Amendments Nos. 91 and 92 are related and may be discussed together. Agreed? Agreed.
SECTION 71.
I move amendment No. 91:
In page 67, subsection (3), line 29, before "fails" to insert "knowingly".
Where some person fails to notify information under this chapter, under subsection (3) here no right nor interest of any kind whatsoever in respect of any shares in the company concerned held by him shall be enforceable by him whether directly or indirectly by action or legal proceeding. This means that where somebody has paid money for an interest in a share he will not be able to get the share and presumably will not be able to get his money back either if any of the minutiae which we have just approved here of all this part have not been implemented. What I was proposing here was that that severe penalty, and the Minister in the debate on the other chapter pointed out how severe this penalty is in monetary terms, would only apply where the failure was a knowing failure.
I can see difficulties in proving whether somebody knew something or not and I can anticipate the arguments the Minister will make against this amendment in that it would mean that a person's subjective state of mind would have to be investigated. It seems to me to be extremely severe that because of some minor bureaucratic failure on his part the whole transaction could be struck down. It would appear that some sort of equitable remedy is necessary in those situations to prevent transactions being voided and money being lost simply because of a minor failure to comply with some part of this. Perhaps the Minister can set my mind at rest that that will not happen. If he can do that I will not necessarily have to pursue my amendment.
I think I can safely give that assurance to the Deputy.
Will the Minister be more specific and explain exactly on what authority, apart from his own position, he can give that assurance?
If it were not inconvenient for the committee, could I give the detail of this to the Deputy at our next meeting as I have not got time to do so at the moment and we have been here for two and three quarter hours?
I am prepared to stay here for the next three hours to continue with this legislation but unfortunately the Minister is more short-winded than I am.
I am amazed by the generosity of this committee is sitting as it did today and I made the misjudgment that it might have wished to stop at 5 o'clock and made an appointment of some importance for 5.30 p.m.
Perhaps the Minister will reflect on the generosity of this committee before he makes any further public comments. One should never be amazed at the generosity of this committee anyway.
Progress reported: Committee to sit again.
When will the committee sit again?
During the second week in January.
What day?
Tuesday 9 January or Wednesday 10 January.
I anticipated having my birthday here on 10 January.
What more fruitful way to celebrate it, Chairman?
The committee adjourned at 5.20 p.m. until 2.30 p.m. on Tuesday, 9 January 1990.