I move amendment No. 16:
In page 15, subsection (1), line 27, after "approval" to insert "and, in that section, references to proposed stock exchange shall be construed accordingly".
SECTION 10.
Amendment agreed to.
Amendments Nos. 17,26, 30 and 32 will be discussed together.
I move amendment No. 17:
In page 15, subsection (2)(a), line 33, to delete "prudent" and substitute "proper".
What is the reason for changing "prudent" to "proper"? Prudent has a different connotation.
The four amendments are designed to ensure that in the small number of cases where the phrase "prudent and orderly regulation" occurs it is changed to "proper and orderly regulation" which is the phrase generally used in the Bill. It is changed for consistency of terminology. Obviously "prudent and orderly" have a more limited meaning than "proper and orderly". These amendments are designed to ensure that the broader phrase is used consistently throughout the Bill. It is essential to have consistent references.
Amendment agreed to.
Section 10, as amended, agreed to.
Sitting suspended at 1 p.m. and resumed at 2 p.m.
Before we proceed, may I correct something which the Minister may have inadvertently stated this morning when he said that he had not had any particularly heavy lobbying on this issue? I understand the president of the Stock Exchange endeavoured over the last number of weeks to meet the Minister for Finance to discuss this matter, but the Minister refused to meet him. It is incorrect to state that attempts were not made to discuss this matter.
The Minister for Finance and I, together with officials from the Department of Finance, had a long and detailed meeting with the president of the Stock Exchange. In addition, we have exchanged correspondence. I am not aware of a recent request for a meeting but we had a very detailed meeting where the arguments were thrashed out and our definitive position was made clear to the Stock Exchange
In recent weeks, I understand, the president sought a meeting but none could be arranged.