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Wednesday, 20 May 1942


Mr SPENDER (Warringah) .- Will the Treasurer (Mr. Chifley) give the same undertaking in respect of the suggestion I made earlier in regard to this clause, as he has given with regard to my suggestions on. clause 5, that is, that the word " shall " be inserted in place of "may"?


Mr Chifley - Yes.

Clause agreed to.

Clause 8 -

Section 18 of the principal act is amended -

(a)   by omitting front paragraph (c) the word "and" (last occurring); and

(6)   by omitting paragraph (d) and inserting in its stead the following paragraphs: - " (d) the value of shares or stock in any company, whether incorporated in Australia or elsewhere, shall be determined upon the assumption that, on the date when the gift was made, the memorandum and articles of association or rules of the company satisfied the requirements prescribed by the committee or governing authority of the stock exchange at the place where the share or stock register is situate, for the purpose of enabling that company to be placed on the current official list of that stock exchange;

(c)   no regard shall, in determining the value of any such shares or stock, be had to any provision in the memorandum or articles of association or rules of the company whereby or whereunder the value of the shares or stock of a deceased or other member is to be determined; and (/) where a gift includes any shares or stock in any company the shares or stock of which are not or is not quoted in the official list of any stock exchange, the Commissioner may, in his discretion, notwithstanding anything contained in the last two preceding paragraphs, adopt as the value of any such shares or stock such sum as, in the opinion of the Commissioner, the holder thereof would receive in the event of the company being voluntarily wound up on the date when the gift was made.".

Section proposed to be amendnd -

18.   For the purpose of computing the value of a gift -

(c)   no deduction shall be allowed encumbrance or liability ; and

(d)   where a gift includes any shares or stock in any company the shares or stock of which are not or is not quoted in the official list of any stock exchange, the Commissioner may, in his discretion, adopt as the value of any such shares or slock such sum as the holder thereof would receive in the event of the company being voluntarily wound up on the date when the giftwas made.







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