Page 2563 - Week 09 - Thursday, 8 August 1991
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Accounting Standards Board, modified to apply to cooperative societies. The cooperatives will be required to incorporate subsidiary company accounts in their annual accounts, report on payment of fees to directors, and bring their accounts up to a standard that is accepted nationally.
This amendment will introduce reporting requirements which ensure that adequate information is available to the Registrar of Cooperative Societies, members of societies and the public. Particularly, it will allow the Executive to adopt reporting requirements that are consistent with the reporting requirements in other States.
Whilst this legislation was prepared during the term of the previous Government, the Labor Government has closely examined it and, on the basis of this review, is bringing it forward for the Assembly's consideration. Mr Speaker, I present the explanatory memorandum for the Bill.
Debate (on motion by Mr Duby) adjourned.
COMMERCIAL ARBITRATION (AMENDMENT) BILL 1991 [NO. 2]
MR CONNOLLY (Attorney-General, Minister for Housing and Community Services and Minister for Urban Services) (10.46): Mr Speaker, I present the Commercial Arbitration (Amendment) Bill 1991 [No. 2]. I move:
That this Bill be agreed to in principle.
Mr Speaker, this Bill was introduced into the Assembly by the previous Government and has been considered by this Labor Government, which has agreed to present the Bill again. The Bill will amend the Commercial Arbitration Act 1986 to bring the ACT into line with a national uniform approach to the regulation of commercial arbitration procedures.
The Commercial Arbitration Act deals with provisions in commercial agreements which provide that, in the event of a dispute arising between the parties to such an agreement, the matter is to be referred to arbitration. The Act contains a set of provisions governing the mechanics of the arbitration process where the parties do not specifically address the detailed operation of the arbitration process in their own agreement or contract. The arbitration is generally conducted by an independent arbiter, or panel of arbiters, at the expense of the parties.
Proposals for national uniform commercial arbitration legislation have been the subject of discussion at the Standing Committee of Attorneys-General in recent years. This committee meets regularly to develop and consider proposals for national uniform laws on a variety of extremely important topics. At the end of last year,
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