Wool Realization (Distribution of Profits) Act 1957 (Cth)

WOOL REALIZATION (DISTRIBUTION OF PROFITS).

 

No. 70 of 1957.

An Act to amend the Wool Realization (Distribution of Profits) Act 1948–1955, and for other purposes.

[Assented to 12th December, 1957.]

BE it enacted by the Queen'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 Wool Realization (Distribution of Profits) Act 1957.

(2.) The Wool Realization (Distribution of Profits) Act 1948–1955 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Wool Realization (Distribution of Profits) Act 1948–1957.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

 

Interpretation.

3. Section four of the Principal Act is amended by adding at the end of sub-section (1.) the following definition:—

“‘the Wool Research Trust Fund’ means the Wool Research Trust Fund established by the Wool Research Act 1957.”.

Declared amounts of profit.

4. Section six of the Principal Act is amended by omitting from sub-section (4.) the words “the Wool Industry Fund established under the Wool Industry Fund Act 1946” and inserting in their stead the words “the Wool Research Trust Fund”.

No distribution where amount less than One pound.

5. Section fourteen of the Principal Act is amended by omitting from sub-section (3.) the words “the Wool Industry Fund established under the Wool Industry Fund Act 1946” and inserting in their stead the words “the Wool Research Trust Fund”.

Payment into court by Commission.

6. Section twenty of the Principal Act is amended by omitting sub-section (3.) and inserting in its stead the following subsection:—

“(3.) If the whole or any part of an amount paid into court under this section has not been paid out at the expiration of three years after it was paid into the court, it shall be paid out of the court to the Treasurer who shall credit it to the Wool Research Trust Fund.”.

Indemnity to the Commission.

7. Section twenty-six of the Principal Act is amended by omitting sub-section (4.) and inserting in its stead the following sub-section:—

“(4.) Any amount set aside in pursuance of this section, to the extent to which it has not, before the date fixed under subsection (1.) of the next succeeding section, been applied or used in accordance with the preceding provisions of this section, shall be paid to the credit of the Wool Research Trust Fund.”.

8.—(1.) Section twenty-seven of the Principal Act is repealed and the following section inserted in its stead:—

Unclaimed moneys.

“27.—(1.) The Minister shall, by notice published in the Gazette, fix a date, being a date not later than the first day of July, One thousand nine hundred and fifty-nine, as the final date for making payments in the course of distributions under this Act.

“(2.) If, by reason of difficulties in ascertaining the persons entitled to any moneys payable in a distribution under this Act or in effecting payment to the persons so entitled or for any other reason, any moneys available for distribution under this Act remain in the hands of the Commission, or of brokers as agents for the Commission, at the date fixed under the last preceding sub-section, those moneys shall be paid to the credit of the Wool Research Trust Fund.

 

“(3.) The last preceding sub-section does not apply to so much of the moneys referred to in that sub-section as are required for the purpose of payment of cheques that have been drawn by the Commission or by brokers acting as agents for the Commission in the course of distributions under this Act.”.

(2.) Except for the purposes of paragraph (c) of sub-section (2.) of section twenty-four of the Wool Realization (Distribution of Profits) Act 1948