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Guarantee Scheme for Large Deposits and Wholesale Funding Appropriation Bill 2008

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5672

2008

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Guarantee Scheme for Large Deposits and Wholesale Funding Appropriation Bill 2008

 

 

(1)     Page 1 (after line 10), after clause 2, insert:

2A  Sunset

                   This Act ceases to have effect on the second anniversary of its commencement.

[sunset clause]

(2)     Page 2 (after line 28), at the end of the bill, add:

7  Minister to make statement to Parliament

             (1)  If the Minister borrows money in accordance with subsection 6(1) then the Minister or the Minister’s representative must, within 3 days of taking that action, make an explanatory statement to each House of the Parliament.

             (2)  If either House of the Parliament is adjourned so that it would not otherwise meet within the time referred to in subsection (1), the Presiding Officer, shall summon that House to meet, in spite of anything contained in the resolution of adjournment of that House.

             (3)  In this section, Presiding Officer in relation to a House of the Parliament means the Presiding Officer of that House within the meaning of the Parliamentary Presiding Officers Act 1965 , or the person who is deemed to be the Presiding Officer of that House for the purpose of that Act

[accountability to Parliament]