MUTUAL INSURANCE COMPANY

Press, Volume LXXIV, Issue 22505, 13 September 1938, Page 10

MUTUAL INSURANCE COMPANY

Meeting of Auckland Policy-Holders

MANAGER AND DIRECTOR QUESTIONED

(PRESS , ASSOCIATION TELEGRAM.) * AUCKLAND, September 12. The recent action by the Public Mutual Insurance Company of New Zealand in making a levy on policy-holders of a sum equivalent to two and a half times the current year’s premium on insurance covers and of calling an extraordinary general meeting for September 23 to consider a resolution for voluntary liquidation was discussed at a meeting of about 150 policy-holders to-night. Mr A. C. Sinclair, secretary to the Checker Taxi Company and chairman of the New Zealand Federated Taxi Owners’ Association, presided. At the invitation of the conveners, a director of the company, Mr A, McKenzie, the company’s solicitor, Mr L.. B. Haynes, and the acting general manager, Mr D. A. Young, were present. Much of the time was occupied in a reply by the company’s representatives to a questionnaire which had earlier been prepared. After many questions had been answered the representatives retired. The meeting later resolved to set up a committee to negotiate with the directors to see if they were prepared to have the liquidation carried out under the direction of the Court with the policy-holders’ nominee as liquidator. The meeting was then adjourned until Thursday.