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Wednesday, 23 March 1966

The TEMPORARY CHAIRMAN (Mr Drury (RYAN, QUEENSLAND) - There being no objection, leave is granted for the Attorney-General to move four amendments.

Mr SNEDDEN - I move-

1.   In clause 5, in the interpretation of " debtor's petition ", omit " 57 ", insert " 56 ".

2.   In clause 5, in the interpretation of " policy for pure endowment ", omit " but a lesser amount not exceeding the sum of the premiums that have been paid is payable if that person dies before that date ", insert " but a lesser amount is payable if that person dies before that date, being an amount not exceeding the sum of the premiums that have been paid and any interest payable on those premiums ".

3.   In clause 7, sub-clause (3.), after " modifications ", insert " and adaptations ".

4.   At the end of clause 7 add the following sub-clause: - " (4.) In this section, ' modification ' includes the addition or omission of a provision or the substitution of a provision for another provision.".

The provisions of clauses 5 and 7 will not occasion difficulty to the Committee. The first amendment is to clause 5. It is a drafting amendment to substitute " 56 " instead of "57" in the definition of "debtor's petition ".

The second amendment isto the definition of" policy for pure endowment " and is intended to give effect to representations by the Life Offices Association that, as the definition originally stood, payments under such policies would no: be protected from becoming available for distribution amongst the' creditors of a bankrupt. The Association said that as well as refunding premiums paid, if the person assured died before the policy matured, it was customary to pay interest on the premiums. The amendment takes account of this practice.

Coming to the third amendment, clause 7 (3.) provides for the Act, in its application to limited partnerships, to be modified by the rules. Other clauses in the Bill also provide for the Act, or particular sections thereof, to be modified by the rules in the application of the Act or the sections to particular circumstances. The formula used in such clauses in the Committee's draft Bill was found to be inadequate, and changes were made when the Bill now before the Committee was prepared. At that time, clause 7 (3.) was not amended; the amendment now proposed will bring this provision into line with other analogous provisions.

The purpose of the fourth amendment, which would add a new sub-clause to clause 7, is, like that of the previous amendment, to bring the clause into line with other clauses in the Bill providing for the modification of the Act, or particular sections thereof, to special circumstances.

Amendments agreed to.

Clauses, as amended, agreed to.

Clause 12. (2.) Tor the purposes of discharging his functions under this Act, the Inspector-General may -

(a)   require the production of any books or accounts kept by a Registrar, Deputy Registrar or official receiver;

(b)   require a trustee to answer an inquiry made to him in relation to a bankruptcy, an administration under Part XI. or a deed of assignment, deed of arrangement, scheme of arrangement or composition in which the trustee is, or has been, engaged; and

(c)   at any time investigate the books and vouchers of a trustee.

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