Questions For Standard Board

Press, Volume C, Issue 29502, 2 May 1961, Page 14

Questions For Standard Board

(New Zealand Press Association; AUCKLAND. May 1. The committee elected by the Auckland meeting of shareholders in the Standard Insurance Company, Ltd., last week has sent a series of questions to the directors of the company with the request that they be placed on the agenda to be answered at the extraordinary meeting of the company in Dunedin on May 8. . Two resolutions to be put to the meeting have also been sent for inclusion on the agenda. The questions include:—

Wm the letter to shareholders of March 9. 1961, sent by the general manager, sent with the prior approval of and at the direction of the directors? If so. why was it sent giving the impression that all was well with the company? How did the company enter into the field of indemnity' bondage? How long had the company been entering into this form of insurance? When did the directors sell the Sydney building and why was it sold? Why has the company paid £1.300,000 worth of claims without contesting the validity of them and

without first referring the matter to the shareholders? What ara the full terms of the sale to the National Insurance Company, Ltd., of the company's goodwill?

The resolutions to be put to the meeting are:— "That this meeting recommend that three liquidators be appointed for the company and decide who those liquidators should be if liquidation is in fact found necessary after full investigation by a committee appointed by shareholders.”

“That a committee of shareholders be appointed to investigate the company's affairs on behalf of shareholders.” Mr Gerald Ryan, a member of the Auckland shareholders’ committee, said these questions and resolutions had been sent to the directors in time to allow the seven clear days required by the company’s articles of association for them to be included on the agenda for the May 8 meeting.