On behalf of Senator Séamus Robinson I move:—
To delete in lines 30-31 the words "invested in such security is ensured by investment therin" and to substitute therefor the words "to be invested in such security is assured."
Approved Investments Bill, 1933—Committee.
Sections 1 to 7 inclusive ordered to stand part of the Bill.
SECTION 8.
When preparing a list of securities in pursuance of this Act and considering whether any particular security should or should not be included in such list and when considering the advice to be given in pursuance of this Act in regard to a particular security, the committee shall have regard to all the circumstances of such security and all such matters in relation thereto as appear to the committee to be relevant and, in particular, the committee shall have regard to the following matters, that is to say:—
(a) whether and how far the safety of the capital and the income of money invested in such security is ensured in investment therein.
This amendment has been put down at the instance of the Currency Commission who think that possibly the intention of the Government might be more clearly expressed if a form of words approximating to the following were inserted instead of the existing paragraph (a), that is to say: "whether and how far the safety of the capital and the income of money to be invested in such security is assured." The amendment having been considered by the draftsman he feels that the point will be met if we delete the words "invested in such security is ensured by investment therein" and substitute the words "to be invested in such security is assured." That is merely a verbal change. We do not think it is of any significance but as the Currency Commission, who are represented on the Committee, felt that it was desirable we have decided to meet their point of view.
Amendment put and agreed to.
Section 8, as amended, put and agreed to.
Remaining sections and Title put and agreed to.
Bill reported with amendment; Report Stage to be taken on Tuesday, 22nd August.