WHEAT ACQUISITION (UNDISTRIBUTED MONEYS).
No. 29 of 1958.
An Act to provide for the application for the purposes of Wheat Research of certain Moneys held by the Australian Wheat Board.
[Assented to 21st May, 1958.]
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.
1. This Act may be cited as the Wheat Acquisition (Undistributed Moneys) Act 1958.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Interpretation.
3.—(1.) In this Act—
“the Board” means the Australian Wheat Board constituted by the Wheat Industry Stabilization Act 1948 and continued in existence by the Wheat Industry Stabilization Act 1954;
“the Wheat Research Trust Account” means the Wheat Research Trust Account established by the Wheat Research Act 1957.
(2.) For the purposes of this Act, the Australian Capital Territory shall be deemed to be part of the State of New South Wales.
Board to pay certain undistributed moneys to the Commonwealth.
4. The Board shall, as soon as practicable after the commencement of this Act, pay to the Commonwealth the sum of Two hundred and eighty-four thousand four hundred and eighteen pounds, being so much of the amount of the credit balance shown in the Undistributable Fractions Account kept in the books of the Board as relates to wheat of seasons to which the National Security (Wheat Acquisition) Regulations applied.
Appropriation for wheat research.
5. Upon payment to the Commonwealth of the amount referred to in the last preceding section, there shall be paid into the Wheat Research Trust Account, out of the Consolidated Revenue Fund, which is appropriated accordingly, a sum equal to that amount.
Apportionment amongst State accounts.
6. Such part of the amount paid into the Wheat Research Trust Account in pursuance of this Act as is equal to the amount specified opposite to the name of a State in the Schedule to this Act shall, notwithstanding anything contained in section six of the Wheat Research Act 1957, be credited to the account kept in relation to that State in accordance with sub-section (2.) of that section.
THE SCHEDULE. Section 6.
| £ | New South Wales.......................... | 98,776 | Victoria................................ | 69,979 | South Australia........................... | 54,366 | Western Australia......................... | 50,477 | Queensland.............................. | 10,725 | Tasmania............................... | 95 | | 284,418 |
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Overview
The Wheat Acquisition (Undistributed Moneys) Act 1958 was enacted to address the issue of undistributed moneys held by the Australian Wheat Board, specifically related to wheat acquired under the National Security (Wheat Acquisition) Regulations. This Act was assented to on 21st May 1958 by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The primary objective of the Act is to direct these undistributed funds towards wheat research by transferring them to the Wheat Research Trust Account. This legislative action ensures that the undistributed moneys are not left idle but instead are utilised for the advancement of wheat research, thereby promoting agricultural development and stability within the wheat industry.
Scope and Application
The Wheat Acquisition (Undistributed Moneys) Act 1958 applies specifically to the Australian Wheat Board, which is defined as the entity constituted by the Wheat Industry Stabilization Act 1948 and continued by the Wheat Industry Stabilization Act 1954. The Act mandates that the Board remit to the Commonwealth a specified sum of money held in its Undistributable Fractions Account, which pertains to wheat from seasons covered by the National Security (Wheat Acquisition) Regulations. The proceeds from this transaction are subsequently directed into the Wheat Research Trust Account, established under the Wheat Research Act 1957, to be used for wheat research purposes. The Act further details that the Australian Capital Territory is considered part of the State of New South Wales for its provisions. Additionally, it stipulates that the remitted funds are to be apportioned among the state accounts of New South Wales, Victoria, South Australia, Western Australia, Queensland, and Tasmania in accordance with the amounts specified in the Schedule to this Act. This Act operates within the Commonwealth jurisdiction and comes into effect upon receiving Royal Assent.
Key Provisions
The Wheat Acquisition (Undistributed Moneys) Act 1958 primarily focuses on the transfer of specific funds from the Australian Wheat Board to the Commonwealth for wheat research purposes. Section 4 of the Act mandates that the Board pay £284,418 to the Commonwealth, an amount derived from the credit balance of the Undistributable Fractions Account, which relates to wheat seasons governed by the National Security (Wheat Acquisition) Regulations. Once the Board completes this payment, Section 5 requires the Commonwealth to transfer an equivalent sum into the Wheat Research Trust Account, as established by the Wheat Research Act 1957. Section 6 further stipulates that a portion of these funds must be apportioned among the state accounts, as detailed in the accompanying Schedule, regardless of any conflicting provisions in the Wheat Research Act 1957.
The Act imposes clear obligations on the Australian Wheat Board, primarily encapsulated in Section 4. The Board must promptly remit the specified amount to the Commonwealth after the Act's commencement. Furthermore, the Commonwealth, upon receiving this payment, is obligated to allocate an equivalent sum to the Wheat Research Trust Account as stated in Section 5. Additionally, the Commonwealth must ensure that the funds are apportioned among the states as detailed in the Schedule, overriding any contrary provisions in the Wheat Research Act 1957, as mandated in Section 6.
Failure to comply with the provisions of the Wheat Acquisition (Undistributed Moneys) Act 1958 could have serious legal implications. While the Act does not explicitly state specific offences or penalties for non-compliance, breaches of such statutory obligations typically attract legal consequences under common law and other related statutes. The Australian Wheat Board, for instance, could face legal action for non-compliance, potentially resulting in fines or other civil remedies. Similarly, the Commonwealth could be subject to judicial review or other legal actions if it fails to adhere to its obligations under the Act. The exact penalties would depend on the nature and severity of the breach, as well as applicable common law and other statutory provisions.