PARLIAMENT.

Press, Volume LXVII, Issue 20334, 5 September 1931, Page 17

PARLIAMENT.

LEGISLATIVE COUNCIL. LIFE ASSURANCE BILL PASSED* tnrn usocwaqv mlkhuhJ WELLINGTON; September<4/The Legislative Council met at >-2.30 p.m. The Local Bills passed by the' House of Representatives last night were received by the Council and read a firss time. The Hon. A. F.' Hawke moved the third reading of the Dominion' Life Assurance -of-'Now Zealand, Lufllted, Bill. * The Hon.- Sir Francis BeHflaiq ® must oppose the measure for the earn® reason that he'had. opposed it when it had been before the Council proviously. The New Zealand -law 'pro- . hibited a company with limited li®: " bility from being registered' for life insurance, and £0 long as that law existed, the" Council should nofcratiiy anything; that would enable deliberate- ;( evasion. ■ ~ . The Hon. Sir Thomas Sidey said he - , had hoped to be able to introduce an amending Companies Bill this year, but it would not be .'ready ti» next year. The English law, subject certain'' restrictions,pemitted insurance companies with, limited ii** bility to be registered, .and the Treasury had recommended that tne • New Zealand law should be amended this direction. A Bill was,under preparation. -■ It had been made, clear, however, that a mere .amendment or the Companies Act would 6urfioient to meet the case of this articular company, and unless the before the Council was the flittpany, to be registered m New Zealand, •would have to be wound up. and tne cancellation of. an its existing contracts would be involved. . _ The Hon. G. J. Garland and the Hon. J. A. Hanan supported the Bill. . The Hon. W. Earnshaw opposed the Bill, contending that all insurance companies be compelled, to carry on under conditions of unlimited lia» ■ bility. .' ... ~. w V The Bill was read time by--16 vote* to' Six-, and pasted. ' The Council rn*e at 4.15 p.m. till Thursday, September 17th.