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Wednesday, 9 March 1932

Mr BRUCE (FLINDERS, VICTORIA) (Assistant Treasurer) . - I move -

That the words " society of insurers," subclause 2, be omitted with a view to insert in lieu thereof the words " or on account of a group of insurers (no member of which is a company or is acting on behalf of a company)."

This is the clause to which I referred in my second-reading speech, which specifically refers to the operations of Lloyd's in Australia. On examination it was considered that the words "society of insurers" was not the correct designation for Lloyd's, and that that corporation could more accurately be described by the words which form my amendment, the phrasing of which prevents ordinary insurance companies from avoiding compliance with the deposit provisions of the measure. It merely means that a number of people acting as agents for Lloyd's may lodge one comprehensive deposit instead of a number of separate deposits.

Amendment agreed to.

Clause, as amended, agreed to.

Clause 7 (Deposits under State Act).

1.   After the commencement of this act . .shall . . . have any force or effect

Provided that this sub-section shall not effect the operation of any State Act, in force on the first day of February, One thousand nine hundred and thirty-two, in so far as the State Act imposes stamp duty upon licences issued to persons engaged in insurance business. (2.) Where, at the commencement of this Act, any amount or security is, in pursuance of any enactment which upon such commencement ceases to have effect, held by a Stateor by any authority of a State by way of deposit on account of any person carrying on insurance business, the State or authority shall, when so required by the Treasurer, return the amount or security to the person by whom the deposit was lodged. (3.) So much of any amount or security as is in the form of money or approved securities and is returned to any person under the last preceding sub-section shall, if that person continues to carry on insurance business after the commencement of this Act, to the extent of the deposit required to be lodged by that person under this Act, be lodged by that person with the Treasurer forthwith as, or as part of, the deposit so required.

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