Wool Industry Act 1972 (Cth)
WOOL INDUSTRY ACT 1972 [Note: This Act is "repealed" by Act No. 90 of 1987]
(#DATE 31:08:1986)
(#DATE 31:08:1986)
- Reprinted as at 31 August 1986
Table of Acts
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Application,
saving
or Number Date Date of transitional
Act and year of Assent commencement provisions
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Wool Industry Act 111, 1972 31 Oct 1972 1 Jan 1973
(see 1972
Gazette 1972,
No. 130, p. 2)
Wool Industry Act 63, 1973 18 June 1973 S. 3: 1 July -
1973 Remainder: 1973
Royal Assent
Statute Law 216, 1973 19 Dec 1973 31 Dec 1973 Ss. 9 (1) and Revision Act 1973 10
Wool Industry Act 65, 1974 1 Oct 1974 1 Oct 1974 Ss. 8 (2), (3),
1974 11 (2), 12 (2)
and (3)
Wool Industry Act 152, 1974 17 Dec 1974 17 Dec 1974 S. 5 (2)-(4)
(No. 2) 1974
Wool Industry 71, 1976 10 June 1976 10 June 1976 S. 7
Amendment Act 1976
Wool Industry 43, 1977 7 June 1977 7 June 1977 -
Amendment Act 1977
Wool Industry 92, 1977 12 Sept 1977 12 Sept 1977 -
Amendment Act
(No. 2) 1977
Administrative 36, 1978 12 June 1978 12 June 1978 S. 8
Changes
(Consequential
Provisions) Act
1978
Wool Industry 71, 1978 22 June 1978 22 June 1978 -
Amendment Act 1978
Wool Industry 31, 1979 7 June 1979 7 June 1979 -
Amendment Act 1979
Wool Industry 49, 1979 14 June 1979 1 July 1979 -
Amendment Act
(No. 2) 1979
Wool Industry 50, 1980 23 May 1980 Ss. 3-5, 6 Ss. 6 (3), Amendment Act< (1), (3), 8,
9 and 11-20: 8 (2), 16 (2),
1 July
1980 (3), 17 (2)
Remainder: and (3)
Royal Assent
Wool Industry 63, 1981 12 June 1981 12 June 1981 Ss. 4 (2) and Amendment Act 15 (2)
Commonwealth 74, 1981 18 June 1981 S. 117: Royal Ss. 114-116, Functions Assent(a) 118-121 and (Statutes Review) 264 (s. 116 as
Act 1981 am. by 165,
1984, s. 3)(a)
as amended by
Statute Law 165, 1984 25 Oct 1984 S. 3: 22 Nov S. 6 (1)
(Miscellaneous 1984(b)
Provisions) Act (No. 2) 1984
Statute Law 39, 1983 20 June 1983 S. 3: 18 July S. 7 (1) (Miscellaneous 1983(c)
Provisions) Act
(No. 1) 1983
Wool Industry 9, 1984 4 Apr 1984 4 Apr 1984 -
Amendment Act
1984
Wool Industry 84, 1985 6 June 1985 1 July 1985 Ss. 3 (2), (3),
Amendment Act 4 (2), (3),
1985 5 (2) and (3)
Wool Industry 19, 1986 13 May 1986 Ss. 1, 2, 26 Ss. 6 (2), Amendment Act (1) and
1986 (3): 30 June 7 (2), 8 (2)
1986 and 10 (2)
Remainder:
1 July
1986
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(a) The Wool Industry Act 1972 was amended by section 117 of Part IV only of the Commonwealth Functions (Statutes Review) Act 1981, sub-section 2 (1) of which provides as follows:
"(1) Parts I, IV, IX, X, XI, XII, XIII, XV, XVII (other than sections 220,
221, 222, 223, 225, 226, 227, 228 and 230), XX, XXI, XXII and XXIII shall come into operation on the day on which this Act receives the Royal Assent."
For application provisions relating to those amendments see sections 114-116 and 118-121 of Part IV of the Commonwealth Functions (Statutes Review) Act 1981, as amended by Statute Law (Miscellaneous Provisions) Act (No. 2) 1984.
In pursuance of section 114 of the Commonwealth Functions (Statutes Review)
Act 1981 the date fixed as the commencing day for the purposes of Part IV was 6 August 1982 (see Gazette 1982 No. S 164, p. 1).
(b) The Commonwealth Functions (Statutes Review) Act 1981 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 2) 1984, sub-section 2 (1) of which provides as follows:
"(1) Subject to this section, this Act shall come into operation on the
twenty-eighth day after the day on which it receives the Royal Assent."
(c) The Wool Industry Act 1972 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 1) 1983, sub-section 2 (1) of which provides as follows:
"(1) Subject to this section, this Act shall come into operation on the
twenty-eighth day after the day on which it receives the Royal Assent."
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Provision affected How affected
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S. 3. . . . . . . . . rep. No. 216, 1973
S. 4. . . . . . . . . am. No. 63, 1973; No. 36, 1978
S. 5 . . . . . . . . am. No. 152, 1974; No. 74, 1981; No. 19, 1986
S. 6 . . . . . . . . am. Nos. 63 and 216, 1973; Nos. 65 and 152, 1974;
No. 36, 1978; No. 50, 1980; No. 74, 1981; No. 9,
1984; No. 19, 1986
S. 8. . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 50, 1980; No.
19, 1986
S. 9. . . . . . . . . am. No. 19, 1986
S. 10 . . . . . . . . rep. No. 65, 1974
Ss. 11, 12 . . . . . . am. No. 65, 1974
S. 13 . . . . . . . . am. Nos. 65 and 152, 1974
S. 14 . . . . . . . . am. No. 63, 1973
rs. No. 65, 1974
am. No. 152, 1974
rs. No. 19, 1986
S. 16 . . . . . . . . am. No. 63, 1973; No. 65, 1974; No. 63, 1981
S. 17 . . . . . . . . am. No. 50, 1980
S. 19 . . . . . . . . am. No. 63, 1973; Nos. 65 and 152, 1974
S. 20 . . . . . . . . am. No. 74, 1981; No. 19, 1986
S. 20A. . . . . . . . ad. No. 152, 1974
am. No. 71, 1976
S. 21 . . . . . . . . am. No. 65, 1974; No. 19, 1986
S. 26 . . . . . . . . am. No. 63, 1973
rs. No. 9, 1984
S. 27 . . . . . . . . am. No. 36, 1978
rep. No. 19, 1986
S. 28 . . . . . . . . rep. No. 19, 1986
S 28A . . . . . . . . ad. No. 152, 1974
am. No. 71, 1976; No. 43, 1977; No. 71, 1978; No.
31, 1979; No. 50, 1980; No. 63, 1981; No. 19, 1986
S. 29 . . . . . . . . am. No. 63, 1973
rep. No. 152, 1974
S. 30 . . . . . . . . am. No. 63, 1973
rep. No. 92, 1977
Ss. 31, 32 . . . . . . am. No. 63, 1973; No. 36, 1978
S. 33 . . . . . . . . am. No. 63, 1973; No. 71, 1976; No. 36, 1978; No.
50, 1980
S. 35 . . . . . . . . am. No. 63, 1973; No. 50, 1980; No. 74, 1981; No.
19, 1986
S. 36 . . . . . . . . am . No. 19, 1986
S. 38 . . . . . . . . am. No. 50, 1980
S. 39 . . . . . . . . am. No. 63, 1973
S. 39A. . . . . . . . ad. No. 152, 1974
S. 40 . . . . . . . . am. No. 63, 1973; No. 152, 1974
S. 40A. . . . . . . . ad. No. 92, 1977
S. 41 . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 36, 1978
S. 42 . . . . . . . . am. No. 63, 1973
Part IIIA (ss. 42A-42Z, ad. No. 50, 1980 42AA-42AG)
Ss. 42A, 42B. . . . . . ad. No. 50, 1980
am. No. 63, 1981
Ss. 42C-42H . . . . . . ad. No. 50, 1980
S. 42J . . . . . . . . ad. No. 50, 1980
am. No. 39, 1983
Ss. 42K, 42L. . . . . . ad. No. 50, 1980
am. No. 63, 1981; No. 39, 1983
S. 42M . . . . . . . ad. No. 50, 1980
am. No. 63, 1981
S. 42N. . . . . . . . ad. No. 50, 1980
am. No. 63, 1981; No. 39, 1983
Ss. 42P-42Y . . . . . . ad. No. 50, 1980
S. 42Z. . . . . . . . ad. No. 50, 1980
rs. No. 63, 1981
am. No. 19, 1986
S. 42AA . . . . . . . ad. No. 50, 1980
am. No. 39, 1983
S. 42AB . . . . . . . ad. No. 50, 1980
am. No. 63, 1981
Ss. 42AC-42AG . . . . . ad. No. 50, 1980
S. 42AH . . . . . . . ad. No. 63, 1981
S. 43 . . . . . . . . am. No. 63, 1973
Part V (ss. 44-65). . . . rep. No. 74, 1981
Part V (ss. 44-72). . . . ad. No. 19, 1986
Ss. 44, 45. . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 46 . . . . . . . . am. No. 71, 1976; No. 63, 1981
rep. No. 74, 1981
ad. No. 19, 1986
S. 47 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 48 . . . . . . . . am. Nos. 63 and 216, 1973
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 49, 50. . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
S. 51 . . . . . . . . rs. No. 65, 1974
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 52, 53. . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 54, 55 . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 56 . . . . . . . . am. No. 63, 1973; No. 63, 1981
rep. No. 74, 1981
ad. No. 19, 1986
S. 57 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 58 . . . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
S. 59 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 60 . . . . . . . . am. No. 49, 1979
rep. No. 74, 1981
ad. No. 19, 1986
S. 61 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 62 . . . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 63-65 . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
Ss. 66-72 . . . . . . . ad. No. 19, 1986
Part VI (ss. 66-68, 68A, rep. No. 19, 1986 69-71, 73)
Ss. 66, 67. . . . . . . rep. No. 19, 1986
S. 68 . . . . . . . . am. No. 63, 1973; No. 92, 1977; No. 50, 1980; No.
84, 1985 rep. No. 19, 1986
S. 68A. . . . . . . . ad. No. 50, 1980
rep. No. 19, 1986
S. 69 . . . . . . . . am. No. 50, 1980
rep. No. 19, 1986
S. 70 . . . . . . . . am. No. 63, 1973; No. 50, 1980
rep. No. 19, 1986
S. 71 . . . . . . . . am. No. 50, 1986
rep. No. 19, 1986
S. 72 . . . . . . . . am. No. 36, 1978
rep. No. 9, 1984
S. 73 . . . . . . . . am. No. 63, 1973
rep. No. 19, 1986
S. 76 . . . . . . . . am. No. 74, 1981; No. 19, 1986
S. 79 . . . . . . . . am. No. 63, 1973
S. 82 . . . . . . . . am. No. 63, 1973
S. 83 . . . . . . . . am. No. 63, 1973; Nos. 65 and 152, 1974
rs. No. 50, 1980; No. 84, 1985
am. No. 19, 1986
S. 84 . . . . . . . . am. No. 63, 1973
rs. No. 92, 1977
S. 84A. . . . . . . . ad. No. 63, 1973
rs. No. 65, 1974; No. 92, 1977; No. 50, 1980; No.
84, 1985 am. No. 19, 1986
S. 84B. . . . . . . . ad. No. 152, 1974
rep. No. 50, 1980
S. 84C. . . . . . . . ad. No. 152, 1974
am. No. 92, 1977; No. 50, 1980; No. 19, 1986
S. 85 . . . . . . . . am. No. 63, 1973; No. 74, 1981
S. 86 . . . . . . . . am. Nos. 63 and 216, 1973
rep. No. 19, 1986
S. 87 . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 74, 1981
S. 88 . . . . . . . . rs. No. 50, 1980
S. 89 . . . . . . . . am. No. 74, 1981
S. 90 . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 36, 1978; No.
74, 1981; No. 19, 1986
S. 91 . . . . . . . . am. No. 50, 1980
S. 92 . . . . . . . . am. No. 49, 1979; No. 74, 1981
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WOOL INDUSTRY ACT 1972 - TABLE OF PROVISIONS TABLE
TABLE OF PROVISIONS
PART I - PRELIMINARY
Section
1. Short title
2. Commencement
4. Repeal and saving
5. Objects of Act
6. Interpretation
PART II - AUSTRALIAN WOOL CORPORATION
Division 1 - Establishment of the Corporation
7. Establishment and constitution of Corporation
8. Membership of Corporation
9. Terms of office of members
11. Deputy Chairman
12. Acting Chairman
13. Deputies of members
14. Remuneration and allowances of members and deputies of members
15. Leave of absence
16. Vacation of office
17. Removal from office
18. Resignation of member
19. Meetings
Division 2 - Functions and Powers of the Corporation
20. Functions and powers of Corporation
20A. Consultation with appropriate organizations
21. Committees
22. Delegation
Division 3 - Staff of the Corporation
23. Officers and employees
24. Officers and employees of Australian Wool Board and Australian Wool
Commission
25. Superannuation
Division 4 - Finances of the Corporation
26. Raising of moneys by Corporation
28A. Market Support Fund
31. Reimbursement of certain charges in respect of wool covered by price
averaging plan
32. Reimbursement of Corporation for certain charges in respect of small
lots of wool
not covered by price averaging plan
33. Profits and losses on certain activities of Corporation under Part III
34. Bank accounts
35. Application of moneys of Corporation
36. Investment of moneys of Corporation
37. Proper accounts and records to be kept
PART III - WOOL MARKETING
38. Functions of Corporation in relation to wool marketing
39. Manner of performance of wool marketing functions
39A. Further trading functions of Corporation
40. Specific powers of Corporation
40A. Contracts for shipment of wool
41. Reserve price scheme
42. Powers of Corporation to operate price averaging plan
PART IIIA - REPAYMENT OF MONEYS PAID INTO MARKET SUPPORT
FUND
Division 1 - Preliminary
42A. Interpretation
Division 2 - Declared Periods
42B. Declared periods
Division 3 - Entitlements to Refunds
42C. Refunds payable in respect of participating wool
42D. Producers normally entitled to refund
42E. Bankrupt estates
42F. Defunct companies and dissolved partnerships
42G. Deceased persons
42H. Personal representatives and trustees
42J. Amount of refund
Division 4 - Method of Distribution
42K. Persons by whom refunds in respect of participating wool are to be
made
42L. Registered persons to make refunds on behalf of Corporation
42M. Payments authorized under section 42L
42N. Claims made upon the Corporation
42P. Manner of payment of refund
42Q. Moneys paid under section 42M to be held in trust
42R. Investment of moneys received under section 42M
42S. False documents, &c.
42T. Person receiving payment to which he is not entitled
42U. Court may order refunds
42V. Overpayments
Division 5 - Review of Decisions of Corporation
42W. Review of decisions of Corporation
Division 6 - Miscellaneous
42X. Corporation to keep records of persons registered under Administration
Act
42Y. Commissioner of Taxation to keep Corporation informed of particulars
of wool tax paid
42Z. Remuneration of registered persons making payments under this Part
42AA. Officers to observe secrecy
42AB. Person paying wool tax to furnish details to Corporation in relation
to each financial year
42AC. Registered person to account to Corporation
42AD. Access to premises
42AE. Arrangements with States and Northern Territory
42AF. Offences
42AG. Destruction of records
42AH. Persons who become registered persons again after ceasing to be
registered persons
PART IV - WOOL USE PROMOTION
43. Functions and powers of Corporation in relation to wool promotion
PART V - WOOL RESEARCH AND DEVELOPMENT
Division 1 - Preliminary
44. Interpretation
45. Object of Part
Division 2 - Functions and powers of the Corporation in relation to wool
research and development
46. Functions of Corporation in relation to wool research and development
47. Manner in which Corporation to exercise its powers
48. Agreements relating to wool research and development, &c.
49. Corporation may participate in joint ventures
Division 3 - Establishment and functions of the Wool Research and
Development Council
50. Establishment of Wool Research and Development Council
51. Functions of Research Council
Division 4 - Wool Research and Development Fund
52. Establishment of Wool Research and Development Fund
53. Moneys to be paid into Fund
54. Application of Fund
Division 5 - Research and development plans, annual operational plans and
approval of research and development activities for funding
55. Research Council to develop research and development plans
56. Agreement to research and development plans
57. Variation of research and development plans
58. Variation of research and development plans at request of Minister
59. Date of commencement of research and development plans as varied
60. Research Council to develop annual operational plans
61. Agreement to annual operational plans
62. Approval for funding of particular wool research and development
activities
Division 6 - Constitution and meetings of Wool Research and Development
Council
63. Constitution of Research Council
64. Acting Chairperson
65. Leave of absence
66. Removal and resignation of members of Research Council
67. Disclosure of interests of members of Research Council
68. Meetings of Research Council
69. Sub-committees of Research Council
70. Remuneration and allowances
Division 7 - Accountability
71. Annual report of Research Council
72. Accountability to wool industry
PART VII - WOOL STORES
74. Application of Part
75. Corporation to manage and control wool stores
76. Restrictions on transfer, &c.
77. Commonwealth may re-acquire wool stores in event of war, &c.
78. Acquisition by Corporation of further property and rights in wool
stores
79. Powers of Corporation in relation to buildings
80. Insurance, and keeping in repair, of wool stores
81. Corporation to keep separate accounts in relation to wool stores
82. Compensation in certain cases
PART VIII - MISCELLANEOUS
83. Payments to Corporation
84. Additional payments to Corporation
84A. Payment to Corporation in respect of market support
84C. Appropriation
85. Audit
87. Liability to taxation
88. Corporation may provide Council with clerical assistance
89. Members of Parliament not to be paid remuneration under this Act
90. Reports
91. Corporation to hold annual discussions with Council
92. Regulations
WOOL INDUSTRY ACT 1972 - LONG TITLE SECT
An Act relating to the Wool Industry
WOOL INDUSTRY ACT 1972 - PART 1
PART 1 - PRELIMINARY
WOOL INDUSTRY ACT 1972 - SECT 1
Short titleSECT
1. This Act may be cited as the Wool Industry Act 1972.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
WOOL INDUSTRY ACT 1972 - SECT 2
CommencementSECT
2. This Act shall come into operation on a date to be fixed by Proclamation.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
WOOL INDUSTRY ACT 1972 - SECT 4
Repeal and savingSECT
4. (1) The following Acts are repealed: Wool Industry Act 1962;
Wool Industry Act 1964;
Wool Industry Act 1967;
Australian Wool Commission Act 1970;
Wool Industry Act 1970;
Wool Industry Act 1971.
(2) Upon the commencement of this Act -
(a) all rights, property and assets that, immediately before the date of commencement of this Act, were vested in the Australian Wool Board or in the Australian Wool Commission are, by force of this sub-section, vested in the Corporation; and
(b) the Corporation becomes, by force of this sub-section, liable to pay and discharge all the debts, liabilities and obligations of the Australian Wool Board or of the Australian Wool Commission that existed immediately before that date.(3) Any agreement or instrument subsisting immediately before the date of commencement of this Act to which the Australian Wool Board or the Australian Wool Commission was a party has effect on and after that date as if -
(a) the Corporation were substituted for the Board or the Commission, as the case may be, as a party to the agreement or instrument; and
(b) any reference in the agreement or instrument to the Board or the Commission, as the case may be, were (except in relation to matters that occurred before that date) a reference to the Corporation.(4) Notwithstanding the repeal of the Wool Industry Act 1962-1971, the Australian Wool Board, as constituted immediately before the commencement of this Act, shall, for the purpose of preparing and furnishing to the Minister the report and financial statements referred to in section 84 of that Act in relation to the year that ended on 30th June, 1972, and the report and financial statements referred to in the next succeeding subsection, continue in existence until it has furnished those reports and financial statements.
(6) Notwithstanding the repeal of the Australian Wool Commission Act 1970, the Australian Wool Commission, as constituted immediately before the commencement of this Act, shall, for the purpose of preparing and furnishing to the Minister the report and financial statements referred to in section 39 of the Australian Wool Commission Act 1970-1971 in relation to the year that ended on 30th June, 1972, and the report and financial statements referred to in the next succeeding sub-section, continue in existence until it has furnished those reports and financial statements.
(8) Notwithstanding the repeal of the Australian Wool Commission Act 1970 -
(a) if, before the commencement of this Act, the Auditor-General had not certified to the Minister the profit or loss of the Australian Wool Commission for the period of twelve months that ended on 30th June, 1972, or the Auditor-General had so certified that profit or loss but that profit or loss had not been dealt with or met in accordance with section 25 of the Australian Wool Commission Act 1970-1971 - that section continues to apply, subject to the next succeeding sub-section, in relation to that period; and
(b) section 25 of the Australian Wool Commission Act 1970-1971 continues to apply, subject to the next succeeding sub-section, in relation to the period that commenced on 1st July, 1972, and ended immediately before the commencement of this Act and continues so to apply as if that period were a financial year.(9) If there was a profit of the Australian Wool Commission for a period to which section 25 of the Australian Wool Commission Act 1970- 1971 continues to apply by virtue of the last preceding sub-section, that profit, to the extent to which it is not required to be applied in accordance with paragraph (a) of sub-section (4) of that section, shall be transferred to the reserve referred to in section 33 of this Act or, if the Australian Wool Commission incurred a loss for such a period, that reserve, to the extent that it does not exceed that loss, shall be applied in meeting that loss.
(10) The Corporation shall provide the Australian Wool Board and the Australian Wool Commission with such clerical and other assistance as is reasonably required for the preparation of the reports and financial statements referred to in sub-sections (4) and (6).
WOOL INDUSTRY ACT 1972 - SECT 5
Objects of ActSECT
5. (1) Subject to section 45, the objects of this Act are -
(a) to promote the export from Australia of wool and wool products and to protect the interests of the Australian wool industry in relation to that export;
(b) to promote trade and commerce in wool and wool products among the States, between States and Territories and within the Territories and to protect the interests of the Australian wool industry in relation to that trade and commerce;
(c) to encourage the production, and the use, of wool and wool products in the Territories; and
(d) to ensure the availability, when a state of war, or danger of war, exists, of wool stores for use for the purposes of the defence of the Commonwealth,
and this Act shall be construed and administered accordingly.(2) The Corporation, the Research Council and any committee or subcommittee established under this Act shall not perform its functions or exercise its powers except for the purpose of achieving an object specified in sub-section (1) or in section 45, or for another purpose in respect of which the Parliament has power to make laws.
(3) Notwithstanding the last preceding sub-section, it is the intention of the Parliament that the Corporation may perform a function of a kind conferred on the Corporation by this Act in pursuance of an authority conferred on the Corporation by a law of a State.
WOOL INDUSTRY ACT 1972 - SECT 6
InterpretationSECT
6. (1) In this Act, unless the contrary intention appears -
"annual operational plan" means a plan developed by the Research Council in accordance with section 60 and includes such a plan as varied in accordance with section 61;
"appoint" includes re-appoint;
"approved bank" means a bank approved by the Treasurer for the purposes of the provision in which the expression occurs;
"broker" means a wool-selling broker;
"Fund" means the Wool Research and Development Fund established by section 52;
"member" means a member of the Corporation, and includes the Chairman;
"member of the staff of the Corporation", means an officer or employee of the Corporation, and includes a person who is in the employment of the Corporation by virtue of sub-section (1) of section 24;
"research and development plan" means a plan developed by the Research Council in accordance with section 55 and includes such a plan as varied in accordance with section 57 or 58;
"Research Council" means the Wool Research and Development Council established by section 50;
"Selection Committee" means the Research Councils Selection Committee established by the Rural Industries Research Act 1985;
"securities" includes stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and similar instruments or documents;
"the Auditor-General" means the Auditor-General for the Commonwealth;
"the Australian Wool Board" or "the Board" means the Australian Wool Board established under the Wool Industry Act 1962-1971;
"the Australian Wool Commission" or "the Commission" means the Australian Wool Commission established under the Australian Wool Commission Act 1970-1971;
"the Chairman" means the Chairman of the Corporation, and includes a member acting as Chairman;
"the Corporation" means the Australian Wool Corporation established by this Act;
"the Deputy Chairman" means the Deputy Chairman of the Corporation;
"wool" means sheep's wool, and includes lambs' wool;
"Wool Council of Australia" means the organization known as the Wool Council of Australia that was formed on 19 July 1979;
"wool products" includes goods made wholly or partly from wool or from materials produced by processing wool;
"wool research and development" means systematic experimentation or analysis in any field of science, technology or economics carried out with the object of -
(a) acquiring knowledge that may be of use for the purposes of
improving any aspect of the production, processing, storage, transport or marketing of wool or wool products; or
(b) applying knowledge for the purposes referred to in paragraph
(a);
"wool research and development activity" means -
(a) a project for wool research and development;
(b) the training of persons to carry out wool research and
development;
(c) the dissemination of information, or the provision of advice
and assistance, to persons engaged in any aspect of the production, processing, storage, transport or marketing of wool or wool products for the purpose of encouraging those persons to follow practices, or to adopt technological developments, designed or adapted to improve the operation or efficiency of the wool industry;
(d) the publication of reports, periodicals, books or papers
containing information related to any aspect of the production, processing, storage, transport or marketing of wool or wool products; or
(e) any activity incidental to an activity referred to in paragraph
(a), (b), (c) or (d);
"wool-selling centre" means premises to be used by a number of persons for all or any of the following purposes:(a) the auctioning of, and other trading in, wool;
(b) the handling and storage of wool;
(c) the classing of wool;
(d) the sampling and testing of wool;
(e) the showing of wool to buyers;
(f) the packing and dumping of wool;
(g) purposes that are incidental or related to the foregoing
purposes,
and includes equipment for use in or in connexion with the use of
any such premises;
"Wool Tax Act" means the Wool Tax Act (No. 1) 1964, the Wool Tax Act (No. 2) 1964, the Wool Tax Act (No. 3) 1964, the Wool Tax Act (No. 4) 1964 or the Wool Tax Act (No. 5) 1964.(2) Any approval, concurrence or determination by the Minister, the Treasurer or the Minister for Finance for the purposes of this Act shall be given or made by instrument in writing.
(3) References in this Act to sales of wool at auction, to auction sales of wool and to the auction system shall be read as including references to sales of wool by tender and references in this Act to brokers shall be read as including references to persons conduction sales of wool by tender.
(4) A reference in this Act, except in section 26, to interest in respect of borrowed moneys shall be read as including a reference to fees or charges in relation to arrangements for the borrowing of moneys and a reference to interest in respect of borrowed moneys used for a particular purpose shall be read as including a reference to fees or charges in relation to arrangements for the borrowing of moneys for use for those purposes.
(5) A reference in this Act to dealing with securities includes a reference to -
(a) creating, executing, entering into, drawing, making, accepting, indorsing, issuing, discounting, selling, purchasing or re-selling securities;
(b) creating, selling, purchasing or re-selling rights or options in respect of securities; and
(c) entering into agreements or other arrangements relating to securities.(6) Subject to sub-section (7), a reference in this Act to an approved research and development activity is a reference to a wool research and development activity that is approved by the Corporation in accordance with section 62.
(7) A wool research and development activity that, by virtue of subsection (6), is an approved research and development activity ceases to be an approved research and development activity at the end of the period of the annual operational plan in respect of which the activity was approved.
WOOL INDUSTRY ACT 1972 - PART II
PART II - AUSTRALIAN WOOL CORPORATION
WOOL INDUSTRY ACT 1972 - DIVISION 1
Division 1 - Establishment of the Corporation
WOOL INDUSTRY ACT 1972 - SECT 7
Establishment and constitution of CorporationSECT
7. (1) For the purposes of this Act, there is hereby established a body by the name of the Australian Wool Corporation. (2) The Corporation -
(a) is a body corporate, with perpetual succession;
(b) shall have a common seal;
(c) is capable of acquiring, holding and disposing of real and personal property; and
(d) may sue and be sued in its corporate name.(3) All courts, judges and persons acting judicially shall take judicial notice of the common seal of the Corporation affixed to a document and shall presume that it was duly affixed.
(4) A reference in any law of the Commonwealth other than this Act to the Australian Wool Board, the Australian Wool Commission or the Australian Wool Marketing Corporation shall (except in relation to matters that occurred before the commencement of this Act) be read as a reference to the Corporation.
WOOL INDUSTRY ACT 1972 - SECT 8
Membership of CorporationSECT
8. (1) The Corporation shall consist of 10 members, namely -
(a) a Chairman;
(b) 4 members to represent Australian woolgrowers;
(c) 1 member to represent the Australian Government; and
(d) 4 other members.(2) The members shall be appointed by the Minister, the Chairman being appointed as a full-time member and the other members being appointed as part-time members.
(3) Before appointing the members referred to in paragraph (d) of subsection (1), the Minister shall consult the Wool Council of Australia.
(4) The appointment at any time of a member or members to represent Australian woolgrowers (including the appointment of such a member under sub-section (2) of section 9) shall be made from amongst persons whose names are included in a list of names submitted to the Minister by the Wool Council of Australia.
(4A) The list shall consist of names to the number of twice the number of members to be appointed but the Minister may, if he thinks fit, request the Wool Council of Australia to submit additional names for inclusion in the list.
(5) A member referred to in paragraph (d) of sub-section (1) shall be a person specially qualified for appointment by reason of experience in the marketing of wool or wool products, in the processing of wool or in the manufacture of wool products or by reason of other experience in commerce, finance, economics or science.
(6) The performance of the functions or the exercise of the powers of the Corporation is not affected by reason of there being a vacancy or vacancies in the membership of the Corporation.
(7) The appointment of a member is not invalidated and shall not be called in question by reason of a defect or irregularity in or in connexion with his nomination or appointment.
(8) Subject to sub-section (9), a person who has attained the age of 65 years shall not be appointed, under this section or section 9, as a member and a person shall not be appointed, under this section or section 9, as a member for a period that extends beyond the day on which the person will attain the age of 65 years.
(9) Sub-section (8) does not apply to the appointment, under this section or section 9, of a person if the Minister is satisfied that that person possesses special skills that the Corporation requires for the performance of its functions.
WOOL INDUSTRY ACT 1972 - SECT 9
Terms of office of membersSECT
9. (1) Subject to this section -
(a) the Chairman holds office, subject to this Division, for such period, not exceeding 5 years, as is specified in the instrument of appointment, but is eligible for re-appointment; and
(b) a member other than the Chairman holds office, subject to this Division, for such period, not exceeding 3 years, as is specified in the instrument of appointment, but is eligible for re-appointment.(2) If a member ceases to hold office before the expiration of the period of his appointment, another person may, in accordance with this Division, be appointed in his place until the expiration of that period.
WOOL INDUSTRY ACT 1972 - SECT 11
Deputy ChairmanSECT
11. (1) The Minister shall appoint a person who is, or is to be, a member, other than the Chairman, to be Deputy Chairman of the Corporation. (2) Subject to this section, a person appointed under this section holds office as Deputy Chairman until the expiration of his period of appointment as a member or until he sooner ceases to be a member.
(3) Where a member appointed as Deputy Chairman is, upon ceasing to be Deputy Chairman by virtue of the expiration of the period of his appointment as a member, re-appointed as a member, he is eligible for re-appointment as Deputy Chairman.
(4) The Deputy Chairman may resign his office of Deputy Chairman by writing under his hand delivered to the Minister.
WOOL INDUSTRY ACT 1972 - SECT 12
Acting ChairmanSECT
12. (1) If the Chairman is absent from duty or the office of Chairman is vacant, the Deputy Chairman shall, subject to the next succeeding subsection, act as Chairman during the period of the absence, unavailability or vacancy. (2) The Corporation may appoint a member, other than the Chairman or the Deputy Chairman, to act as Chairman during any period when -
(a) the Chairman is absent from duty or the office of Chairman is vacant; and
(b) the Deputy Chairman is not available to perform the duties of his office or the office of Deputy Chairman is vacant.(3) The Deputy Chairman or the member appointed to act as Chairman under the last preceding sub-section has, when acting as Chairman, all the powers, functions and duties conferred by this Act on the Chairman.
WOOL INDUSTRY ACT 1972 - SECT 13
Deputies of membersSECT
13. (1) A member, other than the Chairman or the member representing the Australian Government, may, with the approval of the Corporation, appoint a person, other than a member, to be his deputy, and may revoke any such appointment. (2) The Minister may appoint a person, other than a member, to be the deputy of the member representing the Australian Government and may revoke any such appointment.
(3) In the event of the absence of a member from a meeting of the Corporation, the deputy of that member is entitled to attend that meeting and, while so attending, shall be deemed to be a member.
WOOL INDUSTRY ACT 1972 - SECT 14
Remuneration and allowances of members and deputies of membersSECT
14. (1) A member or a deputy of a member shall be paid such remuneration and such allowances as are determined by the Remuneration Tribunal. (2) A member or a deputy of a member shall be paid such other allowances as are prescribed.
(3) This section has effect subject to the Remuneration Tribunals Act 1973.
(4) Payments under this section shall be made out of the funds of the Corporation.
WOOL INDUSTRY ACT 1972 - SECT 15
Leave of absenceSECT
15. The Minister may grant leave of absence to a member upon such terms and conditions as to remuneration or otherwise as the Minister determines.
WOOL INDUSTRY ACT 1972 - SECT 16
Vacation of officeSECT
16. (1) If a member -
(a) being the Chairman, engages in paid employment outside the duties of his office;
(b) becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his creditors or makes an assignment of his remuneration for their benefit;
(c) being the Chairman, absents himself from duty for fourteen consecutive days, or for twenty-eight days in any twelve months, except on leave granted by the Minister;
(d) not being the Chairman, is absent, except on leave granted by the Minister, from three consecutive meetings of the Corporation; or
(e) fails, without reasonable excuse, to comply with his obligations under sub-section (2), the Minister shall, by notice published in the Gazette, remove the member from office.(2) A member who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the Corporation, shall, as soon as possible after the relevant facts have come to his knowledge, disclose the nature of his interest at a meeting of the Corporation.
(3) A disclosure under sub-section (2) shall be recorded in the minutes of the meeting of the Corporation.
(5) The preceding provisions of this section (other than paragraph (d) of sub-section (1) apply to and in relation to a deputy of a member in like manner as they apply to and in relation to a member.
(6) If a member is appointed Chairman of the Corporation, he ceases to be a member otherwise than as Chairman and, if the deputy of a member is appointed a member, he ceases to be a deputy.
WOOL INDUSTRY ACT 1972 - SECT 17
Removal from officeSECT
17. (1) The Minister may remove a member from office by reason of misbehaviour or physical or mental incapacity. (2) The removal from office under the last preceding sub-section of a full-time member by reason of physical or mental incapacity shall be deemed, for the purposes of the Superannuation Act 1922-1971, to be retirement on the ground of invalidity.
(3) If the Wool Council of Australia requests the removal from office of a member representing Australian woolgrowers, the Minister shall remove that member from office.
WOOL INDUSTRY ACT 1972 - SECT 18
Resignation of memberSECT
18. A member may resign his office by writing under his hand delivered to the Minister.
WOOL INDUSTRY ACT 1972 - SECT 19
MeetingsSECT
19. (1) Subject to this section, meetings of the Corporation shall be held at such times and places as the Corporation from time to time determines. (2) The Chairman may at any time convene a meeting of the Corporation.
(3) If -
(a) the Chairman is absent from duty or there is a vacancy in the office of Chairman; and
(b) the Deputy Chairman is not available to perform the duties of his office or there is a vacancy in the office of Deputy Chairman, another member may convene a meeting of the Corporation for the purpose of appointing a member under sub-section (2) of section 12 to act as Chairman.(4) The Chairman shall preside at all meetings of the Corporation at which he is present.
(5) In the event of the absence of the Chairman from a meeting of the Corporation, the Deputy Chairman shall preside at that meeting.
(6) In the event of the absence of the Chairman and of the Deputy Chairman, from a meeting of the Corporation, the member, if any, acting as Chairman by virtue of sub-section (2) of section 12 shall preside at the meeting or, if there is no member so acting, the members present shall appoint one of their number to preside at the meeting.
(7) At a meeting of the Corporation, 7 members constitute a quorum.
(8) A question arising at a meeting of the Corporation shall be decided by a majority of the votes of the members present and voting.
(9) The member presiding at a meeting of the Corporation has a deliberative vote and, in the event of an equality of votes, also has a casting vote.
WOOL INDUSTRY ACT 1972 - DIVISION 2
Division 2 - Functions and Powers of the Corporation
WOOL INDUSTRY ACT 1972 - SECT 20
Functions and powers of CorporationSECT
20. (1) The Corporation has such functions as are conferred on the Corporation by this Act or, being functions conducive to the achievement of an object of this Act or of Part V of this Act, are approved by the Minister. (2) The Corporation may perform any of its functions outside Australia.
(3) The Corporation shall not perform its functions so as to give preference to one State or any part thereof over another State or any part thereof or otherwise inconsistently with the Constitution.
(4) The Corporation has power to do all things necessary or convenient to be done for or in connexion with, or as incidental to, the performance of its functions and, in particular, without limiting the generality of the foregoing, to -
(aa) carry out tests of wool and other fibres, whether natural or otherwise, and wool products and similar products made wholly or partly from other fibres;
(ab) make applications, including joint applications, for patents;
(ac) deal with patents vested in the Corporation;
(a) acquire by agreement, and dispose of, property or rights in or in respect of land or buildings;
(b) appoint agents, whether in Australia or elsewhere; and
(c) make arrangements and agreements with persons, authorities or associations in Australia or elsewhere and, with the consent of the Minister, with a State.
WOOL INDUSTRY ACT 1972 - SECT 20A
Consultation with appropriate organizationsSECT
20A. (1) Before taking any action that could reasonably be expected to affect the conditions of employment, or the demand for labour, in the wool industry, the Corporation shall consult with, and have regard to the views of, the appropriate trade union organizations and employer organizations. (2) The Minister may give to the Corporation such directions in writing as he thinks necessary in connexion with the performance of the duty of the Corporation under sub-section (1).
WOOL INDUSTRY ACT 1972 - SECT 21
CommitteesSECT
21. (1) The Corporation may establish such committees as the Corporation thinks fit to assist the Corporation in carrying out any functions of the Corporation and may abolish any such committee. (2) A committee shall consist of such persons (whether members of the Corporation or not) as the Corporation from time to time appoints.
(3) The Corporation may give to a committee such directions as it thinks fit, including directions -
(a) as to the manner in which the committee is to carry out its functions; and
(b) with respect to the procedure to be followed at or in relation to meetings of the committee, including directions with respect to -
(i) the convening of meetings of the committee;
(ii) the number of members of the committee to constitute a
quorum;
(iii) the appointment of a member of the committee to preside
at meetings of the committee; and
(iv) the manner in which questions arising at a meeting of the
committee shall be decided.(4) A member of a committee shall be paid such remuneration (if any), and such allowances (if any), as are determined by the Remuneration Tribunal.
(4A) A member of a committee shall be paid such other allowances as are prescribed.
(4B) This section has effect subject to the Remuneration Tribunals Act 1973, other than sub-sections 7 (9) and (13) of that Act.
(4C) Payments under sub-section (4) or (4A) shall be made out of the funds of the Corporation.
(5) In this section, "committee" means a committee established under this section.
WOOL INDUSTRY ACT 1972 - SECT 22
DelegationSECT
22. (1) The Corporation may, either generally or otherwise as provided by the instrument of delegation, by writing under its common seal, delegate to a person, or to a committee established under the last preceding section, any of the powers of the Corporation under this Act, except this power of delegation. (2) A power so delegated may be exercised by the delegate in accordance with the instrument of delegation and, when so exercised, shall, for the purposes of this Act, be deemed to have been exercised by the Corporation.
(3) A delegation under this section is revocable at will and does not prevent the exercise of a power by the Corporation.
WOOL INDUSTRY ACT 1972 - DIVISION 3
Division 3 - Staff of the Corporation
WOOL INDUSTRY ACT 1972 - SECT 23
Officers and employeesSECT
23. (1) The Corporation may appoint such officers and engage such employees as it thinks necessary for the purposes of this Act. (2) The terms and conditions of employment of persons so appointed or engaged are such as are determined by the Corporation.
WOOL INDUSTRY ACT 1972 - SECT 24
Officers and employees of Australian Wool Board and Australian Wool
CommissionSECT
24. (1) A person who, immediately before the date of commencement of this Act, was employed by the Australian Wool Board or the Australian Wool Commission shall, from and including that date, be, by force of this section, in the employment of the Corporation upon the same terms and conditions as were applicable to him under the Wool Industry Act 1962- 1971 or the Australian Wool Commission Act 1970-1971 immediately before that date until he is appointed as an officer, or engaged as an employee, of the Corporation or his employment under this sub-section ceases in accordance with those terms and conditions, whether by his resignation or otherwise. (2) The Corporation shall, as soon as practicable after the commencement of this Act, appoint as an officer, or engage as an employee, of the Corporation under the last preceding section each person referred to in the last preceding sub-section whose employment under that sub-section had not ceased, and the terms and conditions of employment determined by the Corporation in relation to a person so appointed or engaged shall be not less favourable than the terms and conditions of employment applicable to him immediately before he is so appointed or engaged.
WOOL INDUSTRY ACT 1972 - SECT 25
SuperannuationSECT
25. (1) The Corporation is an approved authority for the purposes of the Superannuation Act 1922-1971. (2) For the purposes of the Superannuation Act 1922-1971, the Chairman shall be taken to be a person who is required to give the whole of his time to the duties of his office.
WOOL INDUSTRY ACT 1972 - DIVISION 4
Division 4 - Finances of the Corporation
WOOL INDUSTRY ACT 1972 - SECT 26
Raising of moneys by CorporationSECT
26. (1) The Corporation may, with the approval of the Minister -
(a) borrow moneys otherwise than by dealing with securities; or
(b) borrow moneys, or otherwise raise moneys, by dealing with securities, being moneys that are from time to time necessary for the performance of its functions.(2) A borrowing of moneys in pursuance of paragraph (1) (a) may be subject to such terms and conditions as the Minister approves.
(3) An approval under sub-section (1) in relation to borrowing moneys in pursuance of paragraph (1) (a) may be made in relation to particular borrowings or in relation to a specified class, or specified classes, of borrowings.
(4) An approval under sub-section (1) in relation to dealing with securities in pursuance of paragraph (1) (b) may be made in relation to dealing with a specified class, or specified classes, of securities.
(5) The Treasurer may, on behalf of the Commonwealth, guarantee -
(a) the repayment by the Corporation of amounts borrowed in accordance with this section and the payment of interest on amounts so borrowed; or
(b) the payment of any moneys (including interest, if any) that the Corporation is liable to pay in respect of dealing with securities in accordance with this section.(6) Where the Corporation borrows moneys, or otherwise raises moneys, by dealing with securities, the Treasurer may determine that the repayment by the Corporation of the amount so borrowed and the payment by the Corporation of interest on those amounts are, or the payment by the Corporation of any moneys (including interest, if any) that the Corporation is liable to pay in respect of dealing with securities is, by force of this subsection, guaranteed by the Commonwealth.
(7) The power of the Treasurer to make a determination for the purposes of sub-section (6) extends to the making of a determination in respect of -
(a) a specified class, or specified classes, of securities; and
(b) a specified class, or specified classes, of transactions.(8) The Corporation may give security over the whole or any part of its assets -
(a) for the repayment of moneys borrowed in accordance with this section and the payment of moneys (including interest) that the Corporation is otherwise liable to pay in respect of those borrowings; and
(b) for the payment of any moneys (including interest, if any) that the Corporation is liable to pay in respect of dealing with securities in accordance with this section.(9) The Corporation shall not borrow or otherwise raise moneys except in accordance with this section.
WOOL INDUSTRY ACT 1972 - SECT 28A
Market Support FundSECT
28A. (1) The Corporation shall establish and maintain a fund to be known as the Market Support Fund. (2) Amounts paid to the Corporation in accordance with section 84A shall be placed to the credit of the Market Support Fund.
(3) Moneys standing to the credit of the Market Support Fund -
(a) may be used by the Corporation -
(i) for the purchase of wool in the performance of its functions;
(ii) in the payment of advances to growers the marketing of
whose wool has been delayed by the exercise of the powers and functions of the Corporation; or
(iii) in the payment of refunds in accordance with Part IIIA, and
in meeting the administrative expenses (including fees paid in respect of any arbitration carried out under section 42Z) incurred in and in relation to the payment of refunds, in accordance with that Part, in respect of a period that has been declared under section 42B to be a declared period or incurred in and in relation to the intended payment of refunds, in accordance with that Part, in respect of a period that is proposed to be so declared, or to be part of a period that is proposed to be so declared; or
(b) may be invested in accordance with section 36, and the accounts of the Corporation shall identify amounts so used or invested.(4) There shall be credited to the Market Support Fund -
(a) income derived from investments made in accordance with subsection (3);
(b) interest received on advances made in accordance with sub-section (3), less administrative expenses incurred by the Corporation in connexion with those advances;
(c) amounts required to be credited to that Fund under paragraph (a) of sub-section (10); and
(d) amounts representing interest on moneys standing to the credit of that Fund and used by the Corporation for the purchase of wool, being interest at rates determined by the Corporation.(5) As soon as practicable after the end of a period, the Auditor-General shall certify to the Minister whether the Corporation has made a profit or incurred a loss as a result of the operations of the Corporation in respect of its reserve price scheme in that period and the amount of that profit or loss, and the Minister shall deliver a copy of the certificate to the Corporation.
(6) The operations of the Corporation referred to in sub-section (5) in relation to a period shall be deemed to include its operations in connexion with the making of advances to growers during that period, and costs (including valuation costs), losses and receipts of interest (other than amounts credited to the Market Support Fund) in connexion with those advances shall be taken into account accordingly.
(7) Where the Corporation -
(a) disposes of wool purchased by it under its reserve price scheme (in this paragraph referred to as "the original wool") and subsequently -
(i) re-purchases the original wool after it has been processed;
(ii) disposes of wool so re-purchased; or
(iii) purchases wool products derived wholly or partly from the
original wool;
(b) manufactures, or arranges for the manufacture of, wool products wholly or partly from wool purchased by it under its reserve price scheme or from wool referred to in sub-paragraph (i) of paragraph (a); or
(c) disposes of wool products referred to in sub-paragraph (iii) of paragraph (a) or in paragraph (b),
then, for the purposes of this section, the operations of the Corporation referred to in sub-section (5) shall be deemed to include any action of the Corporation referred to in paragraph (a), (b) or (c).(8) The costs to be taken into account in ascertaining under sub-section (5), in relation to a period, whether the corporation has made a profit or incurred a loss or the amount of such a profit or loss include interest paid or payable in respect of that period by the Corporation on borrowed moneys used for the purposes of its operations in respect of its reserve price scheme and costs incurred in that period by the Corporation in connexion with those operations that are of a kind that have been approved by the Minister as being purchase, storage, handling, processing, manufacturing or selling costs.
(9) If the certificate under sub-section (5) in respect of the period that commenced on 2 September 1974 discloses a profit, that profit shall be dealt with in accordance with section 33 as if it were profit of the Corporation for a financial year to which that section applies.
(10) If the certificate under sub-section (5) in respect of a period other than the period that commenced on 2 September 1974 discloses an amount of profit -
(a) so much of that amount of profit as does not exceed the accumulated net loss (if any) as at the beginning of the period to which the certificate relates shall be credited to the Market Support Fund; and
(b) so much of that amount of profit as is not so credited shall be dealt with in accordance with section 33 as if it were profit of the Corporation for a financial year to which that section applies.(11) If the certificate under sub-section (5) in respect of the period that commenced on 2 September 1974 discloses a loss, the amount of that loss shall be debited to the Market Support Fund.
(12) If the certificate under sub-section (5) in respect of a period other than the period that commenced on 2 September 1974 discloses an amount of loss -
(a) so much of that amount of loss as does not exceed the accumulated net profit (if any) as at the beginning of the period to which the certificate relates shall be debited to the reserve referred to in subsection (4) of section 33; and
(b) so much of that amount of loss as is not so debited shall be debited to the Market Support Fund.(13) Where, under paragraph (a) of sub-section (12), an amount of loss is debited to the reserve referred to in sub-section (4) of section 33, there is payable to the Corporation, out of moneys appropriated by the Parliament for the purpose, an amount equal to so much of the amount so debited as exceeds the amount (if any) standing to the credit of that reserve, and the amount so paid shall be credited to that reserve.
(16) In ascertaining, for the purposes of section 33, the profit or loss of the Corporation for a financial year that is, or includes, a period within the meaning of this section, there shall not be taken into account the operations of the Corporation referred to in sub-section (5) or any income or interest referred to in sub-section (4).
(17) Where, as at the beginning of a period, there is a difference between the total amount of profit, and the total amount of loss, certified under subsection (5) in respect of the preceding period or periods -
(a) if the profit exceeds the loss, the excess shall, for the purposes of this section, be taken to be the accumulated net profit; and
(b) if the loss exceeds the profit, the excess shall, for the purposes of this section, be taken to be the accumulated net loss.(18) In this section, "period" means -
(a) the period that commenced on 2 September 1974 and ended on 30 June 1975; or
(b) any financial year after the period referred to in paragraph (a).
WOOL INDUSTRY ACT 1972 - SECT 31
Reimbursement of certain charges in respect of wool covered by price
averaging planSECT
31. (1) The Corporation may pay to any person one-half of any rehandling and additional administration charges incurred by that person in respect of wool to which a price averaging plan operated by the Corporation applies, being wool marketed under arrangements made in accordance with paragraph (e) of sub-section (1) of section 38, at rates not higher than such rates as are approved by the Minister, with the concurrence of the Minister for Finance. (2) There are payable to the Corporation, out of moneys appropriated by the Parliament for the purpose, the amounts necessary for the making of payments by the Corporation in accordance with this section.
WOOL INDUSTRY ACT 1972 - SECT 32
Reimbursement of Corporation for certain charges in respect of small lots
of wool not covered by price averaging planSECT
32. There is payable to the Corporation, out of moneys appropriated by the Parliament for the purpose, so much as the Minister, with the concurrence of the Minister for Finance, determines of any re-handling, additional administration or testing charges incurred by the Corporation (other than charges incurred in connexion with the operation of a price averaging plan) in respect of any wool for the purpose of the performance of the function referred to in paragraph (e) of sub-section (1) of section 38.
WOOL INDUSTRY ACT 1972 - SECT 33
Profits and losses on certain activities of Corporation under Part IIISECT
33. (1) A reference in this section to profit or loss of the Corporation for a financial year shall be read as a reference to profit or loss resulting from -
(a) the purchase and sale of wool by the Corporation;
(b) the processing of wool by, or by arrangement with, the Corporation; and
(c) the manufacture of wool products by, or by arrangement with, the Corporation,
during that financial year in the performance of its functions under Part III.(1A) A reference in sub-section (1) to wool includes a reference to wool to which a price averaging plan operated by the Corporation applies.
(2) As soon as practicable after the end of each financial year, the Auditor-General shall certify to the Minister the profit or loss of the Corporation for that financial year.
(3) The costs to be taken into account in ascertaining the profit or loss of the Corporation for a financial year include -
(a) interest paid or payable by the Corporation in respect of that financial year on borrowed moneys used by the Corporation in connexion with the purchase or processing of wool or the manufacture of wool products; and
(b) costs incurred in that financial year by the Corporation that are of a kind that have been approved by the Minister as being purchase, storage, handling, processing, manufacturing or selling costs.(4) The profit of the Corporation for a financial year shall be dealt with as follows:
(a) the profit shall be applied in the first instance in repaying to the Commonwealth amounts paid to the Corporation by the Commonwealth under the next succeeding sub-section, or amounts paid to the Australian Wool Commission by the Commonwealth under sub-section (5) of section 25 of the Australian Wool Commission Act 1970-1971, in respect of losses of the Corporation or of the Commission, as the case may be, for previous financial years, to the extent that those amounts have not been previously repaid; and
(2) In particular, without limiting the generality of sub-section (1), the regulations may make provision for and in relation to -
(a) the registration and inspection of sampling sites for the purposes of sub-section (2) of section 116 of the Commonwealth Functions (Statutes Review) Act 1981; and
(b) the fees payable in respect of the registration and inspection of sampling sites in accordance with the regulations.
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