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Tuesday, 30 May 1939

Mr NAIRN (PERTH, WESTERN AUSTRALIA) - Can the Treasurer say offhand whether any form of debenture adopted by the Commonwealth Bank gives the debenture-holder, on default, the right to put a receiver on the assets of the bank or otherwise to attach the assets of the bank? Is it intended to issue debentures in such form in connexion with the proposed mortgage bank?

Mr MENZIES - I should prefer riot to give offhand an answer to a question of law, but it is not proposed in the Commonwealth Bank Bill, to which. I take it, the honorable member is referring, to do anything that will or may take control of the Commonwealth Bank out of the hands of its directors and put it into the banks of the debentureholders.I am aware that statements to that effect have been circulated, but they are quite without foundation.

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