WHEAT INDUSTRY STABILIZATION (REFUND OF CHARGE).
No. 50 of 1950.
An Act to provide for the Payment, through the Australian Wheat Board, to Growers of Wheat of a certain Season of certain Moneys in the Wheat Prices Stabilization Fund.
[Assented to 14th December, 1950.]
BE it enacted by the King’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 Industry Stabilization (Refund of Charge) Act 1950.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Definitions.
3. In this Act—
“the Board” means the Australian Wheat Board constituted by the Wheat Industry Stabilization Act 1948;
“the Fund” means the Wheat Prices Stabilization Fund established by the Wheat Industry Stabilization Act 1948.
Payments to the Board out of the Fund.
4. There shall be paid to the Board out of the Fund—
(a) an amount equal to the moneys in the Fund representing charge under the Wheat Export Charge Acts 1946 and the Wheat Export Charge Act 1948 collected in respect of wheat harvested in the year which commenced on the first day of October, One thousand nine hundred and forty-seven; and
(b) an amount equal to the moneys in the Fund representing interest, up to the date of the payment to the Board of the amount specified in the preceding paragraph, from the investment of the moneys referred to in that paragraph.
Disposal of moneys by the Board.
5. The Board shall apply all moneys received by it in pursuance of this Act as if they were the proceeds of the sale by the Board of wheat harvested in the year which commenced on the first day of October, One thousand nine hundred and forty-seven, and acquired by the Commonwealth under the National Security (Wheat Acquisition) Regulations.
Overview
The Wheat Industry Stabilization (Refund of Charge) Act 1950 was enacted by the Commonwealth Parliament to provide a mechanism for the Australian Wheat Board to refund certain charges collected from wheat growers to them through the Wheat Prices Stabilization Fund. This legislation aimed to address the financial burden on wheat growers by ensuring that specific moneys collected as charges on wheat exports were returned to them. The Act was brought into force immediately upon receiving Royal Assent, highlighting the urgency and importance of resolving the financial matters of wheat growers at that time. The policy objective was to stabilise the wheat industry by redistributing collected charges back to the growers, thereby providing financial relief and supporting the agricultural sector during a critical period.
Scope and Application
The Wheat Industry Stabilization (Refund of Charge) Act 1950 applies to the Australian Wheat Board, referred to as "the Board," and the Wheat Prices Stabilization Fund, referred to as "the Fund," both established under the Wheat Industry Stabilization Act 1948. This Act facilitates the payment of certain collected charges and interest from the Fund to the Board, which will then distribute these funds to wheat growers from the specified season. The legislation is enacted at the Commonwealth level, meaning its jurisdictional reach is national, applying across all states and territories of Australia. There are no specific exclusions, exemptions, or thresholds mentioned in the text, implying that the provisions apply universally within the scope of the Act. Subordinate instruments may further define or expand the application of this Act, although the primary text does not specify such details.
Key Provisions
The Wheat Industry Stabilization (Refund of Charge) Act 1950 primarily involves the disbursement of funds from the Wheat Prices Stabilization Fund to the Australian Wheat Board. Section 4 specifies that the Board is to receive an amount from the Fund that corresponds to the charges collected under the Wheat Export Charge Acts 1946 and 1948 for wheat harvested in the 1947 season. Additionally, the Board will receive an amount equal to the interest accrued on these funds up to the date of payment. Section 5 mandates that the Board must treat the received funds as if they were the proceeds from selling wheat acquired by the Commonwealth under the National Security (Wheat Acquisition) Regulations for the 1947 season.
In terms of obligations and requirements, the Act clearly delineates the roles of the Australian Wheat Board and the Wheat Prices Stabilization Fund. The Board is responsible for managing and disbursing the funds as if they were sale proceeds from a specific wheat harvest, while the Fund acts as the source for these payments. The Act ensures that the Board uses the funds in a manner consistent with the intended economic and financial stabilisation purposes of the Wheat Industry Stabilization Act 1948.
Regarding potential consequences, the Act does not explicitly outline specific offences, penalties, or civil or criminal consequences for breaches. However, the meticulous nature of the legislative language suggests that any failure to comply with the prescribed processes could lead to legal ramifications. Given that the Act deals with financial transactions and the stabilisation of the wheat industry, non-compliance could potentially result in financial losses or disruptions within the industry, inviting scrutiny and possible legal action to ensure adherence to the legislative requirements.