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Wednesday, 17 October 1973
Page: 2278


The CHAIRMAN - The question is: That the words proposed to be omitted stand part of the clause. Those in favour say aye, to the contrary no.


Mr McMahon - No.


Mr Lynch - We do not require a division. Question resolved in the affirmative. Amendment negatived. Motion (by Mr Lynch) proposed:

Omit proposed sub-section (4), substitute the following sub-section: - " '(4) Without limiting the generality of subsection (1), the functions of the Corporation may be performed for the purpose of assisting Australian companies, being trading or financial corporations formed within the limits of Australia, in their trading or financial operations, and subsection (3) does not restrict the performance by the Corporation of its functions in accordance with this sub-section.'.".


The CHAIRMAN - The question is: That the words proposed to be omitted stand part of the clause. Those in favour say aye, to the contrary no.


Mr McMahon - No.


Mr Lynch - We do not require a division. Question resolved in the affirmative. Amendment negatived. Clause agreed to. Clause 6.

Section 7 of the Principal Act is amended -

(a)   by inserting after paragraph Ca) of sub-section (2) the following paragraph: - "(aa) to raise moneys otherwise than by borrowing;";

(b)   by omitting paragraph (c) of sub-section (2) and substituting the following paragraphs: - "Cba) to draw, make, accept, indorse and discount bills of exchange and promissory notes; "(c) to form, or participate in the formation of, a company; "(ca) to carry on any business or activity;"; and

(c)   by omitting sub-sections (4), (5) and (6) and substituting the following sub-section: - "(4) The power of the Corporation to borrow moneys may be exercised both within and outside Australia.".







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