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Thursday, 18 October 1973
Page: 2341


The CHAIRMAN (Mr Scholes (CORIO, VICTORIA) - Order! Is leave granted? There being no objection, leave is granted. (The document read as follows) -

<Paras>

(1) Clause 3, page 2 lines 14 to 33, omit subclauses (3) and (4), substitute the following sub-clauses: "(3) In this Act-

(a) a reference to a subscriber to the Fund is a reference to the holder of an investment bond; and

(b) a reference to a subscriber, in relation to a Division of the Fund, is a reference to the holder of an investment bond in the series of investment bonds in relation to which that Division is maintained. "(4) A reference in this Act to the relevant terms and conditions, in relation to a Division of the Fund maintained in relation to a series of investment bonds, is a reference to the terms and conditions on which the bonds in that series were issued.".

</Paras>
<Paras>

(2) Clause 5, page 3, after sub-clause (3), add the following sub-clause: "(4) The Corporation shall not issue investment bonds if, in the event of the issue of those bonds, the amount remaining after deducting from the total of the amounts paid to the Corporation for the purchase of investment bonds any amounts paid by the Corporation for the redemption or repurchase of investment bonds would exceed Five hundred million dollars.".

</Paras>
<Paras>

(3) Clause 16, page 5, lines 25 to 46, and page 6, lines 1 to 6, omit sub-clauses (3) to (7) inclusive.

</Paras>
<Paras>

(4) Clause 17, page 6, lines 33 to 43, omit subclauses (2) and (3).

</Paras>
<Paras>

(5) Clause 17, page 7, line 1, omit "The foregoing provisions of this section have", substitute "Sub-section (1) has".

</Paras>
<Paras>

(6) Clause 18, page 7, lines 35 to 41, omit paragraphs (d) and (e) of sub-clause (1), substitute the following paragraph: "(d) in redeeming or repurchasing investment bonds in the series in relation to which the Division is maintained; and ".

</Paras>
<Paras>

(7) Clause 21, page 8, lines 27 to 29, omit "and section 29 of the Australian Industry Development Corporation Act 1970-1973 does not apply in relation to those accounts and records".

</Paras>
<Paras>

(8) Clause 21, page 8, lines 30 to 37, omit subclause (4).

</Paras>
<Paras>

(9) Clause 22, page 8, lines 41 to 45, and page 9, lines 1 to 4, omit paragraph (a) of sub-clause (1), substitute the following paragraph: "(a) debts, liabilities or obligations incurred in pursuance of this Act to the holders of bonds in the series of investment bonds in relation to which that Division is maintained; or ".

</Paras>
<Paras>

(10) Clause 22, page 9, lines 11 to 15, omit subclause (3).

</Paras>
<Paras>

(11) Clause 23, page 9, before the definition of "Executive Chairman of the Corportaion", insert the following definition: "'Chairman' means Chairman of the Council and includes a member appointed to act as Chairman of the Council;".

</Paras>
<Paras>

(12) Clause 23, page 9, lines 20 to 23, omit the definitions of " member ", " non-official member " and " official member ", substitute the following definition: - " 'member' means a member of the Council and includes the Chairman.".

</Paras>
<Paras>

(13) Clause 25, page 9, lines 26 and 27, omit "two members to represent the Australian Government", substitute " a Chairman ".

</Paras>
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(14) Clause 25, page 9, line 29, add at the end of sub-clause (2) ", the Chairman being appointed as a full-time member and the other members being appointed as part-time members ".

</Paras>
<Paras>

(15) Clause 25, page 9, lines 30 to 34, omit subclauses (3) and (4).

</Paras>
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(16) Clause 25, page 9, line 35, omit " nonofficial ".

</Paras>
<Paras>

(17) Clause 25, page 10, lines 3 to 6, omit paragraphs (a) and (b) of sub-clause (6), substitute the following paragraphs: - " (a) a vacancy in the office of Chairman; or

(b) the number of members other than the Chairman falling below five for a period of not more than three months.".

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<Paras>

(18) Clause 26, page 10, line 13, omit " nonofficial ".

</Paras>
<Paras>

(19) Clause 27, page 10, lines 18 to 20, omit the clause, substitute the following clause: - "27.(1) The Chairman shall be paid, out of the funds of the Corporation, remuneration at such rate, and an annual allowance at such rate (if any), as are fixed by the Parliament but, until 1 July 1974, the rate of that remuneration, and the rate of that allowance (if any), shall be as prescribed. " (2) The Chairman shall be paid out of the funds of the Corporation such other allowances (if any) as are prescribed and the other members shall be paid out of those funds such fees (if any) and such allowances (if any) as are prescribed.".

</Paras>
<Paras>

(20) Page 10, after clause 27, insert the following new clause: - " 27A. The Minister may grant leave of absence to the Chairman upon such terms and conditions as to remuneration or otherwise as the Minister determines.".

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(21) Clause 29, page 10, line 24, omit " nonofficial ".

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(22) Clause 29, page 10, line 26, omit " nonofficial ".

</Paras>
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(23) Clause 29, page 10, lines 32 and 33, omit subparagraph (iii) of paragraph (a) of sub-clause (2), substitute the following sub-paragraph: - " (iii) being the Chairman, is absent from duty, except on leave of absence granted by the Minister, for fourteen consecutive days or for twenty-eight days in any twelve months or, being a member other than the Chairman, is absent, except by the leave of the Council, from three consecutive meetings of the Council; or".

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(24) Clause 29, page 10, line 35, omit " nonofficial ".

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<Paras>

(25) Page 11, after clause 29, insert the following new clauses: - " 29A. Where the Chairman was, immediately before his appointment, an officer of the Public

Service or a person to whom the Officers' Rights Declaration Act 1928-1969 applied-

(a) he retains his existing and accruing rights; (b) for the purpose of determining those rights, his service under this Act shall be taken into account as if. it were service in the Public Service; and

(c) the Officers' Rights Declaration Act 1928- 1969 applies as if this Act and this section had been specified in the Schedule to that Act. "29B.(1) The Governor-General may appoint a member to act as Chairman during any period, or during all periods, when the Chairman is absent from duty or from Australia or during a vacancy in the office of Chairman, but a person so appointed to act during a vacancy shall not continue so to act for more than twelve months. " (2) The Governor-General may -

(a) determine the terms and conditions of appointment of a person appointed under this section; and

(b) at any time terminate such an appointment. " (3) Where a person is acting as Chairman in pursuance of an appointment under this section otherwise than during a vacancy in the office of Chairman and the office becomes vacant while that person is so acting, that person may continue to act in the office until the Governor-General otherwise directs, the vacancy is filled or a period of twelve months from the date on which the vacancy occurred expires, whichever first happens. " (4) While a person is acting as Chairman in pursuance of an appointment under this section, he has, and may exercise, all the powers and shall perform all the functions of the Chairman under this Act. " (5) The validity of anything done by a person appointed under this section shall not be called in question on the ground that the occasion for his appointment had not arisen or that the appointment has ceased to have effect.".

</Paras>
<Paras>

(26) Clause 30, page 11, lines 3 to 14, omit subclauses (1) to (5), inclusive, substitute the following sub-clauses: - " (1) The Chairman shall convene such meetings of the Council as he thinks necessary for the efficient performance of the functions of the Council. " (2) The Chairman shall convene a meeting of the Council -

(a) when he is requested to do so by at least two members; or

(b) when he is notified by the Executive Chairman of the Corporationthat the Corporation wishes to consult the Council. " (3) At a meeting of the Council, four members constitute a quorum. " (4) The Executive Chairman of the Corporation or a person appointed by him is entitled to be present at any meeting of the Council. " (5) At a meeting of the Council the Chairman shall preside if he is present but, if he is absent, the members present shall appoint one of their number to preside at the meeting.".

</Paras>
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(27) Clause 30, page 11, lines 20 and 21, omit " (being members who, if they were present at a meeting of the Council, would constitute a quorum)".

</Paras>
<Paras>

(28) Clause 32, page 12, lines 3 to 8, omit paragraph (b), substitute the following paragraph: - " (b) to advise the Corporation in relation to the terms and conditions on which investment bonds in each series of investment - bonds are to be issued and sold; ".

</Paras>
<Paras>

(29) Clause 35, page 13, lines 2 to 9, omit the clause.

</Paras>

Clauses 1 and 2 - by leave - taken together, and agreed to.

Clause 3.

(1)   In this Act, unless the contrary intention appears - " assets " includes property and rights of any kind and also includes money; " Australian Industry Development Corporation " or " Corporation " means the Australian Industry Development Corporation established under the Australian Industry Development Corporation Act 1970-1973; " Board " means the Board of Directors of the Corporation; " bond " means an investment bond created under this Act; " Director " means a member of the Board; " holder ", in relation to an investment bond, means the person whose name is entered in the Register as the holder of the bond; " National Investment Fund " or " Fund " means the National Investment Fund of Australia constituted in accordance with this Act; " Register " means the Register of Investment Bonds kept in pursuance of this Act; " Supervisory Council " or " Council " means the Supervisory Council established under this Act.

(2)   A reference in this Act to the assets of a Division of the Fund is a reference to -

(a)   any moneys constituting that Division that are not presently invested in accordance with this Act; and

(b)   any assets of the Corporation acquired by reason of the investment of moneys constituting that Division.

(3)   In this Act -

(a)   a reference to a subscriber to the Fund is a reference to -

(i)   the holder of an investment bond; or

(ii)   a contributor to a superannuation or retirement scheme or savings scheme maintained by the Corporation; and

(b)   a reference to a subscriber, in relation to a Division of the Fund, is a reference to-

(i)   the holder of an investment bond in the series of investment bonds in relation to which that Division is maintained; or

(ii)   a contributor to any superannuation or retirement scheme or savings scheme in relation to which that Division is maintained.

(4)   A reference in this Act to the relevant terms and conditions, in relation to a Division of the Fund, is a reference -

(a)   in the case of a Division maintained in relation to a series of investment bonds - to the terms and conditions on which those bonds were issued; and

(b)   in the case of a Division maintained in relation to a superannuation or retirement scheme or a savings scheme - to the terms and conditions on which the scheme was established.

DrJ. F. CAIRNS (Lalor - Minister for Overseas Trade) (4.2) - Mr Chairman, I move:

In sub-clause (1), before 'register', insert 'appropriate'.

This is the first amendment which appears in my name. It results from an examination which revealed that it is desirable to have more than one register of those who have subscribed to the National Investment Fund. Previously, we considered that one register might be sufficient, but it seems reasonable and practical that provision should be made for the possibility of more than one register being kept. Therefore, this amendment and the next 4 amendments that 1 shall move in relation to this clause and clause 9 arise as a result of the need to make it possible to have more than one register. That is the purpose of the first amendment. The other amendments related thereto are merely matters of expression. The third, fourth and fifth amendments that I will move seek the insertion of the word appropriate' to change the wording to appropriate register' instead of 'register'. These amendments, therefore, are mostly matters of mere expression arising out of the basic question of providing for more than one register.

Amendment agreed to.

Amendment (byDrJ. F. Cairns) agreed to:

In the definition of 'Registrar', omit 'the' substitute 'a'.







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