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COMMONWEALTH BANK SALE BILL 1995

Order of the day read for the adjourned debate on the motion of the

Minister for Trade (Senator McMullan)--That this bill be now read a

second time--and on the amendment moved by Senator Calvert (see entry

no. 5).

Debate resumed.

Question--That the amendment be agreed to--put and negatived.

Main question put.

The Senate divided--

AYES, 33

Baume Beahan Brownhill Calvert Carr Childs Coates Colston Cooney Crowley Denman Evans, Gareth Ferguson Forshaw Jones (Teller) Kemp Knowles Macdonald, Sandy McGauran McKiernan Murphy Neal Newman O'Chee Panizza Parer Reynolds Schacht Sherry Short Tierney West Wheelwright

NOES, 10

Bell Bourne (Teller) Chamarette Devereux Harradine Kernot Lees Margetts Spindler Woodley

Question agreed to.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the

bill.

In the committee

Bill taken as a whole by leave.

The Leader of the Australian Democrats (Senator Kernot) moved the

following amendment:

Schedule, page 15, item 28, after proposed subsection 74B(2) insert the

following subsections:

" "(2A) Prior to the transfer date, a shareholders' agreement is to be

entered into between the Commonwealth and the Commonwealth Bank

stating, at least in general terms:

(a) the charter conditions under which the Commonwealth Development

Bank (the Development Bank) is to operate and generally

reflecting sections 72, 73 and 74 of the Commonwealth Banks Act

1959 as in force prior to the commencement of the Commonwealth

Bank Sale Act 1995; and

(b) the annual subsidy determination and review arrangements.

"(2B) The memorandum and articles of the Development Bank are to

include a provision that the charter conditions of the Development

Bank must not be amended unless the proposed amendment has been

approved by 95 per cent of the shareholders.

"(2C) The Commonwealth must not reduce its shareholding in the

Development Bank or, as a shareholder, agree to any proposed amendment

of the memorandum and articles of the Development Bank unless each

House of the Parliament, by resolution, approves a proposal for such

an amendment.".

Debate ensued.

Question--That the amendment be agreed to--put.

The committee divided--

AYES, 7

Bell Bourne (Teller) Harradine Kernot Lees Spindler Woodley

NOES, 30

Abetz Boswell Burns Calvert Carr Chamarette Childs Coates Collins, Jacinta Colston Cooney Denman Ferguson Forshaw Jones Macdonald, Ian McGauran McKiernan Margetts Murphy Neal O'Chee (Teller) Parer Reid Reynolds Schacht Sherry Tierney West Wheelwright

Question negatived.

Bill debated and agreed to.

Bill to be reported without amendment.

The Acting Deputy President (Senator Calvert) resumed the Chair and the

Temporary Chairman of Committees (Senator Colston) reported accordingly.

On the motion of the Minister for Small Business, Customs and

Construction (Senator Schacht) the report from the committee was adopted

and the bill read a third time.