The Government Life Insurance Association.

Wairarapa Standard, Volume XIX, Issue 1845, 16 June 1886, Page 2

The Government Life Insurance Association.

The annual meeting of the policy holders of the Goverumeut Life Insurance Association was held at Wellington on Monday night. The attendance was very large and Sir Julius Vogel presided. The scrutineers reported that the result of the polling for the election of a director was as follows : Mr G. V. Shannon .. .. 3571 Mr G. S. Graham .. .. 1428 Majority for Shannon .. 2143 Mr Shannon was therefore declared duly elected. The Chairman moved the adoption of the report and balance sheet in a lengthy speech. Mr H. D. Bell seconded the motion. Mr Fisher attacked the administration and management of the Association. Other speakers followed and the purchase of expensive new buildings and sites and the appointment of Mr Driver were strongly condemned. Ultimately the motion for the adoption of the report and balance sheet was carried.

The next business was the constitution of the Board. Mr Bell moved—“ That it was desirable that the business of the Life Insurance Association should be returned to the charge of the Government. This resolution was discussed at great length, and, ultimately it was agreed to adjourn the meeting until next Monday night, iu order that the whole question might be thoroughly debated. Thus .the meeting adjourned after lasting three and a half hours without coming to any decision on the important question of what was to be the future constitution of the Board.

The motion to come before next Monday’s meeting in addition to that moved by Mr Bell, are as follows :

Failing Mr Bell’s resolution being approved he will move the following resolutions approved by the Board as an alternate : - “ 1, That the Boaul should he reduced to six members, of whom three should be elected, and the other three should be the SolicitorGeneral, the Secretary to the Treasury, and either the Public trustee or the Commissioner of Property Tax. Three to be a quorum if the Chairman be present, or tour if the Chaitman be not. prescut. 2. That the Government appoint one of the members of the Board to ho chairman. 3, That each official member of the Board should receive an honorarium of fifty guineas, and each elected member should receive 100 guineas per annum, and the Chairman such sum in (Jditiou as the Board may fix, not (.seeding L2OO. 4. That the nominated members shall cease to be members of the Board on the day the Act comes into operation, and shall not be re-appointed. 6. That power should be given to the Board, at its option, to gram compensation to officers on retirement, and to make compassionate allowances to the widows and young children of officers wlm die whilst in the service. 6. That in case of any fresh appointments of the General Manager of the Actuary, the Board's power shall be exercised, subject to the approval of the Governor ”

Mr Fisher will move the folk wing lesolntions. as an amendment to bom the abovp : “ 1. That the Central Bohtd be reconstituted, and that it consist of seven members, four to be elected by the policy holders, and three to be nominated by tbe Government—the thr, t nominated members not to he officers of t 1 e Government. 2. That the Board so rwor. dtituted shall ch ct its own chairman, 3. That the honoraria be fixed at IP6O f,.r e el. member of tbe Board, except tbe Chairman of Directors, who shall receive L3OO per annum.’’