Page 4974 - Week 17 - Tuesday, 11 December 1990
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New clause agreed to.
Clause 14 agreed to.
Clause 15
MR KAINE (Chief Minister) (8.37): Mr Speaker, I move:
Page 6, paragraphs 15(1)(d) and (e), lines 9 to 12, omit the paragraphs, substitute the following word and paragraph:
"or (d) acquire, dispose of, mortgage, or give security over, a significant asset, or give a charge over the whole or a significant part of its undertaking or assets.".
Amendment No. 4 on the circulated list substitutes a new paragraph for those that are appearing at lines 9 to 12 in the original document. What this does is add an enhanced mechanism for shareholder oversight of assets of Territory owned corporations in cases where Territory owned corporations may mortgage significant assets. It is simply a control mechanism to limit what the corporations may do.
Amendment agreed to.
Clause, as amended, agreed to.
Clause 16
MR KAINE (Chief Minister) (8.38): I move:
Page 7, subclause 16(6), line 3, omit "The reference in subsection (5)", substitute "In this section a reference".
Amendment No. 5 on the circulated list is a very minor amendment to ensure that the interpretation of the term "net reasonable expense" applies to the whole clause rather than to only a part of it.
Amendment agreed to.
Clause, as amended, agreed to.
Clause 17
MR KAINE (Chief Minister) (8.38): I move:
Page 7, lines 12 to 20, omit the clause, substitute the following clause:
Audit
"17.(1) A Territory owned corporation or a subsidiary, or the directors of such a corporation or of a subsidiary, shall not appoint a person other than the Auditor-General as auditor of the company.
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