Wheat Industry Fund Regulations (Cth)

WHEAT INDUSTRY FUND REGULATIONS
- In force under the Wheat Marketing Act 1989
- Updated as at 13 January 1997 (#DATE 13:01:1997)

WHEAT INDUSTRY FUND REGULATIONS 
- TABLE OF PROVISIONS 
TABLE

                        TABLE OF PROVISIONS
Regulation
    1.    Citation
    2.    Interpretation
    3.    Payments into the Fund
    4.    Use of Fund money
    5.    Annual Business Plan
    6.    Management of Fund
   6A.    Information about wheat delivered
   6B.    How must documents be signed?
    8.    Division of Fund into units
   8A.    Determination of value and allocation of units
   8B.    Certain equity to vest in Board
    9.    Statement of equity held by equity holder
   10.    Payments to equity holders - earliest equity
  10A.    Optional payments to equity holders - all holders
  10B.    Relinquished equity - re-allocation or annulment
  10C.    WIF number
   12.    Transfer of equity
   13.    Register of equity holders
   14.    Entitlement to "cash-out" of equity - insolvency,
          death, retirement, etc.
  14A.    Application for "cash-out"
   15.    Time limit for application for payment
  15A.    Transferred equity ineligible for payment
   16.    Payment of equity to "cash-out" applicant
   17.    Calculation of amount payable
   18.    Repayment of uncredited levy
   19.    When must equity payment be made?
   20.    Address of the Secretary

WHEAT INDUSTRY FUND REGULATIONS 
- REG 1 
Citation 


  1. These Regulations may be cited as the Wheat Industry Fund
Regulations.*1*

WHEAT INDUSTRY FUND REGULATIONS 
- REG 2 
Interpretation 


  2. (1) In these Regulations, unless the contrary intention appears:
  "buying agent" has the meaning given in subsection 4 (1) of the
Primary Industries Levies and Charges Collection Act 1991;
  "equity holder" or "holder of equity"
means a person who is registered or entitled to be registered as
a holder of equity under regulation 13;
  "first purchaser" has the meaning given in subsection 4 (1) of the
Primary Industries Levies and Charges Collection Act 1991;
  "grower registration number" means the identification number
allocated to a producer by the Board;
  "levy" has the meaning given by paragraph 84 (a) of the Act;
  "producer" means a producer of wheat within the meaning given in
paragraph (b) of the definition of "producer" in subsection 4 (1) of
the Primary Industries Levies and Charges Collection Act 1991;
  "receiver" has the meaning given in subsection 4 (1) of the Primary
Industries Levies and Charges Collection Act 1991;
  "Register" means the Register kept under regulation 13;
  "selling agent" has the meaning given in subsection 4 (1) of the
Primary Industries Levies and Charges Collection Act 1991;
  "the Act" means the Wheat Marketing Act 1989;
  "unit" means a unit of equity in the Fund in accordance with
regulation 8;
  "value", in relation to wheat, has the meaning given in subsection
4A (1) of the Wheat Industry Fund Levy Act 1989;
  "WIF financial year" means a financial year of the Fund;
  "WIF number" means, in relation to a person, the number allocated to
the person under subregulation 10C (1).


  (2) For the purpose of these Regulations, the "WIF financial year of
issue" of units is, as the case may be:
  (a) the WIF financial year in which the units are taken to have been
issued under subregulation 8 (3) or 8A (5); or
  (b) if the units have been purchased under regulation 10B - the WIF
financial year in which the units were last purchased under that
regulation; or
  (c) if the units have been transferred in a transaction in which the
Board was broker - the WIF financial year in which the units were last
so transferred, to the extent that, at the time of the transfer:
    (i) equity for sale under regulation 10B is unavailable to the
transferee; and
    (ii) the transaction meets the purpose of satisfying the
transferee's request to acquire equity under regulation 10B.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 3 
Payments into the Fund 


  3. (1) The following money is to be credited to the Fund:
  (a) profit made by the Board in connection with an
activity in which the money of the Fund is used, whether by way of
security or otherwise;
  (b) if money is received by the Board as the result of
the sale of assets of the Board obtained through the use of money of
the Fund - an amount equal to the profit made by the Board on the sale
of the assets;
  (d) any brokerage fee received by the Board in respect of a
transaction under these Regulations; and
  (e) money paid to the Board for equity purchased under subregulation
10B (1).


  (2) If money of the Fund is used with other money in connection with
an activity, the amount of money to be credited to the Fund is the
amount that bears to the total amount received by the Board in
connection with the activity the same proportion as the amount of Fund
money used in connection with the activity bears to the total amount
of money used in connection with the activity.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 4 
Use of Fund money 


  4.


  (2) The use of Fund money in accordance with subsection 82 (1) of
the Act extends to use of the money:
  (a) by way of investment; and
  (aa) by way of providing insurance cover in respect of
any property or activity of the Board; and
  (b) by way of guarantees and other forms of security
given by the Board in connection with a purpose referred to in that
section or approved by the Minister under that section.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 5 
Annual Business Plan 


  5. (1) The Board is to develop an Annual Business Plan for each WIF
financial year in consultation with the Grains Council.
  (2) The plan may deal with the following matters:
  (a) proposed uses of the Fund; and
  (b) financial support arrangements for activities of
the Board on account of the Fund; and
  (c) the size of the Fund; and
  (d) the means of determining the number of new units to be issued at
the end of the WIF financial year; and
  (e) the matters to be taken into account in determining the value to
be attributed to each unit at the end of a month; and
  (f) circumstances and conditions under which payments may be made to
holders of equity:
    (i) under regulation 10; and
    (ii) under regulation 10A; and
  (g) circumstances and conditions under which equity may be offered
for sale under regulation 10B.


  (3) The plan has no effect:
  (a) unless it is approved by the Grains Council; and
  (b) in respect of paragraph (2) (d), (e), (f) or (g) - to the extent
that it operates preferably in respect of any person.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 6 
Management of Fund 


  6. (1) For the purposes of management of the Fund, a WIF financial
year is a year that begins on 1 October.


  (2) The Board is to manage the Fund in accordance with sound
commercial practice.


  (4)  If money of the Fund is used by way of a loan, the money is to
be paid into the Fund as soon as practicable after the loan is repaid
to the Board.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 6A 
Information about wheat delivered 


  6A. (1) A person who is required to lodge a quarterly return under
regulation 9 of the Primary Industries Levies and Charges Collection
(Wheat) Regulations must, at the same time as the person lodges the
quarterly return, supply the following information to the Secretary of
the Department, unless the person has a reasonable excuse for not
doing so:
  (a) the full name and business address or residential address of the
person (not being the address of a post office box or a post office
bag);
  (b) if the person has a post office box address or a post office bag
address - that address;
  (c) if the person is a producer who is liable to pay levy:
    (i) the person's grower registration number or WIF number if the
person has been given notice of the number;
    (ii) the month and year of each instance of the liability
occurring;
    (iii) the value of the wheat in respect of which each instance of
liability applies;
    (iv) the amount of levy paid by the person in respect of each
instance of the liability occurring;
  (d) if the person is a first purchaser, buying agent, selling agent
or receiver who is liable to pay levy on behalf of a producer under
subsection 7 (1) or (2) of the Primary Industries Levies and Charges
Collection Act 1991 - in respect of each producer on whose behalf the
liability to pay levy applies:
    (i) the producer's full name;
    (ii) the producer's:
      (A) business address or residential address (not being the
address of a post office box or a post office bag); or
      (B) if the producer has a post office box address or a post
office bag address - that address;
    (iii) the producer's grower registration number or WIF number if
the person has been given notice of the number;
    (iv) the month and year of each instance of the liability
occurring;
      (v) the value of the wheat in respect of which each instance of
liability applies;
      (vi) the amount of levy paid by the person in respect of each
instance of the liability occurring.


  (2) The person supplying the information referred to in
subregulation (1) must lodge with the information a signed declaration
that the information is correct in every material particular.
Penalty: 10 penalty units.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 6B 
How must documents be signed? 


  6B. (1) A document to be signed by a body corporate for the purposes
of regulation 6A may be signed by:
  (a) a director, secretary or principal officer of the body
corporate; or
  (b) an individual authorised in writing under the rules of the body
corporate to act on behalf of the body corporate in matters that
include matters arising under these Regulations.


  (2) A document to be signed by a partnership for the purposes of
regulation 6A may be signed by:
  (a) one of the partners; or
  (b) an individual authorised in writing under the rules of the
partnership to act on behalf of the partnership in matters that
include matters arising under these Regulations.


  (3) A document to be signed by an individual for the purposes of
regulation 6A may be signed by the individual, or by another
individual authorised in writing to act on his or her behalf in
matters that include matters arising under these Regulations.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 8 
Division of Fund into units 


  8. (1) The Fund is divided, for the purposes of its administration,
into units of equity of equal value.


  (2) The number of units taken to have been issued before the
commencement of this provision is:
  (a) in the WIF financial year that ended in 1990 - 40,450,937; and
  (b) in the WIF financial year that ended in 1991 - 20,820,238; and
  (c) in the WIF financial year that ended in1992 - 21,186,732; and
  (d) in the WIF financial year that ended in 1993 - 26,001,756.


  (3) Units are taken to have been issued to a person in accordance
with regulation 8A in a WIF financial year referred to in
subregulation 8 (2) as if the WIF financial year were the WIF
financial year referred to in subregulation 8A (1A).

WHEAT INDUSTRY FUND REGULATIONS 
- REG 8A 
Determination of value and allocation of units 


  8A. ((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


  (2) The number determined under subregulation (1A) must:
  (a) be calculated by taking account of:
    (i) the amounts of levy credited to the Fund under section 81 of
the Act in the WIF financial year; and
    (ii) the proportion of the WIF financial year that has elapsed
when each amount of levy is credited; and
    (iii) the proportion of the earnings or losses of the Fund in the
WIF financial year (including any change in the value of assets) that,
on a pro rata basis, is attributable to each amount of levy credited;
and
  (b) not be a number that results in the units having a value that
differs from the value of existing units.


  (3) When the Board has made its determination under subregulation
(1A), it must calculate the proportional share of the units to be
issued to each equity holder, taking account of:
  (a) the amount of levy credited in respect of the person in the WIF
financial year; and
  (b) the proportion of the WIF financial year that had elapsed when
levy paid by the person was credited to the Fund; and
  (c) the amount, if any, of equity that was created in the WIF
financial year that was transferred from the person to another person;
and
  (d) the amount, if any, of equity that was created in the WIF
financial year that was transferred to the person, and the proportion
of the WIF financial year that had elapsed when the levy component of
that equity was credited to the Fund.


  (4) The Board must issue to a person to whom subregulation (3)
applies the person's share of the units.


  (5) Units issued to a person under this regulation are taken, for
the purposes of these Regulations, to have been issued in the WIF
financial year in which the equity represented by the units was
created.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 8B 
Certain equity to vest in Board 


  8B. (1) If, after the Board:
  (a) makes its determination under subregulation 8A (1A); and
  (b) makes all reasonable efforts to identify and locate the persons
to whom the units must be issued;
the proper holder in respect of a unit remains unknown, the unit is
taken to vest in the Board.


  (2) A unit that has vested in the Board under subregulation (1) may
be claimed by the proper holder within 2 years after the date on which
the unit would have issued to the person if his or her identity and
location had been known to the Board, and, if the Board is satisfied
that the claim is valid, it must issue the unit to the person.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 9 
Statement of equity held by equity holder 


  9. As soon as is practicable after the Board has made its
determinations and calculations under regulation 8A in respect of a
WIF financial year, it must issue a statement to each equity holder,
setting out:
  (a) the person's name; and
  (b) the WIF financial year of issue of units held by the person at
the beginning of the latest WIF financial year to have ended, and the
quantity of units from each of those years of issue that are known to
be held by the person; and
  (c) the amount of levy paid by the person that was credited to the
Fund during the latest WIF financial year to have ended; and
  (ca) if the person is a producer on whose behalf levy has been paid
by a first purchaser, buying agent, selling agent or receiver during
the latest WIF financial year to have ended, and the Board has been
given the information about the producer given to the Department under
regulation 6A:
    (i) the date of each instance of liability in respect of which
levy has been paid on behalf of the producer; and
    (ii) the name of each person who has paid levy on behalf of the
producer; and
    (iii) the amount of levy paid by each person on behalf of the
producer; and
    (iv) the date on which the amount of levy was credited to the Fund
under section 81 of the Act; and
  (d) the total number of units issued to the person during the latest
WIF financial year to have ended; and
  (e) if the person is known to have disposed of equity as transferor
during the latest WIF financial year to have ended:
    (i) the quantity of the units transferred; and
    (ii) if the transfer includes equity in respect of which units
have not yet been issued, the amount of that equity; and
  (f) if the person is known to have acquired equity as transferee
during the latest WIF financial year to have ended:
    (i) the WIF financial year or years of issue of the equity; and
    (ii) the quantity of the units from each of those years of issue;
and
    (iii) if the acquired equity includes equity that was created in
the latest WIF financial year to have ended, the amount of that
equity; and
  (g) the value of each unit at the end of the latest WIF financial
year to have ended; and
  (h) the WIF financial year of issue of units held by the person at
the end of the latest WIF financial year to have ended, and the
quantity of units from each of those years of issue that are known to
be held by the person.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 10 
Payments to equity holders - earliest equity 


  10. (1) From time to time, and after consultation with the Grains
Council, the Board may determine that an amount is available to be
paid out of the Fund to each holder of a class of equity in reduction
of the holder's equity.


  (2) The class of equity must comprise all units issued in a WIF
financial year, or years, of issue specified in the determination.


  (3) The class must not omit a unit that was issued earlier than
units that are included in the class, unless the earlier unit:
  (a) has been surrendered or otherwise annulled under these
Regulations; or
  (b) because of paragraph 2 (2) (b) or (c) - is taken to have been
issued in a later WIF financial year than the financial year of issue
of the equity that is included in the class.


  (3A) The determination must fix:
  (a) the number of units in respect of which payment may be made, as
a percentage of the total number of the determined class of units held
at the end of the latest WIF financial year prior to the
determination; and
  (b) the amount that may be paid in respect of each unit; and
  (c) a date after which payment to each holder in the class may be
made.


  (4) The Board must not make a determination unless to do so is in
accordance with sound commercial practice.
  (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.
  (6) Not later than 30 days after the date fixed under paragraph (3A)
(c), the Board must:
  (a) pay to each holder in the class (except a holder who gives
notice under paragraph (5) (c)) the amount to which the holder is
entitled under the determination; and
  (b) record that the holder's equity in respect of the WIF financial
year, or years, affected is reduced by the number of units for which
the payment is made.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 10A 
Optional payments to equity holders - all holders 


  10A. (1) The Board may determine:
  (a) in accordance with this regulation and guidelines (if any) in
the Annual Business Plan; and
  (b) with the approval of the Grains Council;
that an amount of the Fund is available to be paid to each equity
holder in reduction of the holder's equity in the Fund.


  (2) A determination must fix:
  (a) the number of units in respect of which payment may be made, as
a percentage of the total number of units held at the end of the
latest WIF financial year prior to the determination; and
  (b) the amount that may be paid in respect of each unit by which
equity is reduced under subregulation (4); and
  (c) the amount that may be paid in respect of each unit by which
equity is reduced under subregulation (5); and
  (d) for payments under subregulations (4) and (5) respectively - a
date after which the payments may be made.


  (3) When a determination is made, the Board must send to each equity
holder a written invitation to reduce the holder's equity by an amount
(specified in units) calculated in accordance with the formula:
                      Amount  =  N  x  P
where:
  "N" is the number of units registered in the name of the holder at
the end of the latest WIF financial year prior to the determination;
  "P" is the percentage determined under paragraph (2) (a).

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


  (4) If, within 30 days after an invitation has been sent to an
equity holder, the Board receives from the holder a written acceptance
of the invitation (in whole or in part):
  (a) the equity of the holder is taken to be reduced to the extent of
the holder's acceptance; and
  (b) the Board must pay to the holder, for each unit by which the
holder's equity is reduced, the amount fixed under paragraph (2) (b).


  (5) The amount, or part of the amount, of the difference between the
total amount determined to be available to be paid and the aggregate
amount paid to equity holders under subregulation (4) may be used by
the Board for a further payment to each equity holder who, within 30
days after being sent an invitation under subregulation (3) has given
the Board written notice that the holder wishes to reduce his or her
equity holding by a number of units greater than that offered in the
Board's invitation.


  (6) Subject to subregulation (7), the equity of a holder who gives
notice under subregulation (5) is taken to be further reduced to the
extent to which the holder's request is satisfied by the Board and the
Board must pay to the holder, for each unit by which the holder's
equity is so reduced, the amount fixed under paragraph (2) (c).


  (7) If the amount determined under subregulation (5) to be available
to be paid is insufficient to satisfy in full all the requests for
additional reduction of equity, the Board must ensure:
  (a) that the reduction in the equity of those applicants is
satisfied to the extent possible within the amount available to be
paid; and
  (b) that the unsatisfied portion of each request is proportional to
the unsatisfied portion of each other request.


  (8) A unit by which equity is taken to be reduced under this
regulation is the oldest unit issued (or taken to have been issued,
under paragraph 2 (2) (b) or (c)) that is registered in the name of
the equity holder.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 10B 
Relinquished equity - re-allocation or annulment 


  10B. (1) Equity in the Fund that has been surrendered under
regulation 10A or paid out under regulation 16 or that is taken to
vest in the Board under regulation 8B may be:
  (a) offered for sale by the Board; or
  (b) annulled by the Board.


  (2) The Board must not act under subregulation (1):
  (a) except in consultation with the Grains Council; and
  (b) unless:
    (i) there are guidelines for the action in the Annual Business
Plan; and
    (ii) the Board's action is in compliance with the guidelines; and
  (c) in respect of equity taken to vest in the Board under regulation
8B - until a period of 2 years has elapsed since the equity vested in
the Board.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 10C 
WIF number 


  10C. (1) When a person acquires equity in the Fund, by whatever
means, the Board must allocate to the person a number, to be known as
the person's WIF number.


  (2) Subregulation (1) does not apply to a person to whom a WIF
number has already been allocated unless the person has wholly
relinquished his or her previous equity holding and, in consequence,
lost the number.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 12 
Transfer of equity 


  12. (1)
An equity holder may transfer the equity.


  (2) A transfer of equity is not effective for any purpose of these
Regulations until the transferee or transferor gives to the Board, in
a form approved by the Board:
  (a)    written notice of:
    (i) the name and address of the transferor; and
    (ii) the name and address of the transferee; and
    (iii) the date of the transfer; and
    (iv) the quantity of units transferred; and
      (v) the year of issue of units transferred; and
      (vi) the amount, if any, of equity transferred for which units
had not been issued at the time of transfer;
  (b)    a written transfer signed by the transferor and the
transferee.


  (3) The Board must promptly register a transfer when subregulation
(2) is complied with.
[NOTE: Copies of a form approved by the Board may be obtained from the
Board]

WHEAT INDUSTRY FUND REGULATIONS 
- REG 13 
Register of equity holders 


  13. (1) The Board must keep a Register of holders
of equity.


  (2) The Register must state, in respect of each equity holder:
  (a) the name and address of the holder; and
  (b) the WIF number of the holder; and
  (c) the amount, in units, of the holder's equity in the Fund at the
beginning of the latest WIF financial year; and
  (d) the WIF financial year of issue of those units; and
  (e) the total amount of levy (if any) paid by the holder that has
been credited to the Fund under section 81 of the Act, in the latest
WIF financial year; and
  (f) the amount, in units, of equity issued to the holder in the
latest WIF financial year under subregulation 8A (4); and
  (g) the number of units that the Board is aware have been
transferred to or from the holder in the latest WIF financial year;
and
  (h) the number of units by which the holder's equity has been
reduced in the latest WIF financial year under regulation 10 or 10A;
and
    (i) if a payment under regulation 16 has been made in respect of
the holder in the latest WIF financial year - the amount of the
payment; and
  (j) taking account of paragraphs (c), (f), (g), (h) and (i) - the
amount, in units, of the holder's equity in the Fund at the end of the
latest WIF financial year; and
  (k) any other information relating to a matter referred to in
paragraph (g), (h) or (i) that is necessary to enable the Board to
comply with regulation 9.


  (3) In addition to the matters set out in subregulation (2), the
Register must state, in respect of each equity holder:
  (a) if details of a transfer of equity by the holder are notified in
writing to the Board - the name and address of the transferee and the
date of the transfer; and
  (b) if details of a transfer of equity to the holder are notified in
writing to the Board - the name and address of the transferor and the
date of the transfer.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 14 
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.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 
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.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 15 
Time limit for application for payment 


  15. (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.


  (2) An application for payment of equity under subregulation 14 (6)
may be made:
  (a) if the equity holder died before 22 September 1993 - only within
3 years after that date; or
  (b) in any other case - only within 3 years after death occurs.


  (3) An application for payment of equity under subregulation 14 (7),
(8) or (9) may be made only within 3 years after the first day on
which the holder is eligible to make an application under the
subregulation.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 15A 
Transferred equity ineligible for payment 


  15A. (1) If, in the opinion of the Board, a transfer of equity to an
equity holder described in regulation 14 has possibly been made with
the intention of obtaining benefit for the transferor from payment for
the equity under regulation 16, an application under regulation 14 is
taken not to include the transferred equity.


  (2) If an applicant under regulation 14 who disagrees with the
Board's decision under subregulation (1) in relation to the
application requests, in writing, that the Board reconsider its
decision, the Board must:
  (a) reconsider its decision; and
  (b) give written notice of its reconsidered decision to the
applicant within 28 days after receiving the request.


  (3) Application under the Administrative Appeals Tribunal Act 1975
may be made to the Administrative Appeals Tribunal for a review of a
decision of the Board under subregulation (2).

WHEAT INDUSTRY FUND REGULATIONS 
- REG 16 
Payment of equity to "cash-out" applicant 


  16. (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.


  (2) Despite subregulation (1), the Board is not required to pay an
amount under that subsection if, as a result of the payment, the Board
would be unable to comply with the Annual Business Plan for the WIF
financial year in which the payment would be made.


  (3) If an applicant under regulation 14 who disagrees with a
decision of the Board under paragraph (1) (a) or (b) in relation to
the application requests, in writing, that the Board reconsider its
decision, the Board must:
  (a) reconsider its decision; and
  (b) give written notice of its reconsidered decision to the
applicant within 28 days after receiving the request.


  (4) Application under the Administrative Appeals Tribunal Act 1975
may be made to the Administrative Appeals Tribunal for a review of a
decision of the Board under subregulation (3).

WHEAT INDUSTRY FUND REGULATIONS 
- REG 17 
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).

WHEAT INDUSTRY FUND REGULATIONS 
- REG 18 
Repayment of uncredited levy 


  18. If, after making a payment of equity under
regulation 16, the Board receives and allocates to the equity
holder levy that was not taken into account when determining the
amount of the payment, then the Board must pay to the applicant
an additional amount equal to the amount of the levy so allocated.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 19 
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.

WHEAT INDUSTRY FUND REGULATIONS 
- REG 20 
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.

WHEAT INDUSTRY FUND REGULATIONS 
- NOTE 1 

*1* The Wheat Industry Fund Regulations (in force under the Wheat
Marketing Act 1989) as shown in this reprint comprise Statutory Rules
1990 No. 28 amended as indicated in the Tables below.
                      Table of Statutory Rules
Year and        Date of           Date of          Application, saving
number          notification in   commencement     or transitional
                Gazette                           provisions
1990 No.  28    13 Feb 1990       13 Feb 1990
         417    21 Dec 1990       21 Dec 1990      -
1991 No. 198    28 June 1991      30 June 1991      R. 9
         315    16 Oct 1991       16 Oct 1991      -
1993 No. 245    22 Sept 1993      22 Sept 1993     -
1994 No. 254    13 July 1994      13 July 1994     -
         394    25 Nov 1994       1 Dec 1994       -
1996 No. 256    26 Nov 1996       26 Nov 1996      -
                       Table of Amendments
ad=added or inserted am=amended rep=repealed rs=repealed and
substituted
Provision affected    How affected
R. 2                  am. 1993 No. 245; 1994 Nos. 254 and 394;
                      1996 No. 256
R. 3                  am. 1990 No. 417; 1994 No. 254; 1996 No.
                      256
R. 4                  am. 1990 No. 417; 1991 No. 198
R. 5                  am. 1991 No. 198; 1994 No. 254; 1996 No.
                      256
R. 6                  am. 1991 No. 198; 1994 No. 254
Rr. 6A, 6B            ad. 1994 No. 394
R. 7                  am. 1990 No. 417
                      rep. 1994 No. 394
R. 8                  am. 1990 No. 417; 1991 Nos. 198 and 315;
                      1993 No. 245
                      rs. 1994 No. 254
                      am. 1996 No. 256
Rr. 8A, 8B            ad. 1994 No. 254
                      am. 1996 No. 256
R. 9                  am. 1990 No. 417; 1991 No. 198; 1993 No.
                      245
                      rs. 1994 No. 254
                      am. 1994 No. 394
R. 10                 am. 1991 No. 315; 1993 No. 245; 1994 No.
                      254; 1996 No. 256
R. 10A                ad. 1994 No. 254
                      am. 1994 No. 394; 1996 No. 256
Rr. 10B, 10C          ad. 1994 No. 254
R. 11                 am. 1991 No. 198
                      rep. 1994 No. 254
R. 12                 rs. 1994 Nos. 254 and 394
R. 13                 am. 1993 No. 245; 1994 No. 254
R. 14                 ad. 1993 No. 245
                      am. 1994 No. 254
                      rs. 1996 No. 256
R. 14A                ad. 1996 No. 256
R. 15                 ad. 1993 No. 245
                      rs. 1994 No. 254
                      am. 1996 No. 256
R. 15A                ad. 1994 No. 254
R. 16                 ad. 1993 No. 245
                      rs. 1994 No. 254
                      am. 1996 No. 256
R. 17                 ad. 1993 No. 245
                      am. 1994 No. 254
                      rs. 1996 No. 256
R. 18                 ad. 1993 No. 245
                      am. 1996 No. 256
R. 19                 ad. 1993 No. 245
                      am. 1994 No. 254
                      rs. 1996 No. 256
R. 20                 ad. 1994 No. 394
                      rs. 1996 No. 256