal Act.

31. Applications made under the last two preceding Articles Period for hereof shall be made for such period as the Commissioners may which applidirect either generally or in any particular case.

cation may

be made.

32.—(1) Except where the rules of a Society otherwise pro- Method of vide, every application shall be signed by not less than two making members of the Committee of Management of the Society making application. the application.

(2) Where the Society has a banking account standing in the name of the Society or in the names of the persons authorised under the rules of the Society to receive moneys paid to the Society for the purposes of providing benefits and for expenses of administration, the application shall state the name of the bank or branch bank at which that account is kept and the title of the account, and, if the Society has not such a banking account, the application shall state the names of the persons authorised under the rules of the Society to receive moneys paid to the Society for the purpose of providing benefits and for expenses of administration.

(3) Where under the rules of the Society a certain officer or officers are authorised to receive moneys issued by the Commissioners for the expenses of benefits and administration, the Commissioners may require the Society to cause a banking account to be opened in the names of such officers, and if a single officer is so authorised, in the name of that officer and of one or more officers jointly with him, and may cause any sums so issued to be placed to the credit of that account, and this Article shall apply accordingly.

(4) Every Society shall, if required, satisfy the Commissioners that any banking account in the name of the Society, or of any branch thereof, or in the names of any officers thereof, used for the purposes of its business under the principal Act is used solely for those purposes and cannot be operated on otherwise than by the joint signatures of two or more officers of the Society or branch.

(5) If by virtue of the rules of, or by virtue of any resolution duly passed by, a Society, the Commissioners are authorised to issue moneys on behalf of the Society for the purposes of providing benefits and for the expenses of administration direct to all or any of the branches of the Society, this Part of these Regulations in so far as it relates to applications for the issues of moneys for the purpose of providing benefits and for expenses of administration shall apply to those branches as if they were. Societies:

Provided that in the case of an application for the issue of moneys to any branch of a Society for the purposes aforesaid the application may be signed by two members of the Committee of Management of the branch instead of by two members of the Committee of Management of the Society.

33. Every Society shall notify to the Commissioners on a form Notification provided by the Commissioners for the purpose whether it is as to desired that moneys available for investment by the Society should investment be paid over to the Society for investment or placed to the credit

of moneys.

Moneys to be kept in

special bank ing account pending investment.

of the Society in the Investment Account or invested by the Commissioners in securities selected by the Society, and a copy, certified by the Secretary or other officer duly authorised in that behalf, of any resolution of the Committee of Management passed for that purpose shall be forwarded to the Commissioners with the notification.

34. (1) Every Society which desires to have moneys paid over to it by the Commissioners for investment shall open a special banking account in the names of the trustees of the Society, and all moneys paid by the Commissioners for the purposes of investment or received by the Society as the proceeds of realisation of investments shall be paid into that account, which shall be operated upon, in the event of there being three trustees, by the joint signatures of all the trustees, or in the event of there being more than three, if the rules of the Society so provide, by a majority of the trustees, and moneys lying in that account pending investment shall not without express directions from the Commissioners be paid over to any other banking account of the Society or otherwise drawn out of the account except for the purposes of investment or payment to the Commissioners, save so far as may be required for the purpose of adjustments of accrued interest in the purchase or sale of stock:

Provided that

(i) in the case of a Society approved for Scotland only, or of a Society without branches having its head office in Scotland and approved for other parts of the United Kingdom as well as for Scotland, or of a branch having its registered office in Scotland, this paragraph shall apply as though for the words "if the rules of the Society so provide " there were substituted "unless the rules of the Society otherwise provide " ; and

(ii) where a Society has less than three trustees, the Commissioners may, if they think fit, and subject to the rules of the Society sanction any other arrangement which in their opinion offers sufficient security for the safety of the moneys so paid over.

(2) No payment as aforesaid of moneys for investment shall be made by the Commissioners unless the trustees of the Society have authorised the payment on a form provided for that purpose by the Commissioners.

(3) The Commissioners shall have power to direct the trustees. of any Society at any time to realise such investments held by them on behalf of the Society for the purpose of the business carried on by the Society under the principal Act as may be necessary for the purpose of discharging such portion of any debit balance of the Society in the Approved Societies' Current Account as ought by this Part of these Regulations to be so discharged, and thereupon the trustees shall forthwith realise such investments as aforesaid and pay over the proceeds of the investments to the Commissioners,

(4) If a Society desires that investments or the proceeds thereof which under this Part of these Regulations are held in the names of the trustees of the Society shall be transferred into the names of the Commissioners or to the Investment Account, or that investments in the names of the Commissioners on behalf of the Society shall be transferred into the names of the trustees of the Society, a copy of the resolution of the Committee of Management passed for that purpose, certified by the trustees of the Society or by the Secretary or other officer or officers authorised by the rules, shall be forwarded to the Commissioners, and any investments or the proceeds thereof which may be transferred by the trustees of the Society to the Commissioners or by the Commissioners to the trustees of the Society under this Article shall be subject to the conditions specified in the foregoing paragraphs.

of securities.

35.-(1) A Society which has given notice that sums available Notification for investment by the Society shall be invested in the names of of selection the Commissioners in securities selected by the Society shall, on receiving an advice from the Commissioners that a sum is so available, notify to the Commissioners on a form provided by the Commissioners for the purpose the security or securities in which the Society desires the said sum to be invested, and if in more than one security the amount which is intended to be invested in each of the specified securities, and such notification shall be signed by the officers or other persons who are authorised thereto by or in pursuance of the rules of the Society:

Provided that the Commissioners may in any particular case, if they think fit, accept a notification from a Society that until the Society otherwise directs all moneys which become available for investment by the Society during the present War shall be invested in the names of the Commissioners in any loans raised for the purposes of the present war and available at the time, and any investment so made by the Commissioners shall for all purposes be treated as if it were an investment made under a special notification in accordance with the provisions of this paragraph.

(2) If by virtue of the rules of, or by virtue of any resolution duly passed by, a Society, the Commissioners are authorised to issue moneys available for investment direct to all or any of the branches of the Society, the Society, on receiving a notification of any sum available for investment by the Society, shall submit to the Commissioners a statement certified by the officers of the Society duly authorised in that behalf showing the amounts to be paid to the trustees of all or any of the branches and the names of those trustees.

(3) The Commissioners may require proof to their satisfaction that any person signing an application or notification is duly authorised in that behalf by the Society making the application.

(4) If by virtue of the rules of a Society, the trustees of the Society are authorised to issue moneys available for investment to all or any of the branches of the Society the payment shall be made by the trustees as if in Article 34 of these Regulations the