LEVY HALVED.

Auckland Star, Volume LXX, Issue 165, 15 July 1939, Page 12

LEVY HALVED.

PUBLIC MUTUAL CASE INSURANCE COMPANY'S CALL. (By Telegraph.—Presrs Association.) WELLINGTON, Friday. The ojiiiiion that 47.5 per cent of the balance of the levy owing was sufficient to moot all liabilities in the liquidation of the Public Mutual Insurance Company of New Zealand was expressed at a meeting of a number of Wellington policy-holders of the company. A resolution to this effect was carried unanimously: "Thome present aprree and recommend thai all policy-holders should pay not more than .~>o per cent of their respective levy claimed by the liquidator." the resolution added. Mr. IT. K. Knijrht, who presided, said the resolution did not commit policylioWers in Wellington but was an expression of opinion.

Polioy-hoMers of the Public Mutual Insurance Company of New Zealand, the bead office of which was in Auckland, were notilied by the company in Aujnist last year of a levy on them of a sum equivalent to two and a half time* the current year's premium on insurance cover*. It was further notified that an extraordinary preneral meetinsr would be held to consider a resolution that the company I>e voluntarily wound up and that a liquidator be appointed. Policyholders, who had taken out comprehensive motor vehicle insurances, held meetings in various parts of New Zealand. A test case brought by the company resulted in a decision that the policy-holder was liable for the levy. The j>ro[M>s;il to jro into liquidation wa« adopted at a meeting in Auckland ill September, when it was stated that the loess, to Atiffii"*. due to very heavy claims made, was £34.014.