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Thursday, 15 August 1974
Page: 991

Senator GREENWOOD (Victoria) - I have listened to what the Attorney-General has said. In the circumstances, I will ask for leave to withdraw the amendment I have proposed in favour of the amendment that the AttorneyGeneral has indicated that he will move. May I invite the Attorney-General to consider the point which has been raised by Senator Wright. He might recall that the Regulations and Ordinances Committee raised this point several years ago in, I think it was, a special report. There was a provision in an ordinance for the Australian Capital Territory relating to overseas shareholdings in the case of, I think, the Mutual Life and Citizens Assurance Co. Ltd. The Regulations and Ordinances Committee saw that a defence was available to the directors of that company if they could show that they took all reasonable precautions against committing the offence. The view of the Regulations and Ordinances Committee was that if all reasonable precautions had been taken the offence would never have occured and that therefore it was a defence which was meaningless. What is really required is that a person take reasonable precautions. That, I suggest to the Attorney-General, meets this situation. I invite his consideration of it.

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