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Wednesday, 9 March 1932

Mr HOLMAN (Martin) .- I move -

That the words "'prescribed securities ", paragraph g in the definition of " approved securities " be omitted with a view to insert in lieu thereof the words " securities specified by regulation as approved securities ".

This amendment covers one of the points to which I referred in my second-reading speech. The words "prescribed securities " are used in clauses 18 and 20 of the bill in such a way that some confusion might be caused. The same phrase is used to describe securities which a company may deposit in place of a money deposit, and later to indicate the list of securities in which money deposited may be invested. My amendment, which has been prepared in consultation with the draftsman, will remove any ambiguity.

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