HALF LEVY ADEQUATE

Gisborne Herald, Volume LXVI, Issue 19990, 15 July 1939, Page 16

HALF LEVY ADEQUATE

INSURANCE FIRM’S DEBTS PUBLIC MUTUA L COM PA NY WELLING TON FIN DIN 0 S (Per Press Assoeintion.) WELLINGTON, this day. The opinion that 47.5 per cent of the balance of the levy owing was suffieent to meet all lhbMities in the liquidation of the Public Mutual Insurance Company of New Zealand W n- n-|-ve~-ed at a meeting yesterday ,-f n number cf Wellington policyholders of the company. A resolution, to this effect was carried unanimously. “Those present agree and recommend that all policy-holders should pay not more than. 50 per cent of their respective levy-claimed by the liquidator,” the resolution added. Mr. H. K. Knight, who presided, said at the outset that the meeting had been convened to receive the report of the committee set up : by the Wellington policy-holders and to decide what further action was necessary. In the interests of the policy-holders, the committee was appointed in the early stages of the proceedings, Mr. Knight added, and it had done everything possible. Legal advice had been obtained and the opinion was expressed that the claims were made legally and that the policy-holders were liable.

“I hope you will adopt this report and relieve the committee from any further duties.” said Mr. Knight. The committee had done everything possible and he did not think it could serve any further useful purpose.

The meeting agreed to the chairman’s proposal and received the report of the Wellington policy-holders’ committee.