Australian Wool Corporation Regulations (Amendment) 1992 No. 100
EXPLANATORY STATEMENT STATUTORY RULES 1992 No. 100
Issued by the Authority of the Minister for Primary Industries and Energy Australian Wool Corporation Act 1991
Australian Wool Corporation Regulations (Amendment)
Section 94 of the Australian Wool Corporation Act 1991 (the Act) provides that the Governor-General may make regulations for the purposes of the Act.
Australian Wool Corporation (AWC) Regulation 5C(2) (What particulars are to be entered on the register?) requires that certain specified particulars on wool sold in the 1990/91 financial year be supplied to the AWC by persons wishing to be registered for annual general meetings to be held by the AWC. The particulars include the amount of wool tax paid by the applicant on wool sold in the 1990/91 financial year and the total amount of supplementary payments which were payable to the applicant in respect of wool sold in that financial year. The supplementary payment scheme only applied to wool sold between the suspension of the Reserve Price Scheme in February 1991 and 30 June 1991, but some claims for supplementary payment were actually paid after 30 June after the claims had been processed by the AWC.
AWC Regulation 5(1) (Entitlement to vote) specifies the method by which a registered person's voting entitlements are calculated. Votes are based on the amount of wool tax paid in the 1990/91 financial year and the amount of supplementary payments payable to that person in that year, rather than in respect of that year.
Regulation 5I(1) is therefore inconsistent with Regulation 5C(2) in that supplementary payments on wool sold before 30 June 1991 but actually paid after that date are included for the purpose of registration of an applicant under Regulation 5C(2) but are excluded from calculation of that person's voting entitlement under Regulation 5I(1).
The new Regulations rectify the inconsistency by inserting 'respect of in Regulation 5I(1).
Overview
The Australian Wool Corporation Regulations (Amendment) 1992 No. 100 was enacted to address inconsistencies in the Australian Wool Corporation Regulations concerning supplementary payments for wool sold in the 1990/91 financial year. The Australian Wool Corporation Act 1991 empowers the Governor-General to make regulations for the purposes of the Act, and these amendments were made under this authority. The inconsistency arose because Regulation 5I(1) excluded supplementary payments that were paid after 30 June 1991 from the calculation of voting entitlements, whereas Regulation 5C(2) included these payments in the registration requirements. The policy objective of these amendments is to ensure uniformity in the treatment of supplementary payments for both registration and voting entitlements, thereby maintaining fairness and accuracy in the regulatory framework governing the Australian Wool Corporation.
Scope and Application
The Australian Wool Corporation Regulations (Amendment) 1992 No. 100 amends the Australian Wool Corporation Regulations to address inconsistencies in the calculation of voting entitlements and the registration of applicants for annual general meetings. This legislation applies to persons involved in the sale of wool, specifically those who are required to register with the Australian Wool Corporation (AWC) for annual general meetings. These individuals must supply specific details such as the amount of wool tax paid and the total supplementary payments received for wool sold during the 1990/91 financial year. The regulations govern the method by which a registered person's voting entitlements are calculated, aligning with the supplementary payments scheme that applied to wool sold between the suspension of the Reserve Price Scheme in February 1991 and 30 June 1991. The amendment extends to include supplementary payments on wool sold before 30 June 1991 but paid after that date, ensuring consistency across relevant regulations. This amendment is made under the authority of the Australian Wool Corporation Act 1991, which is applicable throughout Australia, ensuring uniform application across all jurisdictions.
Key Provisions
The Australian Wool Corporation Regulations (Amendment) 1992 No. 100 (the Regulations) provide amendments to existing regulations under the Australian Wool Corporation Act 1991 (the Act). Section 94 of the Act allows the Governor-General to make regulations for the purposes of the Act, and the Regulations implement these provisions. AWC Regulation 5C(2) (What particulars are to be entered on the register?) now requires that specific details regarding wool sold during the 1990/91 financial year be supplied to the Australian Wool Corporation (AWC) by persons wishing to be registered for annual general meetings. These particulars include the amount of wool tax paid by the applicant on wool sold during the specified financial year and the total amount of supplementary payments payable to the applicant in respect of that wool. This requirement ensures that registrants provide accurate and complete information for their voting entitlements.
The Regulations impose obligations on parties to ensure compliance with the amended provisions. Specifically, Regulation 5I(1) (Entitlement to vote) has been modified to align the calculation of a registered person's voting entitlements with the information provided in Regulation 5C(2). Previously, there was an inconsistency where supplementary payments on wool sold before 30 June 1991 but paid after that date were included for the purpose of registration but excluded from the calculation of voting entitlements. The new Regulations now rectify this inconsistency by including 'respect of' in Regulation 5I(1), thereby ensuring that all relevant supplementary payments are considered in both registration and voting entitlement calculations.
Breaches of the amended Regulations may lead to various consequences. Firstly, any person failing to comply with the new requirements for registering particulars under Regulation 5C(2) may be denied registration for the AWC annual general meetings, thereby losing their voting rights. Secondly, any person who provides inaccurate or incomplete information may face administrative actions, including fines or other penalties as prescribed by the Act. The Act does not specify maximum penalties, but they may be determined by the courts based on the severity and intent of the breach. Non-compliance may also lead to civil liabilities for misrepresentation or other related actions, which could result in further financial or legal repercussions for the offending party.