THE COLONIAL MUTUAL.

Taranaki Daily News, Volume LV, Issue 113, 28 September 1912, Page 5

THE COLONIAL MUTUAL.

COUNSEL'S EVIDENCE. By Cable-Pre.- .W. Nation-Copyright. Molbourn'-. September 27. Mr. Irvine Starke. crm:i-el fur the Colonial Mutual Life Society, appeared at the bar of the A=>-emh!y. and replied at length to the allegations contained in the petition relating to the society and also regarding the Bill dealing with the society. He argued that the coursa proposed was extraordinary and unprecedented. It would suddenly deprive policy-holders of the guidance and control of the directors, and such a serious step would shake the credit of the society to the foundations. The Bill was introduced, not because the company was not flourishing, or because the policy-holders had reason to apprehend that the directors did not retain the fullest confidence of the shareholders, but because a technical error had been discovered in the original memorandum of association. As long as the directors cared to take the riskthere was not the slightest danger of the position of the association being attacked. He traversed the allegations of the petition, and protested at the replacement of the directors. Declarations by the auditor and other officials of the society were read, declaring that the allegation contained in the petition relating to the opening of the ballot box was untrue. Counsel having withdrawn, the House adjourned the discussion of the Bill to enable the papers presented by counsel to be examined.