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Legislative Assembly for the ACT: 2001 Week 8 Hansard (9 August) . . Page.. 2630 ..

MR HUMPHRIES (continuing):

The legislation also improves the requirements for disclosure to members when cooperatives are formed and when shares and debentures are issued. Furthermore, the legislation introduces active membership requirements.

The consistent provisions are particularly important to cooperatives which trade across state and territory borders. It will remove the need for cooperatives to comply with differing legislative requirements depending upon the states or territories in which they operate.

The non-core provisions relate to local matters such as references to other legislation and the nature of the office of the regulator.

Overall, this Bill will assist the local cooperative sector and cooperative societies in general as a form of business and community activity.

I commend the Cooperatives Bill 2001 to the Assembly.

Debate (on motion by Mr Quinlan ) adjourned to the next sitting.

Financial Management Amendment Bill 2001 (No 3)

Mr Humphries , pursuant to notice, presented the bill and its explanatory memorandum.

Title read by Clerk.

MR HUMPHRIES (Chief Minister, Minister for Community Affairs and Treasurer) (10.38): I move:

That this bill be agreed to in principle.

I ask for leave to incorporate my presentation speech in Hansard.

Leave granted.

The speech read as follows:

Mr Speaker, I am pleased to present these amendments to the Financial Management Act 1996.

The Financial Management Act 1996 is the cornerstone upon which the effective financial management of the Territory rests. The Act reinforces the primacy of the Legislative Assembly's role in the parliamentary budget and financial accountability process; promotes the highest standards of financial accountability to the Legislative Assembly and the community; enhances transparency in budget decision-making at all levels; and promotes improved, and better-informed, management decision-making.

Mr Speaker, to ensure that the Financial Management Act continues to fully meet these objectives, the Department of Treasury is undertaking a staged review of the Financial Management Act.

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