THE EQUITABLE INSURANCE ASSOCIATION.

New Zealand Herald, Volume XXVIII, Issue 8531, 3 April 1891, Page 5

THE EQUITABLE INSURANCE ASSOCIATION.

+ [by TELEGRAPH.—PRESS ASSOCIATION.] Dunedin, Thursday. There was a long and at times lively meeting of the shareholders of the Equitable Insurance Association to day.. The chairman moved the confirmation of the agreement with the Union Company, and iin reply to a question said the liability in connection with the life department had been reduced from about £70,000 to £25,000, and it was expected an agreement would be concluded shortly with a powerful company to take over , the policies. Mr. Russell (Christchurch) moved an amendment to appoint a committee of investigation, but after a long discussion, withdrew it, to allow the motion to bo carried, which was done unanimously. Mr. Russell then moved his amendment as a resolution, which was adopted in the following form :—" In view of the heavy losses shown by the Association's position, and o fthe doubtful result of the winding-up as proposed by the directors the shareholders are of opinion that a committee of investigation should be appointed » inquire into the whole of the affairs of the Association, such committee to have full power to make inquiry into all matters relating to the Association, the advantages or otherwise of the proposed sale, and to call for all papers, books, etc., the following gentlemen to form the committee:—Mr. J. Bo van, Mr. J. Gore, Mr. G. \V. Russell, and two nominated by directors. It was at first proposed to pay tho actual expenses of committee. This it was pointed out would be illegal. ' The directors intimated that fchoy had no objection to the committee, and courted the fullest enquiry. They would accept the motion as binding on them. It was decided to appoint Mr. A. Maxwell as liquidator at his present salary for a few months, and £300 additional. The meeting lasted from three to half-past eight.