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Tuesday, 1 November 1983
Page: 2162

Question No. 317

Mr Jacobi asked the Minister representing the Attorney-General, upon notice, on 23 August 1983:

Further to the former Treasurer's answer to my question No. 2022 parts (11) to (13) (Hansard, 13 October 1981, page 1934), can the Attorney-General say what action has been taken in relation to bank nominee companies which hold shares in their own holding company, thereby enabling the banks to act in the same fashion as if they were dealing in their own shares.

Mr Lionel Bowen —The Attorney-General has provided the following answer to the honourable member's question:

The matter raised in Question No. 2022 was drawn to the attention of the other parties to the formal agreement concerning companies and securities in 1981. It was not considered appropriate for legislative amendment at that stage.

Bank nominee companies and any other companies holding shares in their own holding company as trustee have a duty to use their voting power in the interests of the beneficiaries.