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Monday, 3 March 1997
Page: 1776

Amendments (by Mr Fahey)—by leave—agreed to:

(1)   Clause 2, page 2 (lines 24 to 27), omit paragraph (3)(f).

(2)   Schedule 2, page 160 (after line 10), after item 1056, insert:

1056A Section 30

Omit "The", substitute "Subject to subsection (2), the".

1056B Before paragraph 30(a)

Insert:

(aa)   such amount as the Treasurer, after consultation with the Board, determines is to be set aside for contingencies; and

1056C At the end of section 30

Add:

(2)   If the net profit of the Bank for a year is calculated on a basis that requires the inclusion of unrealised gains on assets during the year, the amount to which subsection (1) applies is to be worked out as follows:

   (a)   deduct from the net profit an amount equal to the total of all amounts of unrealised gains included in the net profit; and

   (b)   if an asset in respect of which unrealised gains were included in the net profit for a previous year or years is realised during the year—add to the amount remaining after applying paragraph (a) the total amount of those unrealised gains.

Bill, as amended, agreed to.