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Wednesday, 6 August 1930

Senator DALY (South Australia) (VicePresident of the Executive Council) . - The definition " any person who is a relative by blood, marriage, or adoption, of a shareholder, if that relative has acquired the shares by gift from t hat shareholder or by means of money received from that shareholder " clearly sets out that for the purposes of this measure such a person shall be deemed to have acquired " shares held by or on behalf of" the shareholder.

Senator E B Johnston - Cannot a parent give his child an interest in his business ?

Senator DALY - Of course, he can.

Senator McLachlan - I cannot see the necessity for the use of the word " includes " in either of the three collocations a. b, or c.

Senator DALY - There is this point about it : I might nominate " A " to hold shares on behalf of my wife. Although " A " would then be my nominee, the shares could not be held by me on his behalf. They would be held on behalf of my wife.

Senator McLachlan - The words " any nominee " do not get us any further.

Senator DALY - I am prepared to admit that it might not be necessary to i nclude the words " any nominee," but they certainly do no harm. The proposed new sub-section, probably, extends the language somewhat; but it does not alter the general scheme of the measure.

Senator McLachlan - It rather points it.

Senator DALY - That is so.

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