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Thursday, 26 November 1914

Senator KEATING (Tasmania) . - I move -

That the words "distress for rent" be inserted after " execution."

It is only reasonable that a debtor should be protected from distress for rent when he takes advantage of the provisions of this part of the Act, just as if his estate was sequestrated.

Senator Gardiner - I accept the amendment.

Amendment agreed to.

Clause, as amended, agreed to.

Clause 146 agreed to.

Clause 147 -

The creditors may, at such meeting, or any adjournment thereof, by an extraordinary resolution, resolve to accept a proposal for a composition in satisfaction of the debts due to them from the debtor, or a proposal for a scheme of arrangement of the debtor's affairs, and thereupon the following provisions shall have effect: -

(a)   The composition or scheme shall not be binding on the creditors unless, the resolution is confirmed by an extraordinary resolution passed at a subsequent meeting of creditors or some adjournment thereof, nor until after the lapse of seventeen days from such confirmation, and. in the event of the Court appointing a day to consider the composition or scheme, it shall not be binding on the creditors until the Court has approved it.

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