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Wednesday, 11 November 1964

Senator HENTY (Tasmania) (Minister for Civil Aviation) . - A subsidiary of a public company is itself to be treated as a public company.. Broadly, a subsidiary company is one controlled by one or more public companies. If a public company enters into a consortium with other taxpayers, the company retains its status as a public company. Does that answer the honorable senator's question?

Senator Sir William Spooner - Does this mean that when a consortium of public companies enters into a new venture, it must own more than 5Q per cent, of the venture to be classified as a public company?

Senator HENTY - A consortium is often just a partnership of people which has no public standing at all as far as the company is concerned. That is the only answer I can give at this stage. If the honorable senator wants any further answer, I suggest that he put his question in writing, upon which we shall Obtain an answer for him.

Remainder of Bill, agreed to.

Bill reported without amendment; report adopted. .

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