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Thursday, 2 June 1960

Mr DAVIDSON (Dawson) (PostmasterGeneral) . - I move-

That Senate's amendment No. 3 be agreed to. [Quorum formed.]

The amendment relates to the operation of proposed section 92d in respect of existing licences. Section 92d makes every licence subject to a condition requiring a specified measure of ownership, by Australian residents, of capital of the licensee company. The section is in terms identical with those of paragraph (a) of section 92 of the present act. However, the actual operation of the provision in relation to an existing licence could' be affected by the extended meaning of control " that is provided' for in the new Division 3-. In these circumstances, it is considered that a licensee company which, when the bill becomes law, is complying with" section 92 (a) of the present act, but which finds itself, upon the commencement of the new act, in breach of the condition contained in section 92d as affected by the new concept of " control ", should be allowed a period of approximately twelve months in which to adjust its capital structure in such a way as to comply with the new law. Amendment No. 3 is designed to achieve this purpose. We submit that that is a fanprovision. It was already included in the other three sections, and is now to be included in this section.

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