THE MUTUAL LIFE OF NEW YORK

New Zealand Times, Volume LXIX, Issue 3735, 9 May 1899, Page 6

THE MUTUAL LIFE OF NEW YORK

GABLE NEWS.

[pee PRESS ASSOCIATION. —COPYRIGHT.]

A CASE FOR THE COURTS. APPEAL UPON APPEAL. (Received May 8. 9.55 p.ni.) SYDNEY, Monday. The manager of the Equitable Life Insurance Society baa received intelligence giving details of the New York court case recently reported by cable. It appears that the decision of the court only affects the reserves of tne society. totailing six million 1 dollars, which is being held ae a guarantee against nuctuations in values. . . . , , . c The case has not been tried, nut it it comes to trial it will turn on the society’s discretion in holding this surplus of undivided profits for tne purpose ot a guarantee. • , . . • , As indicated by cable, the decision of the Appellate Court is merely on certain legal technicalities raised in demurrer. [The Appellate Court of New York had decided that policy-holders m the society were entitled pro rata to a share of the society’s entire snplus, and it was previously stated that the reserve amounted to nearly, seven millions sterling. As the decision affected the Mutual Life Insurance Company of new York as well ae the Equitable Life insurance Company, it was expected-that both companies would appeal against the decision of the Appellate Court of New York to the Federal Supreme Court. The decision of the Appellate Court as to a member’s right tp a proportionate share in the entire surplus of the society does, not seem to be affected by the later intelligence conveyed to the manager- of’the Sydney office.]