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COMMONWEALTH AUTHORITIES AND COMPANIES BILL 1996—SENATE[quot ]S AMENDMENT

The order of the day having been read for the consideration of the amendment made by the Senate, viz.:

SCHEDULE OF THE AMENDMENT MADE BY THE SENATE

Clause 5, page 3 (lines 7 and 8), omit the definition of bank, substitute:

  bank means:

  (a) a person who carries on the business of banking, either in Australia or outside Australia; or

  (b) any other institution:

   (i) that carries on a business in Australia that consists of or includes taking money on deposit; and

   (ii) the operations of which are subject to prudential supervision or regulation under a law of the Commonwealth, a State or a Territory.

On the motion of Mr Fahey (Minister for Finance), the amendment was agreed to.