Page 2854 - Week 10 - Thursday, 15 August 1991
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .
CO-OPERATIVE SOCIETIES (AMENDMENT) BILL 1991
Debate resumed from 8 August 1991, on motion by Ms Follett:
That this Bill be agreed to in principle.
MR DUBY (10.53): Mr Speaker, this particular piece of legislation is something which I do not think will exact much excitement amongst the members, because I am sure that it will be agreed to by all members of this Assembly. It is a bit of workaday business that has been long overdue. As Ms Follett acknowledged in her presentation speech, this Co-operative Societies (Amendment) Bill was prepared during the term of the previous Alliance Government after consultation with many people within the industry. The Labor Government has subsequently reviewed that legislation and, of course, has now brought it forward for passing by the Assembly.
This Bill updates the principal Act basically by requiring that the various cooperative societies prepare their financial statements in accordance with prescribed requirements which will be set by regulation. Over the years, the role of cooperative societies, in particular that of credit unions and building societies, has certainly increased dramatically.
The requirement for correct and accurate reporting of a number of matters, I think, is something that has been long overdue. There has been a concern in the community at large over the failure of some of those societies to provide accurate reports detailing a number of issues which members of those societies like to know about. I refer to such things as, for example, the amount of remuneration paid to their directors, et cetera. This is a piece of legislation which is long overdue, and I believe that it should have the unanimous support of the Assembly.
MR COLLAERY (10.55): Unlike my colleague Mr Duby, I think this piece of legislation is in fact worthy of some considerable note. This Bill closes a shameful chapter in part of the history of corporate dealings in the Australian Capital Territory. I think it is worth noting the background to this piece of legislation.
Mr Moore: Hear, hear!
MR COLLAERY: Mr Moore says, "Hear, hear". Many of us know how intertwined this issue is with other events in this capital city. I cannot think of another Western democracy that ever sold off one of its main avenues to a developer, as this city did prior to self-government. Those members who recall standing at the Canberra Theatre site and on City Hill and looking down Ainslie Avenue and seeing the rocks at the foot of Mount Ainslie, and Mount Ainslie, will
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .