Proposed Amalgamation.

Te Aroha News, Volume XXVII, Issue 43221, 29 August 1907, Page 3

Proposed Amalgamation.

♦— —— / AN IMPORTANT MOVE. (By Telegraph-Press Association.) SYDNEY, YesterdayThe Mutual Life Association of Australasia has issued a circular to members, submitting a proposal for amalgamation with the Citizens’ Life Company, under the style of the Mutual Life and Citizens’ Company.* ‘. The amalgamation, if approved, is to take effect from January Ist next. MacLaur^-(chairman) and Mr Remington (general 'manager'' of the S?-" Mutual Life Company, are to join ' 7 ' th : e Board of the amalgamated company. - . * . The proposals suggest that Mr Remington should also be managing Y trustee, and that the other directors ‘ of the Mutual should r become trustees r - for policy holders’ Provision is made for l /the election of trustees annually after 1910. The surplus accruing, or mutual policies, will at « no timefbe subject to any deduction for shareholders’ profits. The ex- , pense rate chargeable against Mutual Y • policies '.will Tie. 15 per cent on the premiums’ihcome for 1908,12| per cent for the '-succeeding four years, Y* and lO per cent afterwards. The Y jf main -advantages claimed are the re- ■ Auction of thjfc expenses of the ini' Yatitution-, annual bonuses, and 5- the review-TC in vestments by trustees who will re|dft directly to policy holders. \ The ’•circulars io New Zealand , policy holders wiVl be dispatched by -the next mail.Y