Australian Wool Realisation Commission (Transitional Payment Arrangements) Regulations (Cth)

Statutory Rules 1991 No. 2501

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Australian Wool Realisation Commission (Transitional Payment Arrangements) Regulations

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Australian Wool Realisation Commission Act 1991 and the Australian Wool Corporation Act 1991.

Dated 14 August 1991.

BILL HAYDEN

Governor-General

By His Excellency's Command,

SIMON CREAN

Minister of State for Primary Industries and Energy

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Citation

1. These Regulations may be cited as the Australian Wool Realisation Commission (Transitional Payments Arrangements) Regulations.

 

Commencement

2. These Regulations are taken to have commenced on 1 July 1991.

Transfer of Research Fund moneys to Wool Research and Development Corporation

3. (1) As soon as practicable after receiving an amount of money that:

(a) is payable to the Commission under paragraph 47 (1) (c) of the repealed Act; and

(b) is appropriated out of the Consolidated Revenue Fund under subsection 47 (3) of that Act; and

(c) is calculated in respect of tax received by the Commonwealth under subsection 47 (1) of that Act before 1 July 1991;

the Commission must pay that amount to the Wool Research and Development Corporation.

(2) As soon as practicable after receiving an amount of money that:

(a) is payable to the Commission under paragraph 93 (1) (b) of the repealed Act; and

(b) is appropriated out of the Consolidated Revenue Fund under subsection 93 (5) of that Act; and

(c) is determined in relation to amounts paid out of the Research Fund under section 94 of that Act before 1 July 1991;

the Commission must pay that amount to the Wool Research and Development Corporation.

Transfer of Promotion Reserve and General Reserve moneys to Australian Wool Corporation

4. As soon as practicable after receiving an amount of money that:

(a) is payable to the Commission under paragraph 47 (1) (b) of the repealed Act; and

(b) is appropriated out of the Consolidated Revenue Fund under subsection 47 (3) of that Act; and

 

(c) is calculated in respect of tax received by the Commonwealth under subsection 47 (1) of that Act before 1 July 1991;

the Commission must pay to the Australian Wool Corporation an amount equal to the amount that would have been payable out of that money, if that Act had not been repealed, to:

(d) the account maintained by the Commission under the name Promotion Reserve; and

(e) the account maintained by the Commission under the name General Reserve.

NOTE

1. Notified in the Commonwealth of Australia Gazette