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Wednesday, 13 May 1981
Page: 2318


Mr MOORE (Minister for Business and Consumer Affairs)(4.55) —The amendments are not accepted for three reasons. Firstly, the Companies Act as a whole is agreed to unanimously by the Ministerial Council and has to be implemented in that sense. I said last night in reply to honourable members that there is no way that amendments to these Bills can be accepted because agreement was reached with all the States on the basis of co-operative federalism.


Mr John Brown —That doesn't make it right.


Mr MOORE —It does not make it right in terms of techniques, but it makes it right in terms of the agreement with the States, and that is what it is all about. We have learnt this in other areas. The honourable member for Hawker (Mr Jacobi) placed much credit on a statement which was made in, I think, 1963. The honourable member probably should be reminded that this provision is to be found in the Labor Government's companies Bill of 1974. If he did not learn then, how can he expect us to learn now? He mentioned also the question of exempt proprietary companies. I see no reason for subjecting proprietary companies that are owned by individuals and that are strictly within the personal domain of individuals to public scrutiny if matters are audited. The non-filing provision is strictly in accordance with the privacy of individuals. I cannot accept the proposition of the honourable member for Parramatta (Mr John Brown) that turnover would protect people from a takeover. In a proprietary company a takeover is related purely to one or two shareholders.