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COMPANIES AND SECURITIES LEGISLATION (MISCELLANEOUS AMENDMENTS) BILL 1981

Order of the Day read for the adjourned debate on the Question--That this Bill be now read a second time.

Debate resumed.

And it being eleven p.m.--

Adjournment Negatived: The Acting Deputy-President (Senator Jessop), under Sessional Order, put the Question--That the Senate do now adjourn.

The Senate divided--

AYES, 25

Senator-- Senator-- Bolkus Keeffe Childs McClelland Coates McIntosh Coleman Macklin Colston Mulvihill Elstob Primmer Evans Ray, Robert Foreman Ryan Gietzelt Sibraa Giles Tate Grimes Walsh Hearn Teller: Jones Robertson

NOES, 32

Senator-- Senator-- Baume Martyr Bjelke-Petersen Mason Bonner Messner Carrick Missen Chaney Rae, Peter Crichton-Browne Reid Durack Scott Guilfoyle, Siddons Dame Margaret Teague Haines Thomas Hamer Townley Harradine Walters Hill Watson Kilgariff Withers Lewis Young MacGibbon Teller: Martin Collard

And so it was negatived.

Debate continued.

Senator Evans moved an amendment, viz: At end of motion, add "", but the Senate--

(a) expresses its concern--

(i) at the Government's abdication of its responsibility to make national laws for companies and securities pursuant to the Commonwealth's own constitutional powers, and in accordance with the recommendations of the Senate Select Committee on Securities and Exchange in 1974 (the Rae Report);

(ii) at the lack of effective accountability of the National Companies and Securities Commission to either the Government or Parliament of the Commonwealth, or to any other single elected Government or Parliament; and

(iii) that the Parliament of the Commonwealth is not given an opportunity to effectively scrutinise Bills introduced under the Cooperative Companies and Securities Scheme and will not be able effectively to determine company and securities law in the future under this scheme.

(b) calls upon the Government in the event of the breakdown for any reason of the scheme, of which this Bill is a part, immediately to proceed to the introduction of Commonwealth legislation for the national regulation of companies and the securities industry.

(c) calls upon the Government to expedite the establishment of an Accounting Standards Review Board; and

(d) calls upon the Government immediately to pursue a fundamental reform of company law and, as the first stage in such reform, to institute the Companies and Securities Law Review Committee without delay'',

Debate ensued.

Question--That the words proposed to be added be added--put.

The Senate divided--

AYES, 28

Senator-- Senator-- Bolkus McClelland Childs McIntosh Coates Macklin Coleman Mason Colston Mulvihill Elstob Primmer Evans Ray, Robert Foreman Ryan Gietzelt Sibraa Giles Siddons Grimes Tate Haines Walsh Hearn Jones Teller: Keeffe Robertson

NOES, 29

Senator-- Senator-- Baume MacGibbon Bjelke-Petersen Martyr Bonner Messner Carrick Missen Chaney Rae, Peter Collard Reid Crichton-Browne Scott Durack Teague Guilfoyle, Townley Dame Margaret Walters Hamer Watson Harradine Withers Hill Young Kilgariff Lajovic Teller: Lewis Thomas

Amendment negatived accordingly.

Question--That this Bill be now read a second time--put and passed.

Bill read a second time.

The Senate, according to Order, resolved itself into Committee for the consideration of the Bill.

In the Committee

Bill, by leave, taken as a whole, debated and agreed to.

Bill to be reported without amendment.

The Acting Deputy-President (Senator Elstob) resumed the Chair; and the Chairman of Committees (Senator McClelland) reported accordingly.

On the motion of the Minister for Veterans' Affairs (Senator Messner) the Report from the Committee was adopted, and the Bill read a third time.