OFFICIAL DENIAL
TO PARLIAMENTARY STATEMENT RE MUTUAL LIFE ASSURANCE SOCIETIES Referring to the statement made in Parliament recently to the effect that amongst others the Colonial Mutual Life Assurance Society, Ltd., was a Company with shareholders who must have their share of the profits before the policyholders get any bonuses, the New Zealand manager for the Colonial Mutual supplies the following official information: — “ The Colonial Mutual Life Assurance Society, Ltd., was established in 1873 for life assurance on the mutual principle. It is now governed by Memorandum of Association confirmed by a special Act of the Victorian Parliament in 1912. Under this Act it is declared that the Society is PURELY MUTUAL, and that there are no shares or shareholders in the meaning of the Companies' Acts.” The Society is limited, not by share capital, but by simple guarantee under which the liability of policyholders hi the event of winding up would be limited to the sum of Is each. The whole of the annual surplus in both the Ordinary and the Industrial Departrr ents is distributed equitably amongst the nolicyholders of the department concerned. Advt.
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Otago Daily Times, Issue 26228, 12 August 1946, Page 8
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186OFFICIAL DENIAL Otago Daily Times, Issue 26228, 12 August 1946, Page 8
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