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COMPANIES AND SECURITIES LEGISLATION (MISCELLANEOUS AMENDMENTS) BILL 1983

Order of the Day read for the adjourned debate on the motion of the Attorney-General (Senator Gareth Evans)-That this Bill be now read a second time.

Debate resumed.

Question-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

Clauses 1 to 77, by leave, taken together, debated and agreed to.

Clauses 78 and 79, by leave, taken together: Senator Durack, by leave, moved the following amendments together, viz:

Page 57, clause 78, paragraph (a), definition of ''approved accounting standard'', lines 34 to 36, leave out all words after ''266B (1)''.

Page 59, clause 79, proposed new sub-section 266B (3), lines 27 to 35, leave out the proposed sub-section, insert the following sub-section: '' '(3) Sections 48 (other than paragraphs (1) (a) and (b) and sub-sections (2), (6) and (7)), 49, 49A and 50 of the Acts Interpretation Act 1901 apply to accounting standards approved under sub-section (1) as if in those sections references to regulations were references to accounting standards and references to a regulation were references to an accounting standard.'.''.

Pages 59 and 60, clause 79, proposed new sub-section 266B (5), line 38 (page 59) to line 6 (page 60), leave out the proposed sub-section, insert the following sub-section: '' '(5) Sections 48 (other than paragraphs (1) (a) and (b) and sub-sections (2), (6) and (7)), 49, 49A and 50 of the Acts Interpretation Act 1901 apply to revocations under sub-section (4) as if in those sections references to regulations were references to revocations and references to a regulation were references to a revocation.'.''.

Page 60, clause 79, proposed new sub-section 266C (3), lines 31 and 32, leave out ''by reason that a copy of a notice stating that the accounting standard has been disallowed is published under paragraph 266B (3) (b)'', insert ''under sub-section 266B (3)''.

Page 61, clause 79, proposed new sub-section 266C (5), lines 12 to 14, leave out ''Where a copy of a notice stating that the revocation of an approved accounting standard has been disallowed is published under paragraph 266B (5) (b)'', insert ''Where a revocation is disallowed, or is deemed to have been disallowed, under sub-section 266B (5)''.

Debate ensued.

Question-That the amendments be agreed to-put.

The Committee divided-

AYES, 23

Senators- Baume Bjelke-Petersen Boswell Carrick, Sir John Chaney Collard Crichton-Browne Durack Guilfoyle, Dame Margaret Hamer Hill Jessop Kilgariff (Teller) Lewis Martin Messner Missen Rae, Peter Scott Teague Walters Watson Withers

NOES, 29

Senators- Button Childs Chipp Coates Coleman Colston Cook Crowley Elstob Evans, Gareth Evans, Jack Foreman Georges Gietzelt Giles Grimes Harradine Jones McClelland Macklin Mason Primmer Ray, Robert Robertson (Teller) Ryan Sibraa Tate Walsh Zakharov

Amendments negatived accordingly.

Senator Durack moved a further amendment, viz:

Page 62, clause 79, after proposed new Section 266F, add the following new section: Annual Report

'' '266G. (1) The Board shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on its proceedings and activities pursuant to this Act.

'(2) The Minister shall cause a copy of a report furnished to him under sub-section (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which he receives the report.'.''.

Debate ensued.

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

The Committee divided-

AYES, 23

Senators- Baume Bjelke-Petersen Boswell Carrick, Sir John Chaney Collard Crichton-Browne Durack Guilfoyle, Dame Margaret Hamer Hill Jessop Kilgariff (Teller) Lewis Martin Messner Missen Rae, Peter Scott Teague Walters Watson Withers

NOES, 29

Senators- Button Childs Chipp Coates Coleman Colston Cook Crowley Elstob Evans, Gareth Evans, Jack Foreman Georges Gietzelt Giles Grimes Harradine Jones McClelland Macklin Mason Primmer Ray, Robert Robertson (Teller) Ryan Sibraa Tate Walsh Zakharov

Amendment negatived accordingly.

Clauses 78 and 79 agreed to.

Remainder of Bill, by leave, taken together and agreed to.

Bill to be reported without amendment.

The President resumed the Chair; and the Chairman of Committees (Senator Hamer) reported accordingly.

On the motion of Senator Gareth Evans the Report from the Committee was adopted, and the Bill read a third time.