LEVY BY INSURANCE COMPANY

Southland Times, Issue 23612, 13 September 1938, Page 7

LEVY BY INSURANCE COMPANY

POLICY HOLDERS SUGGEST LIQUIDATION BY COURT

(United Press Association)

AUCKLAND, September 12. The recent action by the Public Mutual Insurance Company of New Zealand in making a levy on policyholders of a sum equivalent to two and a-half times the current year’s premium on insurance covers and of calling an extraordinary general meeting for September 23 to consider a resolution for voluntary liquidation was discussed at a meeting of about 150 policy-holders tonight. Mr A. C. Sinclair, secretary to the Checker Taxi Company and chairman of the New Zealand Federated Taxi Owners’ Association, presided at the invitation of the conveners. A director of the company, Mr A. McKenzie, the company’s solicitor, Mr L. B. Haynes, and the acting general manager, Mr D. A. Young, were present. Much of the time was occupied in a reply by the company representatives to a questionnaire which had earlier been prepared. After many questions were answered the representatives retired. The meeting later resolved to set up a committee to negotiate with the directors to see if they were prepared to have the liquidation carried out under the direction of the Court with a policy-holders’ nominee as liquidator The meeting was then adjourned until Thursday.