The Short Title of this Act is “The Government Life Insurance Acts Amendment Act, 1894.”

In this Act, if not inconsistent with the context,—

Section thirteen of “The Government Insurance and Annuities Act, 1874,” is hereby amended as follows:—

By the said title of “Government Insurance Commissioner” the Commissioner may sue and be sued in all actions arising out of any act, deed, matter, or thing hereafter made, omitted, entered into, done, or suffered relating to the Government Insurance Department by or against the Commissioner, or Her Majesty the Queen, or the said department as one of the departments of the Government, or thepolicyholders of the said department as a body; and no action by the Commissioner shall be abated or dismissed by reason only that such action is brought in the name of the Commissioner.

Not more than one-fourth of the moneys standing at the credit of the Government Insurance Account from time to time shall be invested in accordance with the said Acts in securities of the Government of New Zealand, or upon loans to the local authority of any county, borough, road district, town district, river district, water-supply district, or drainage district in New Zealand in respect of securities made and issued by any such local authority under authority of any Act of the General Assembly, and which arc secured on or by special rate on property, or partly on or by special rate and partly in some other manner: Provided that every loan so made to a local authority shall be assented to by the Board and approved by the Governor in Council.

Three-fourths of the moneys standing at the credit of the Government Insurance Account from time to time shall be invested in accordance with the said Acts in the following manner:—

Part may be lent to holders of policies in such manner as is prescribed by the said Acts:

Part may be lent on first mortgage of real estate in New Zealand in fee-simple in possession, with or without buildings.

No advances on the security of real estate shall exceed three-fifths of the valuation of a valuer or valuers appointed by the Board.

No one loan on mortgage shall exceed ten thousand pounds in amount, nor shall more than ten thousand pounds be lent on mortgage to any one person or company.

Nothing herein contained shall be deemed to repeal, modify, or affect the provisions of Part VIII. of “The Public Revenues Act, 1891.”

Sections ten and eleven of “The Government Life Insurance Act, 1886,” are hereby repealed.