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Wednesday, 23 March 1966


Mr WHITLAM (Werriwa) .- I thank the Attorney-General for his comments on the two amendments - that is, the separate and unlimited amount being allowed with respect to long service leave, recreation leave and sick leave, and secondly, the explicit reference to the circumstances in which commercial travellers find themselves. These are matters on which I am happy to acknowledge that the Attorney-General very willingly accepted representations and adopted arguments submitted. I thank him for it.

Amendments agreed to.

Clauses, as amended, agreed to.

Clause 116. (1.) Subject to this Act-

(a)   all property that belonged to, or was vested in a bankrupt at the commencement of the bankruptcy, or has been acquired or is acquired by him, or has devolved or devolves on him, after the commencement of the bankruptcy and before his discharge; and

(b)   the capacity to exercise, and to take proceedings for exercising, all such powers in, over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of the bankruptcy or at any time after the commencement of the bankruptcy and before his discharge, is property divisible amongst the creditors of the bankrupt.

(2.)

(c)   such of the ordinary tools of trade, plant and equipment, professional instruments and reference books of the bankrupt as the creditors by resolution determine or as the Court, on the application of the bankrupt, determines;

(d)   policies of life assurance or endowment assurance, not being policies for pure endowment, in respect of the life of the bankrupt or of the spouse of the bankrupt that have been in force for at least two years before the date of the bankruptcy, and the proceeds of such policies received after the date of the bankruptcy;

(e)   policies for pure endowment, being policies that have been in force for at least five years before the date of the bankruptcy, and the proceeds of such policies received after the date of the bankruptcy;

(f)   policies for annuities, being policies -

(i)   that were purchased at least five years before the date of the bankruptcy; or

(ii)   in respect of which premiums have been paid for at least five years before the date of the bankruptcy, to the extent to which they provide for payment of an annuity not exceeding Six hundred pounds in the aggregate, and the payments made after the date of the bankruptcy under such policies to the extent to which those payments do not exceed Six hundred pounds per annum in the aggregate;







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