Australian Wool Realisation Commission Amendment Act 1993

Overview

The Australian Wool Realisation Commission Amendment Act 1993 was enacted to make adjustments to the Australian Wool Realisation Commission Act 1991. This legislation was introduced by the Parliament of Australia to address certain issues related to the operations and financial management of the Australian Wool Realisation Commission. The primary objective of this amendment was to extend the repayment period for accumulated debt from seven years to eight years, as outlined in the amended section 10 of the Principal Act. Additionally, the Act also included a minor amendment to the heading of section 50, changing "Corporation" to "Commission" to reflect the current nomenclature of the entity. This legislative change was designed to provide the Commission with additional financial flexibility, thereby supporting its ongoing operations and objectives within the wool industry.

Scope and Application

The Australian Wool Realisation Commission Amendment Act 1993 applies to the Australian Wool Realisation Commission, as established under the Australian Wool Realisation Commission Act 1991, with the primary purpose of amending certain provisions of the Principal Act. This Act is a Commonwealth statute, thus it applies across the entire nation of Australia, affecting entities involved in the wool industry that are subject to the regulations and oversight of the Commission. The amendment specifically adjusts the timeframe for the repayment of accumulated debt by the Commission from seven to eight years, thereby extending the period for financial recovery in the management of the Commission's liabilities. This legislative change is intended to provide the Commission with a more extended period to settle its financial obligations, potentially easing its financial burden and improving its operational capacity. The Act does not explicitly state any exclusions, exemptions, or thresholds beyond the amendment to the debt repayment timeframe. The scope of the Act is limited to the financial provisions of the Principal Act and does not extend to other operational or regulatory aspects of the Commission's activities.

Key Provisions

The Australian Wool Realisation Commission Amendment Act 1993 (Act) primarily focuses on modifying the timeline for the repayment of accumulated debt under the Australian Wool Realisation Commission Act 1991 (Principal Act). Section 10 of the Principal Act, which originally stipulated a seven-year repayment period for accumulated debt, is amended to extend this period to eight years (section 3). Additionally, section 50 of the Principal Act is amended to change the title from "Corporation" to "Commission" (note about section heading). These changes reflect an adjustment in the legislative framework governing the Australian Wool Realisation Commission. The Act imposes specific obligations on the Australian Wool Realisation Commission. Primarily, it mandates the Commission to adhere to the extended eight-year period for the repayment of accumulated debt, as outlined in the amended section 10 of the Principal Act. This alteration requires the Commission to revise its financial planning and budgeting processes to accommodate the new repayment schedule. Furthermore, the title change in section 50 reflects a formal recognition of the Commission's role and responsibilities, ensuring that all documentation and references within the Principal Act accurately reflect its current designation. Breaches of the provisions set out in this Act could lead to various consequences. While the Act itself does not explicitly outline specific penalties for non-compliance, the broader legal framework under which the Australian Wool Realisation Commission operates may impose sanctions. In general, failure to adhere to legislative requirements could result in administrative or judicial actions, including fines or other civil penalties. The exact nature and severity of these consequences would depend on the specific circumstances of the breach and the applicable laws governing the Commission's operations. The maximum penalties would be determined by relevant authorities in accordance with the broader legislative and regulatory environment.