EQUITABLE INSURANCE ASSOCIATION.

Press, Volume XLVIII, Issue 7862, 13 May 1891, Page 5

EQUITABLE INSURANCE ASSOCIATION.

SOME FORCIBLE RESOLUTIONS.

(PRESS ASSOCIATION TELEGRAM.)

HOXITIKA, May 12.

A large and influential meeting of shareholders of the Equitable Insurance Association, representing over 14,000 shares, was held last night. Mr Bevan read letters and a telegram from Mr Maxwell, liquidator of the Association. The meeting fully discussed the balance sheets for the past four years, and the enormous losses, aggregating 4J80,000, that had occurred during tho period. Great stress was laid upon j the oft-repeated delusive reports made by the Directors and Mr Maxwell on the improving condition of affairs, when in reality they must have known the disastrous condition into which the Association had drifted. The attitude and conduct of the Directors was forcibly criticised. The general expression of opinion was that whilst pretending to court the fullest enquiry they placed every obstacle in the way in order to burke legal and exhaustive investigation. The following resolutions were unanimously carried :—" (i)-This meeting ie of j opinion that 'the action of the Directors in refusing to calfa meeting of "ehWeeholdera on the requisition Bo.jjumerously signed and in perfect order, representing 30,750 shares, for the purpose of appointing Inspectors under the Act, is deserving of the severest censure, and fraught with the gravest suspicion that the atfairs of the Association will not bear a strictly legal and crucial examination; (2) that in case the Directors do not conform with Clause 32 of the Articles of Association immediate steps , be taken to get Inspectors appointed with full powers and authority under the provisions of the Companies Act, 1882, and that such inspectors be Messrs James Gore and John.Bevan ; (3) that a subcommittee, consisting of Messrs Michel, Holmes, Maher, Jack, Raphael and Bevan, be authorised to take such legal proceedings as may be deemed necessary for the appointment of paid inspectors under clause 32 of the Articles of Association, by moving in the Supreme Court for the purpose ; (4) that the sub-Committee be requested to communicate with shareholders at Greymouth, Westport, Nelson, Wellington, Christchurch, Dunedin, Invercargill and throughout the colony for the purpose of securing united action, and obtaining a satisfactory statement of the enormous losses of the last four years' amounting in the aggregate to £80,000, and which the balance-sheets never disclosed; (5) that Mr Maxwell's telegram, " prepared to give full information to any Committee appointed representing shareholders as whole," is considered a mere sham, and, judging from past experience and the promises made by that gentleman and the Directors generally, this meeting has no confidence in any further specious promises, and prefers to stand upon legal rights for the future."