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(Reserve Liabilities) Bill 1998
Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.*
(a)
maintain a policy of indemnity insurance approved by the Attorney
General, or
(b) lodge a bank guarantee approved by the Attorney General with the
Attorney General.
* Amended in committee--see table at end of volume.
Clause 2 provides for the commencement of the proposed Act on the date of
assent.
Clause 3 is a formal provision giving effect to the amendments to the
Trustee Companies Act 1964 set out in Schedule 1.
Schedule 1
Amendments
Section 36A (Indemnities) requires the trustee companies named in that
section either to maintain policies of
indemnity insurance approved by the
Attorney General or to lodge with the Attorney General a bank guarantee
approved by the Attorney General. Schedule 1 [1] amends that section so as
to extend its application to such other trustee companies named in the Second
Schedule as are declared by a proclamation made under section 36AA to be
trustee companies to which the section applies.
Schedule 1 [2] inserts proposed section 36AA, which empowers the making
of the proclamation referred to above. The proposed section also allows the
proclamation to amend the Second Schedule in relation to the trustee
company concerned by omitting from that Schedule the requirements that the
insurance policy or bank guarantee are intended to replace.
Explanatory note page 2