Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Wednesday, 23 May 1973
Page: 2540


Mr CREAN (Melbourne Ports) (Treasurer) - I refer to clause 50 which reads in part: 50. (1) In this Part, unless the contrary intention appears -

(2)   In this Part, a reference to a body corporate being associated with another body corporate is a reference to a body corporate that is related to the other body corporate and -

(a)   carries on insurance business;

(b)   is, or has directors who are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the other body corporate or of its directors; or

(c)   is, or has directors who are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the other body corporate or of its directors.

I move:

In clause 50, omit sub-clause (2), substitute the following sub-clause:

(2)   For the. purposes of this Part, a body cor porate is associated with another body, corporate if the two bodies corporate are related to each other and -

(a)   the first-mentioned body corporate carries on insurance business; or

(b)   either of those bodies corporate is, or has directors who are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the other body corporate or of its directors, and references in this Part to a body corporate having been associated with another body corporate shall be construed accordingly.'.

This amendment is the result of a drafting error in clause 50.(2) which defines an associated company for the purposes of Part V. As honourable members are aware, this is a very complicated measure and this error was not revealed until scrutiny after the printing of the Bill. It is entirely technical by nature.

Amendment agreed to.

Bill, as amended, agreed to.

Bill reported with an amendment; report - by leave - adopted.

Third Reading

Bill (on motion by Mr Crean) - by leave - read a third time.







Suggest corrections