Wheat Industry (War-time Control) Act 1940 (Cth)

WHEAT INDUSTRY (WAR-TIME CONTROL).

No. 70 of 1940.

An Act to amend the Wheat Industry (War-time Control) Act 1939.

[Assented to 16th December, 1940.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Wheat Industry (War-time Control) Act 1940.

(2.) The Wheat Industry (War-time Control) Act 1939 is in this Act referred to as the Principal Act.

 

(3.) The Principal Act, as amended by this Act, may be cited as the Wheat Industry (War-time Control) Act 1939–1940.

Commencement.

2.This Act shall be deemed to have come into operation on the thirtieth day of November, One thousand nine hundred and forty.

Definitions.

3.Section three of the Principal Act is amended—

(a) by omitting the definition of “the Fund”; and

(b) by inserting, after the definition of “the Special Account”, the following definitions:—

“‘the Wheat Acquisition Regulations’ means Statutory Rules 1939, No. 96, as amended and in force at the relevant time;

“‘the Wheat Industry Stabilization Fund’ means the Fund established under that name by the Wheat Industry Assistance Act 1938;

“‘the Wheat Industry (War-time) Stabilization Fund’ means the Fund established by section seven of this Act.”.

Use of moneys in Wheat Industry Stabilization Fund.

4.Section six of the Principal Act is amended—

(a) by omitting the words “the Fund” and inserting in their stead the words “the Wheat Industry Stabilization Fund”; and

(b) by omitting the words “(being Statutory Rules 1939 No. 96)” and inserting in their stead the words “or, if and when those advances have been fully repaid, shall be paid into the Wheat Industry (War-time) Stabilization Fund.”.

5.Section seven of the Principal Act is repealed and the following sections inserted in its stead:—

Wheat industry (War-time) Stabilization Fund.

“7.—(1.) There shall be a Fund to be known as the Wheat Industry (War-time) Stabilization Fund which shall be a trust account within the meaning of section sixty-two a of the Audit Act 1901–1934.

(2.) There shall be payable into the Wheat Industry (War-time) Stabilization Fund, out of the Consolidated Revenue Fund, which is hereby appropriated accordingly, all moneys from time to time collected under the Wheat Tax (War-time) Assessment Act 1940.

Use of moneys in Wheat Industry (War-time) Stabilization Fund.

“7a. The moneys standing to the credit of the Wheat Industry (War-time) Stabilization Fund shall be applied—

(a) for the purpose of enabling the Commonwealth to pay to any person from whom it acquires wheat in pursuance of the Wheat Acquisition Regulations the amount by which the minimum amount of compensation payable in accordance with those Regulations exceeds the amount which the Minister, having regard to the market value of the wheat at the time when it is delivered to the Commonwealth, determines would have been a just amount of compensation if no minimum amount had been prescribed; and

 

(b) in repaying to the Commonwealth Bank of Australia any advances made to the Commonwealth insofar as those advances have been used to make the payment referred to in the last preceding paragraph.”.

Duration of Act.

6.