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Thursday, 15 May 1930

Senator MCLACHLAN (South Australia) . - There is a subtle distinction from a legal point of view between clause 38 and clause 42. The former imposes uponthe directors of an insurance company the responsibilities of trustees and the law is well defined on the responsibility of trustees. In clause 42 liability in respect to misfeasance in relation to statutory funds is clearly defined. Any officer of a company shall be deemed to have been guilty of misfeasance unless he proves that the contravention occurred without his consent or connivance and was not facilitated by any neglect on his part. Safeguarding provisions are necessary in clause 42 under which the trustee law will not operate, but there is no occasion to insert those provisions in clause 38, because in that case the ordinary trustee law affords the necessary protection.

Clause verbally amended and, as amended, agreed to.

Clause 43 (Accounts and balancesheet) .

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