PARLIAMENT

Hokitika Guardian, 5 September 1931, Page 2

PARLIAMENT

THE COUNCIL. (By Telegraph —Per Press Association t WELLINGTON, September 5. The Legislative Council met at 2.30 p.in. yesterday. Hon. Hawke moved the third reading of the Dominion Lite Assurance oi New Zealand Limited Bill. .Sir F. D. Bell said lie. must oppose the measure. New Zealand ’Law prohibited a Company with limited liability from being registered for Life Insurance, and so long as that law existed, the Council should not rati.'y anything that would enable a deliberate evasion. -Sir T. Sidey said lie had hoped to be able to introduce an amending Companies Bill this year, bu/t it would not be ready till next year. English law,' subject to certain restrictions, permitted. Insurance Companies wa limited liability to be registered, and the Treasury had recommended the New Zealand Law should be anii-nini in this direction. The Bill was under preparation. It had - been made deal however, that a mere amendment to the Companies Act’would not be sufiicient to meet the ease of this particular Company, and unless the Bm before the Council, was passed the Company?to be registered, in New Zealand would have to hi wound up, aim the cancellation of all;its existing contracts would be involved. Hon. Garland and Hon. Ha nan supported the Bill and Hon. Earnshh-w oppoiietj it, ocmtetydiM all insurance Companies should be compelled to cac Vy op under conditions of unlimited liability, - Tile Bill was read a third time by sixteen vtjjes to @{x, and passed. > Tjie Council rose at 4.15 p.m. till Thursday., September 17th.