Wheat Industry Fund Regulations (Amendment) (Cth)

Statutory Rules 1990 No. 4171

 

Wheat Industry Fund Regulations2

(Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Wheat Marketing Act 1989.

Dated 17 December 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

J. KERIN

Minister of State for Primary Industries and Energy

 

1. Amendment

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

2. Regulation 3 (Payments into the Fund)

2.1 Paragraph 3 (1) (a):

Omit “money received”, substitute “profit made”.

2.2 Subregulation 3 (1):

Add at the end:

“(c) money received by the Board from the Commonwealth under a guarantee to which regulation 7 applies.”.

3. Regulation 4 (Use of Fund money)

3.1 Subregulation 4 (2):

After paragraph (a) insert:

“(aa) by way of providing insurance cover in respect of any property or activity of the Board; and”.

 

(S.R. 452/90)—Cat. No. 14/4.12.1990

 

4. Regulation 7 (Guarantees by the Treasurer)

4.1 Subregulation 7 (1):

Omit the subregulation, substitute:

“(1) In this regulation a reference to borrowings or to the borrowing of money includes a reference to money borrowed or to be borrowed and interest on those borrowings.

“(1a) The Treasurer may:

(a) on behalf of the Commonwealth, enter into a contract of guarantee in relation to borrowings by the Board for the purposes of activities involving the use of money of the Fund; or

(b) by determination, give a guarantee on behalf of the Commonwealth in relation to particular borrowings, or borrowings in general, by the Board for the purposes of activities involving the use of the money of the Fund.

“(1b) If the Treasurer gives a guarantee under subregulation (la):

(a) the aggregate of the principal guaranteed at any time is not to exceed $100,000,000; and

(b) each guarantee is to be such that:

(i) it relates to borrowings that are to be repaid no later than 30 June 1994; or

(ii) if it relates to borrowings that are to be repaid later than 30 June 1994. the guarantee applies only to amounts that become due and payable no later than that date and to obligations arising from those amounts.”.

4.2 Subregulation 7 (2):

Omit “subparagraph (1) (a) (ii)”, substitute “paragraph (1a) (b)”.

4.3 Subregulation 7 (3):

Omit “an officer of the Department of the Treasury”, substitute “the person holding, occupying or performing the duties of the office of:

(a) Secretary to the Department of the Treasury; or

(b) Deputy Secretary or First Assistant Secretary in that Department”.

5. Regulation 8 (Equity in the Fund)

5.1 Paragraph 8 (1) (a):

Omit “in the previous season”, substitute “before 1 July in that year if the levy is credited to the Fund before that date”.

5.2 Paragraph 8 (2) (a):

Omit “by the person”, substitute “before 1 July in that year by that person and credited to the Fund before that date”.

6. Regulation 9 (Issue of statements by Board)

6.1 Paragraph 9 (1) (a):

 

Omit “in the previous season”, substitute “before 1 July in that year if the levy is credited to the Fund before that date”.

6.2 Paragraph 9 (2) (b):

Omit “by the person”, substitute “before 1 July in that year by that person and credited to the Fund before that date”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 21 December 1990.

2. Statutory Rules 1990 No. 28.

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