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Thursday, 1 April 1965


Senator WRIGHT (Tasmania) .- Before the Minister makes a final decision on this question, I invite his attention to one further matter which seems to me to be a weighty consideration in favour of the view I have advanced and which has been advanced from the other side of the chamber. I ask the Minister to look at clause 47(2.) of the Bill. He will see that the draftsman of the Bill has chosen regulations to prescribe securities to be approved securities; to declare interests in land to be prescribed interests; and to prescribe classes of insurable loans for the purposes of clause 20. All the functions that are involved in the process of approving classes of lenders are - when it comes to prescribing securities to be approved securities, to declaring interests in land to be prescribed interests and to prescribing classes of insurable loans for the purposes of clause 20 - made operative by the vehicle of regulations. The same elements concerned in those three matters are involved in the declaration of classes of persons to be approved. Not one sensible distinction can be drawn between the process of declaring a class of persons as approved lenders, declaring interests in land as those which are qualified to be insured when subject to a mortgage under the Act, and prescribing classes of insurable loans for the purposes of clause 20.

I rose only to advance that argument which seems to me to be of such dominating force that it ought to persuade the Minister to adopt regulations as the vehicle of declaration of classes of approved lenders under this sub-clause of the Bill.







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