Wheat Industry Fund Regulations (Amendment) (Cth)

Statutory Rules 1996

No. 256 1

__________________

Wheat Industry Fund Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and after being informed by the Minister for Primary Industries and Energy that the Minister has considered a report by the Grains Council of Australia made after consultation with the Australian Wheat Board, make the following Regulations under the Wheat Marketing Act 1989.

Dated 19 November 1996.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

JOHN ANDERSON

Minister for Primary Industries and Energy

____________

1.   Amendment

1.1   The Wheat Industry Fund Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Regulation 2 (Interpretation)

2.1 Subregulation 2 (1) (definitions of “option A” and “option B”):

Omit the definitions.

2.2 Subregulation 2 (1) (definition of “value”):

After “‘value’”, insert “, in relation to wheat,”.

3.   Regulation 3 (Payments into the Fund)

3.1 Paragraph 3 (1) (c):

Omit the paragraph.

4.   Regulation 5 (Annual Business Plan)

4.1 Paragraph 5 (2) (e):

Omit “at the end of the WIF financial year”, substitute “at the end of a month”.

5.   Regulation 8 (Division of Fund into units)

5.1 Subregulation 8 (3):

Omit “subregulation 8A (1)”, substitute “subregulation 8A (1A)”.

6.   Regulation 8A (Determination of value and allocation of units)

6.1 Subregulation 8A (1):

Omit the subregulation, substitute:

 “(1) As soon as is practicable after the end of each month, the Board must determine, in accordance with guidelines in the Annual Business Plan, and record, the value of each unit in the Fund at the end of that month.

 “(1A)As soon as is practicable after the end of each WIF financial year, the Board must determine, in accordance with guidelines in the Annual Business Plan, the number of units to be issued in respect of levy that has been credited to the Fund under section 81 of the Act during that WIF financial year.”.

6.2 Subregulation 8A (2):

Omit “paragraph (1) (b)”, substitute “subregulation (1A)”.

6.3 Subregulation 8A (3):

Omit “paragraph (1) (b)”, substitute “subregulation (1A)”.

7.   Regulation 8B (Certain equity to vest in Board)

7.1 Paragraph 8B (1) (a):

Omit “paragraph 8A (1) (b)”, substitute “subregulation 8A (1A)”.

8.   Regulation 10 (Payments to equity holders—earliest equity)

8.1 Subregulation 10 (5):

Omit the subregulation, substitute:

 “(5) The Board must notify each holder in the class in writing:

• (a)

  of the determination; and

• (b)

  of the amount of payment to which the holder is entitled; and

• (c)

  that the holder must give notice in writing within 14 days if the holder does not intend to take the payment.”.

9.   Regulation 10A (Optional payments to equity holders—all holders)

9.1 After subregulation 10A (3), insert:

 “(3A) An invitation under subregulation (3) must include a statement of the value of the amount specified in the invitation.”.

9.2 Subregulation 10A (5):

Omit “The amount”, substitute “The amount, or part of the amount,”.

10.   Regulation 14 (Bankruptcy, death, retirement, etc. of equity holder)

10.1 Omit the regulation, substitute:

Entitlement to “cash-out” of equity—insolvency, death, retirement, etc.

 “14.(1) If an equity holder becomes bankrupt, as provided by the Bankruptcy Act 1966, the trustee of the equity holder’s estate may apply to the Board for payment of the equity to the estate.

 “(2) If an equity holder has entered into a deed of arrangement or assignment under Part X of the Bankruptcy Act 1966, the trustee of the deed of arrangement or assignment may apply to the Board for payment of the equity. 

 “(3) If a composition is accepted, under Part X of the Bankruptcy Act 1966, in relation to an equity holder, the trustee of the composition may apply to the Board for payment of the equity.

 “(4) If an equity holder is in liquidation or receivership, the liquidator, receiver, or receiver and manager, as the case requires, may apply to the Board for payment of the equity.

 “(5) If an equity holder is under administration under Part 5.3A of the Corporations Law, the administrator may apply to the Board for payment of the equity.

 “(6) If an equity holder dies, the executor of the equity holder’s will, or the administrator of the equity holder’s estate, may apply to the Board for payment of the equity to the estate.

 “(7) An equity holder may apply to the Board for payment of the equity if the holder:

• (a)

  has not been a grower of wheat for a period of at least 3 years preceding the application and continues not to be a grower; and

• (b)

  has not been liable, under the Wheat Industry Fund Levy Act 1989, for the payment of levy in that period, except in respect of wheat grown before the beginning of that period.

 “(8) An equity holder may apply to the Board for payment of the equity if the holder:

• (a)

  being a person who has received farm household support that has been converted into a grant under section 52 of the Farm Household Support Act 1992—has left, and not returned to, wheat growing; or

• (b)

  being a person who has received a re-establishment grant under a rural adjustment scheme within the meaning of the Rural Adjustment Act 1992—has left, and not returned to, wheat growing.

 “(9) An equity holder may apply to the Board for payment of the equity if:

• (a)

  the holder has not been a grower of wheat for a period of at least 3 years preceding the application and continues not to be a grower; and

• (b)

  the income of the holder is wholly exempt from income tax under section 23 of the Income Tax Assessment Act 1936.

Application for “cash-out”

 “14A.(1) An application under regulation 14 must:

• (a)

  be in writing signed by the applicant or by a person having authority to sign on behalf of the applicant; and

• (b)

  give the name and address of the equity holder; and

• (c)

  give the equity holder’s WIF number; and

• (d)

  include:

  • (i)

    for an equity holder referred to in subregulation 14 (1), (2), (3) or (6)—a certified copy of the sequestration order, the deed of arrangement or assignment, the composition or the death certificate, as the case requires; or

  • (ii)

    for an equity holder referred to in subregulation 14 (4) or (5)—documentary evidence of the liquidation, receivership or administration, as the case requires; or

  • (iii)

    for an equity holder referred to in subregulation 14 (7), (8) or (9)—evidence, to the satisfaction of the Board, of the circumstances relied on; and

• (e)

  include, for an equity holder referred to in subregulation 14 (1), (2), (3), (4), (5) or (6), documentary evidence of the appointment of the applicant as trustee, liquidator, receiver, receiver and manager, administrator or executor, as the case requires.

 “(2) Subregulations 14 (7) and (8) do not apply to an equity holder in his or her capacity as:

• (a)

  a partner in a partnership that is liable to pay levy, unless each other partner:

  • (i)

    is a person of the kind described in subregulation 14 (7) or (8), as the case requires; and

  • (ii)

    is making application under that subregulation; or

• (b)

  a member of a corporation or other entity within the meaning of the Corporations Law that is, or has been, liable to pay levy.

 “(3) For the purposes of subparagraph (1) (d) (iii), a statutory declaration by the applicant is satisfactory evidence of the following matters:

• (a)

  that the applicant has left, and not returned to, wheat-growing;

• (b)

  that the income of the applicant is wholly exempt from income tax under section 23 of the Income Tax Assessment Act 1936.”.

11.   Regulation 15 (Time limit for application for payment)

11.1 Subregulation 15 (1):

Omit the subregulation, substitute:

 “(1) An application for payment of equity under subregulation 14 (1), (2), (3), (4), (5) or (6) may be made only while the appointment of the trustee, liquidator, receiver, receiver and manager, administrator or executor in relation to the equity holder, or the equity holder’s estate, is in force.”.

11.2 Subregulation 15 (2):

Omit “subregulation 14 (2)”, substitute “subregulation 14 (6)”.

11.3 Subregulation 15 (3):

Omit “subregulation 14 (2A) or 14 (2B)”, substitute “subregulation 14 (7), (8) or (9)”.

12.   Regulation 16 (Payment of equity to “cash-out” applicant)

12.1 Subregulation 16 (1):

Omit the subregulation, substitute:

 “(1) Subject to regulation 15A, the Board must pay an applicant under regulation 14 the value of the equity holder’s equity, minus any administrative costs reasonably incurred by the Board in dealing with the application, unless:

• (a)

  the Board is not satisfied that the application is, in all respects, made in good faith; or

• (b)

  the application is made outside the time allowed under subregulation 15 (1), (2) or (3), as appropriate.

 “(1A) An equity holder in relation to whom payment is made under subregulation (1) is taken:

• (a)

  to have surrendered to the Board all units that have been issued to the holder; and

• (b)

  to have no further equity in the Fund.”.

13.   Regulation 17 (Calculation of amount payable—options A and B)

13.1 Omit the regulation, substitute:

Calculation of amount payable

 “17. In determining the value of an equity holder’s equity for the purposes of subregulation 16 (1), the Board must take account of:

• (a)

  any registered equity held by the equity holder at the end of the day on which the application was received by the Board; and

• (b)

  any transfer of equity to or from the equity holder on or before that day; and

• (c)

  any payments made to the equity holder under regulation 10 or 10A on or before that day; and

• (d)

  the most recent valuation of units of equity determined in accordance with subregulation 8A (1).”.

14.   Regulation 18 (Repayment of uncredited levy)

14.1 Omit “the levy”, substitute “the levy so allocated”.

15.   Regulation 19 (When must equity payment under regulation 16 be made?)

15.1 Omit the regulation, substitute:

When must equity payment be made?

 “19.(1) A payment under regulation 16 must be made, if practicable, before the end of 30 days after the Board receives the application for payment and, in any event, without unreasonable delay. 

 “(2) If, during a WIF financial year, an additional amount is to be paid under regulation 18, the Board must pay the amount to the applicant as soon as is practicable after the end of that WIF financial year.”. 

16.   Regulation 20 (Address of the Secretary)

16.1 Omit the regulation, substitute:

Address of the Secretary

 “20. For the purposes of these Regulations, the Secretary’s address is:

 The Secretary

 Department of Primary Industries and Energy

 Locked Bag 4488

 

KINGSTON

 ACT  2604.”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 26 November 1996.

2. Statutory Rules 1990 No. 28 as amended by 1990 No. 417; 1991 Nos. 198 and 315; 1993 No. 245; 1994 Nos. 254 and 394.