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Wednesday, 7 July 1915


Senator GARDINER (New South Wales) (Vice-President of the Executive Council) .- I have listened with interest to the remarks of Senator de Largie. I am not acquainted with the case to which he refers, but it appears to me that the clause as it stands would do all that he desires. Under sub-clause 2 it is provided that the notice which, under sub-clause 1, is to be sent to the shareholders, shall give full particulars of the proposal for amalgamation, and shall be accompanied by actuarial reports on the proposal. Then under sub-clause 3, it is provided that -

The Commissioner anil any shareholder or policy-holder shall be entitled to be heard on any application to a Court to sanction the proposed amalgamation or transfer.

That, I think, is wide enough to cover such a case as that referred to by Senator de Largie. As the postponement of the clause is suggested, I think that the matter which the honorable senator has mentioned is worthy of consideration. If he does not think that the clause as it stands sufficiently safeguards the interests of shareholders and policy-holders, I shall have no objection to ask the AttorneyGeneral to consider such an amendment as may be necessary to prevent such a thing as Senator de Largie has referred to occurring again. I am afraid, however, that in just such a case as the honorable senator has mentioned a satisfactory remedy would be beyond human ingenuity, since we are advised that to those who seek first the Kingdom of Heaven all other tilings are added.







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