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Wednesday, 9 March 1932

Mr BRUCE (FLINDERS, VICTORIA) (Assistant Treasurer) . - Sub-clause 1 reads -

After the commencement of this act, no State act, whether passed before or after the commencement of this act, to the extent to which it requires a person carrying on or proposing to carry on insurance business to make any deposit or to make any payment by way of licence fee, or to make, as a condition upon which that person may carry on insurance business, any other payment, shall, subject to this act, have any force or effect.

The effect of that sub-clause is that after the passing of this legislation no State act which requires a deposit by any insurance company shall have any effect. The proviso, the operation of which the honorable member for West Sydney (Mr. Beasley) has suggested should be postponed until 1933, states -

Provided that this sub-section shall not affect the operation of any State act in force on the first day of February, One thousand nine hundred and thirty-two, insofar as the State act imposes stamp duty on licences issued to persons engaged in insurance business.

In other words, the proviso will allow a State to continue to enforce the payment of licence-fees which are at present levied on a person carrying on an insurance business in that State. I cannot accept the amendment.

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