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FIRST CORPORATE LAW SIMPLIFICATION BILL 1995

Order of the day read for the consideration of the bill in committee of

the whole.

In the committee

Explanatory memorandum: The Parliamentary Secretary to the Minister for

Primary Industries and Energy (Senator Sherry) tabled a supplementary

explanatory memorandum relating to the Government amendments to be moved

to the bill.

Bill taken as a whole by leave.

Declarations of interest: The Temporary Chairman of Committees (Senator

Colston) and Senator Vanstone each declared an interest in relation to

the bill.

Debate ensued.

Senator Vanstone moved the following amendment:

Schedule 4, page 64, item 58, proposed subsection 317B(4), omit the

subsection, substitute the following subsections:

"(4) If:

(a) but for this subsection, subsection (1) would apply to a large

proprietary company for a financial year; and

(b) but for section 45A, the company would have been an exempt

proprietary company for that year; and

(c) the company has continued to meet the definition of "exempt

proprietary' (as in force at 30 June 1994) at all times since

enactment of section 45A; and

(d) within 4 months after the end of the first financial year of the

company that ends after the commencement of this section the

company lodges with the ASC a notice that the company wants this

subsection to apply to the company;

the company may by the notice referred to in paragraph (d) elect to be

treated as an exempt proprietary company for the purpose of lodgment

of accounts and financial statements as if:

(e) the amendments omitting, repealing or otherwise affecting

references to exempt proprietary companies, set out in Schedule

4 to the First Corporate Law Simplification Act 1995, had not

been made; and

(f) the regulations in force at 30 June 1994 in relation to such

lodgment by such a company remain in force.

"(5) The ASC may extend the period referred to in paragraph (3)(e) or

(4)(d).".

Debate ensued.

At 6.50 p.m.: The Acting Deputy President (Senator West) resumed the

Chair and the Temporary Chairman of Committees (Senator Colston)

reported progress.