The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-09
LORD INJUNCTION TOO LATE A.?
AMENDED EQUITABLE CHARTER
HiD BEEN SENT TO AIH4NI'.
COUNSEL for society say supt. Hendricks
Can't lie EnJolncd From Approving
and FnInE-Oiher side Think There
Is sim Argument Postponed.

Counsel for the Equitable Life Assurance
Society declared yesterday that nothing
damaging 70 the policyholders' interest
can result from the action brought in tho
Supreme Court in BROOKLYN NJ the instance
II Franklin b. Lord oy nor 81 thirty-six
shares Of the capital stock Of the society,
a. restrain the society, its board Of directors
and officers from carrying into effect the
Jror ozcd rlan Of naturalization as provided
IN he amended charter.
Ttey slid that Mr.. Lord ia too late with
h. application for a restraining order:
taat final action has Teen taken by the board
in TIE matter and that the amended charter
j, now rrol atly in the hands Of the State
Superintendent Of Insurance, whose ap-
rr0yal il viii have to have before il can
CCome operative. Tie charter was for
va-dcd To Supt Hendricks by the dircc-
tors. 10 WAS said, ON Friday before tie
order o. show cause was obtained from
Justice Maddox. II was said that it would
he impossible to enion the Superintendent
IN the matter.
II Il tie opinion Of Edward NJ Shepard
counsel for Mr.. Lord, that further action
iy TIE board Of directors is necessary
. cforc tie anne ndcd charter, II approved
~ tie superintendent can lie put into
eject and argument on the application
for a permanent restraining order will be
heard heforo Justice Maddox on Monday,
an adjournment having leen taken from
II o'clock yesterday morning at the request
Of Mr.. Shepard. In adjourning the hearing,
however, Justice Maddox ordered that the
executive board Of the society and itS
officers should take no affirmative action
rAa the Ega ftnn T,1ap
argument had been heard by the court.
This order, Of course, has the effect Of
temporary injunction, and Mr. Shepards
request that an adjournment Of the srgu-
ment should not be considered without
this was opposed by William B. Horn
blower. who appeared for the Equitable.
Other counsel present for the Equitable
were William n. Cohen and Bainbridgs
Colby Associated with Mr.. Shepard as
representing Mr.. Lord was Henry De Forest
Baldwin.
In opening, Mr.. Shepard declared that
the object Of the application was 10 make
certain that however much merit there
might be in the naturalization Of the So
Ciety all the steps taken were legal and
that the rights Of the stockholders were
fully ssieguarded.
We baSuulet bdlu MI OttIdIut ludl
our friends on the other side believe as
we do, that 30 grave a change in the Affairs
Of the Equitable society should not take
place under any circumstances unless
il is entirely lawful and can be upheld
would susgest that no undue haste be
made in the natter
Mr. Shepard said. though that he Under
stood that the preparation Of the proposed
- a. L ~.
the procedure 20 the confirmation Of the
amendment we tn be effected without
delay. For this reason the motion had
been made returnable eNpedtiously.
Mr., Hornblower replied that his client
did not desire to delay any consideration
or decision hy the court on the question Of
Law involved in the plan. but some Of the
papers, he said, were served late on Friday
and had come into his hands only a few
hours before the time set for the srgu-
ment Of the motion.
make It stipulation Of adjournment |
that the board Of directors shall take no |
action whatever regarding this plan Of |
naturalization until argument has been |
heard and decision rendered" said Mr. |
shepard.
L will make no such agreement replied /
Mr. Hornblower. sharply. The action [
amending the Equitable charter has already ,
na,u taken, and now it is simply the duty |
n The officers 10 go ahead and put IL into
effect after it has been approved by the
8 psrintsnIient.
But we have had no notice, interrupted
Mr. Shepard.
Again remark that al is remarkable
retorted counsel for the society. Then he
added As a matter Of fact, the executive
officers % the society have already pro-
ceeded and have executed the amended
charter. which Is now in the hands Of the
Superintendent OF Insurance, and there
is nothing further for them 20 do
II il is true, as counsel declares. said
Mr. Shepard, that the amended charter
has already been sent 10 the Superintendent
Of Insurance IL is proper that the court
should know when that action was taken
with reference 20 the time Of the service
~ these papers. Will counsel tell us when
that step was taken1" inquired Mr.. Shepard,
rather anIiously.
Are you making another motion now,
Mr.. Shepardi- replied Mr.. Hornblower
hlandly, and then Justice Maddox an
nomoed the adjournment
The ground on which counsel for Mr..
Lord expect TO be able 10 aooo mplish some
thing in their action, II the application
for the Injunction il granted was explained
last night, The insurance law covering
the amendment Of the socisty's charter,
It vas said, provides for the submission
Of tho amended charter 10 the Superin-
tendent for his approval after the directors
have acted on il, and then for the fling Of
he amended charter in the ofios OF the
Department Of Insurance in Albany II is
the contention Of Mr.. Lords counsel that
the law anticipates the transfer Of tho
charter by the Superintendent back TO the
"fhcers after II has been approved by him,
and the fling OF II by the officers Of the
-ociety. In other words, they say that
u b one thing 10 send IL 10 bis ONCE for
approval and an entirely separate thing to
END it there 10 he fled.
Many reports we're circulated yesterday
10 garding the true lnwardness Of the action
- related 10 the oontrov ersy In the society.
Most Of these reports had IL that Mr.. Lord
was acting In the interest OF the Hyde fac
non This, however, was empbatically
aenied by the plaintiff. who declared that
10 had undeTtak ken the action entirely on