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Title

CORPORATE LAW ECONOMIC REFORM PROGRAM (AUDIT REFORM AND CORPORATE DISCLOSURE) BILL 2003

In Committee

Database

Senate Hansard

Date

17-06-2004

Source

Senate

Parl No.

40

Electorate

New South Wales

Interjector

CHAIRMAN, The

Page

24142

Party

LP

Presenter

 

Status

Final

Question No.

 

Questioner

 

Responder

 

Speaker

Coonan, Sen Helen

Stage

In Committee

Type

 

Context

Bills

System Id

chamber/hansards/2004-06-17/0204


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Thursday, 17 June 2004
Page: 24142


Senator COONAN (Minister for Revenue and Assistant Treasurer) (4:51 PM) —by leave—I move government amendments (88) to (93) on sheet PK247:

(88) Schedule 2, item 11, page 146 (lines 20 to 32), omit subsection 239BA(4), substitute:

(4) If the Chairperson gives a direction as to the sitting members, he or she may:

(a) revoke the direction and give a new direction under subsection (2) as to the sitting members; or

(b) vary the direction to replace one or more of the sitting members;

at any time after the giving of the direction and before the commencement of proceedings in relation to the matter.

(5) If:

(a) the Chairperson gives a direction as to the sitting members; and

(b) one of those persons:

(i) ceases to be a member; or

(ii) ceases to be available for the purposes of proceedings in relation to a matter;

during the proceedings or after the completion of the proceedings but before the report on the matter to which the proceedings relate is finalised;

the Chairperson may vary the direction to replace that person at any time after the person so ceases to be a member or to be available.

(89) Schedule 2, item 11, page 150 (after line 22), at the end of section 239CC, add:

(9) The Financial Reporting Panel may revoke or vary a direction given under subsection (4).

(90) Schedule 2, item 11, page 151 (after line 15), at the end of section 239CD, add:

(5) The Financial Reporting Panel may revoke or vary a direction given under subsection (1).

(91) Schedule 2, item 11, page 152 (after line 34), at the end of section 239CG, add:

(3) The Financial Reporting Panel may revoke or vary a determination made under subsection (1).

(92) Schedule 2, item 11, page 154 (line 23), omit “The”, substitute “A member of the”.

Schedule 2, item 11, page 154 (line 25), omit “If the”, substitute “If a member of the”.

(93) Schedule 2, item 11, page 154 (line 25), omit “If the”, substitute “If a member of the”.

These amendments relate to the Financial Reporting Panel, which is a new body being established under the bill. These amendments facilitate the operation of the Financial Reporting Panel, provide for the revocation and variation of directions given by the Financial Reporting Panel and allow one member of the Financial Reporting Panel to certify relevant information to a court instead of requiring the whole panel.