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Wednesday, 24 June 1998
Page: 3917

Senator MURRAY (11:51 AM) —by leave—I move:

(2) Schedule 1, item 1, page 45 (line 8), omit "public".

(3) Schedule 1, item 1 page 45 (lines 16 to 18), omit all words after paragraph (b).

Thank you, Parliamentary Secretary, for that undertaking in relation to the previous amendment.

These amendments are very briefly construed. The effect of these two amendments is that changes to constitutions would be lodged by all companies, not just public companies, with the ASIC. The reason that we have moved this amendment is that many suppliers, when a company goes to them for a credit rating or an agreement to supply, will like to access the constitutions of companies to establish just what sort of corporate animal they are dealing with. Frequently they do so through appropriate agencies such Dun and Bradstreet. So, generally speaking, creditors would, in our opinion, need access to both private and public constitutions as registered with the ASIC. That is the motive for these amendments.