Mr. Speaker, as I listened to my colleague opposite, the member for Saint-Hyacinthe-Bagot, I was tempted on moving to this second grouping of amendments to tell the House of a story I once heard about lawyers who were arguing a case. One lawyer stood up and argued for several hours and the other lawyer stood and said: "I will follow the very fine example of my colleague and make no argument".
These two motions which are grouped for debate deal again with a fairly technical matter. The act would prohibit the use of the words "trustco" or "lifeco" by an unregulated parent of a regulated institution. This is to avoid certain confusion within the public and to ensure that the public is not misled concerning whether or not a financial institution is in fact federally regulated.
After representations which we heard before the committee and in consultations held in the department it was pointed out to us that to flat out prohibit the use of such words by entities that had long used them would be costly to the companies involved and quite confusing to the public throughout this country. Therefore certain
grandfathering provisions were included and Motions Nos. 4 and 8 further clarify these grandfathering provisions.
I am sure the member opposite will now stand and engage in this debate and launch into a discussion of the overall thrust of the bill, which is interesting, but we have discussed it at other stages.
I see we have a third grouping coming up which consists of resolutions they have just dropped on us suddenly. Everything that he has said about the government's motions, just getting them with no time to prepare, apply to his Motions Nos. 11, 12 and 13 grouped for debate later on.
Lest I cross over the line of relevance I will not get into his motions until we are there.