Public Mutual Insurance Coy.

Northern Advocate, 30 August 1938, Page 3

Public Mutual Insurance Coy.

[Special to “Northern Advocate.”] AUCKLAND, This Day.

Policyholders of the Public Mutual Insurance Company of New Zealand, the head office of which is in Auckland, have been notified by the com-* pany of a levy on them of a sum equivalent of two and a half times the current year’s premium on insurance covers. Payment of the levy is demanded by September 16. Furthermore, policyholders have been advised of the intention to hold an extraordinary general meeting of the company in Auckland on September 23 to consider a resolution that the company be wound up voluntarily, and that Mr J. W. Hyland be appointed liquidator. The levy upon policyholders is in terms of tHe principle upon which the

company was founded, there being no shareholders in the ordinary way. The Public Mutual Insurance Company of New Zealand was registered as a Fire. Marine and Accident Company on March 15, 1934, at Auckland. It was described at the time of registration as operating on the mutual principle, there being no share capital. To provide working funds, 120 debentures of £ 100 each, representing £ 12,000, were taken up. these bearing interest at 8 per cent, per annum.

Recently the company sought to raise further funds by means of a debenture issue of £30,000.

The debenture issue dated July 2126, 1938, was registered this month as a series of debentures securing £30,000 over undertaking, assets and property.

The company has embarked on several classes of insurance, but did not register this year as a company for third party motor vehicle insurance.