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Detail Stage

Bill, by leave, taken as a whole

MR HUMPHRIES (Attorney-General) (4.48), by leave: I present the supplementary explanatory memorandum and I move:

Page 2, line 7, clause 4, (proposed subparagraph 14(e)(ii)), omit “society incorporated in the Territory; or”, substitute “society;”.

Page 2, line 8, clause 4, (proposed subparagraph 14(e)(iii)), omit “union incorporated in the Territory;”, substitute “union; or”.

Page 2, line 8, clause 4, (proposed paragraph 14(e)), insert after subparagraph (iii) the following subparagraph:

“(iv) a foreign society;”.

Page 2, line 23, clause 4, paragraph (f), omit “definition”, substitute “definitions”.

Page 2, line 28, clause 4, paragraph (f), add the following definition:

“‘foreign society’ means a society registered under the Financial Institutions (ACT) Code as a foreign society;”.

Mr Speaker, as Mr Connolly has indicated, this did come rather late, and I apologise for not having been able to give the Opposition more notice. We have only just received word from New South Wales that it intended to widen the list of credit unions that could be invested in in that State from those that are incorporated in that State to include those that are foreign registered credit unions in that State. It seems appropriate for us to match that arrangement here in the ACT. There are a number of credit unions that would be affected in the ACT by this widening. One that I know of is the Piccol Credit Union, for example. That is based in Victoria, but it has a presence in the ACT. I think there is little basis on which to suggest that it would not be a suitable source of investment whereas one incorporated in the ACT would. Therefore, I urge that we accept these amendments which would have the effect of widening that net that little bit further.

Amendments agreed to.

Bill, as a whole, as amended, agreed to.

Bill, as amended, agreed to.

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