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Wednesday, 23 March 1966


Mr SNEDDEN (Bruce) (AttorneyGeneral) . - by leave - I move -

1.   In sub-clause (2.), paragraph (d), omit " after ", insert " on or after ".

2.   In sub-clause (2.), paragraph (e), omit " after ", insert " on or after ".

3.   Omit paragraph (f), insert the following paragraph: - " (f) policies for annuities, being policies that have been in force for at least five years before the dale of the bankruptcy, to the extent to which they provide for payment of an annuity not exceeding One thousand two hundred dollars in the aggregate, and the payments made on or after the date of the bankruptcy under such policies to the extent to which those payments do not exceed One thousand two hundred dollars per annum in the aggregate;".

The first amendment is intended to remove a defect in paragraph (d) of clause 116, in that, as the paragraph now stands, insurance moneys that would not form part of the property divisible amongst the creditors if received after the date of the bankruptcy would not be so exempt if they are received on the day on which the debtor becomes a bankrupt. The second amendment has the same purpose in relation to moneys received as the proceeds of a policy of pure endowment.

The purpose of the third amendment is to substitute a new paragraph (f). The existing paragraph is defective in that it would not exempt from the property divisible amongst the creditors a policy for an annuity which had been kept in force for the requisite period even though premiums had not been paid in respect of the whole of that period. The new paragraph would cure that defect.

Amendments agreed to.

Clause, as amended, agreed to.

Clauses 117 to 189 - by leave - taken together.







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