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Thursday, 26 November 1914


Senator KEATING (Tasmania) . - I move -

That after the word " scheme," line 9, the following words be inserted: - " (unless the extraordinary resolution therefor shall have, been passed by thrco-fourths in value of all the creditors of the debtor, or shall have heca approved, in writing, by three-fourths in value of all the creditors of the debtor within tlie time and in the form prescribed ) . "

The effect of my amendment, if adopted, will be that when the creditors meet they may resolve to accept a composition or a scheme of arrangement, and if they do so by' three-fourths in value of all the creditors of the debtor, or if they approve in writing within the time and in the form prescribed of the proposed composition or scheme of arrangement, there shall be no need for the subsequent meeting. That does not mean that threefourths in value of the creditors present at the meeting would be sufficient to approve of the composition or scheme of arrangement, because only half the creditors in value might be present. My proposal would insure that the resolution must be carried by the substantial portion of all creditors of the debtor, whether they be present at the meeting either in person or by proxy. When once they have approved of a composition or scheme of arrangement there would be no necessity for a second meeting of creditors. If, on the other hand, the extraordinary resolution be not passed by this substantial majority, the necessity will still exist for a second meeting.







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