LIFE ASSURANCE COMPANIES (COMPULSORY LIQUIDATION) BILL

2.35 p.m.

The Minister for Finance (Dr Goh Keng Swee): Mr Speaker, Sir, I lay upon the Table a Certificate of Urgency signed by the Yang di-Pertuan Negara in respect of the Life Assurance Companies (Compulsory Liquidation) Bill.

Certificate of Urgency handed in.

Mr Speaker: The Certificate is in order. Please proceed.

Dr Goh Keng Swee: Sir, I beg to introduce a Bill intituled "An Ordinance to make further provision for the regulation of lire assurance business, to provide for the compulsory winding-up of certain companies carrying on life assurance business and to amend the Life Assurance Companies Ordinance (Chapter 178 of the Revised Edition)."

Bill read the First time.

Mr Speaker: Second Reading. What day?

Dr Goh Keng Swee: Immediately after the conclusion of the proceedings on the Income Tax (Amendment) Bill

Mr Speaker: Are typed copies of the Bill available for the use of Members?

Dr Goh Keng Swee indicated assent.

Typed copies of the Bill handed in to the Clerk and distributed to hon. Members.

Mr Speaker: Order. I have to draw attention to the statement of expenditure of public money for this proposed Bill, which reads:

'This Bill will involve the Government in a financial expenditure of about $50,000.'

I take it the Minister will signify the recommendation of the Yang di Pertuan Negara that the Bill be proceeded with when we come to the Second reading?

Dr Goh Keng Swee indicated assent.