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Tuesday, 6 March 1973
Page: 202

Mr JACOBI (HAWKER, SOUTH AUSTRALIA) - I address my question to the Minister representing the Attorney-General. In view of the strong criticisms by members of the business community, professions and universities, of the complexity and the outdated philosophy of our ramshackle Australian company law as embodied in the uniform Companies Acts, will the Minister take urgent action to appoint an expert committee to examine in depth the position of corporations in our present society and the problems which they raise, and to advise the Government on the measures which should be enacted in the proposed Commonwealth Companies Act so as to make that Act effectively meet the needs of the Australian society in the twentieth century?

Mr ENDERBY (Minister for the Northern Territory) - There can be no doubt that what the honourable member has said is a matter of considerable concern. The increasing complexities of modern company activities and the changing patterns of behaviour in the commercial world certainly call for constant attention. I know that the Attorney-General has the matter under full and deep consideration and it will certainly be dealt with when the proposed Australiawide law dealing with companies is introduced. This question is not unrelated to the proposal of the Government to set up a securities and exchange commission, which also touches on the same sort of problem. However, I will refer the question to the Attorney-General and suggest that he give the honourable member a detailed answer.

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