WHEAT INDUSTRY STABILIZATION (REFUND OF CHARGE).
No. 22 of 1952.
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 12th June, 1952.]
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 Industry Stabilization (Refund of Charge) Act 1952.
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 under the Wheat Industry Stabilization Act 1948;
“the Fund” means the Wheat Prices Stabilization Fund established under 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 the charge collected under the Wheat Export Charge Act 1948 in respect of wheat harvested in the year which commenced on the first day of October, One thousand nine hundred and forty-nine; and
(b) an amount equal to the additional moneys which have accrued to the Fund, up to the date of payment to the Board of the amount specified in the preceding paragraph, from investments attributable to the moneys in the Fund referred to in that paragraph.
Disposal of the 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 disposal by the Board of wheat harvested in the year which commenced on the first day of October, One thousand nine hundred and forty-nine, and delivered to the Board.
Overview
The Wheat Industry Stabilization (Refund of Charge) Act 1952 was enacted by the Parliament of Australia to address a specific financial issue within the wheat industry. This Act was created to facilitate the payment, through the Australian Wheat Board, of certain monies to wheat growers from a particular season. The Wheat Prices Stabilization Fund, established under the Wheat Industry Stabilization Act 1948, was the source of these funds. The policy objective behind this Act was to ensure that growers received a refund for charges collected under the Wheat Export Charge Act 1948 concerning wheat harvested in the 1949 season, along with any accrued investment income from those funds.
This Act required the Australian Wheat Board to pay out the collected charges and any additional investment income from the Wheat Prices Stabilization Fund to the growers. The Board was to treat these payments as if they were proceeds from the sale of wheat harvested in the specified year, ensuring a transparent and straightforward process for the refund of the collected charges.
Scope and Application
The Wheat Industry Stabilization (Refund of Charge) Act 1952 applies to the Australian Wheat Board (the Board) and the Wheat Prices Stabilization Fund (the Fund) established under the Wheat Industry Stabilization Act 1948. It provides for the payment of certain moneys to wheat growers from the Fund through the Board. This Act applies to the wheat harvested in the year starting on the first day of October 1949, specifically targeting the growers involved with this harvest. The Act covers the Commonwealth of Australia and is in force as of the day it receives Royal Assent. It does not explicitly exclude any parties, entities, or transactions from its application, implying a broad reach within the specified parameters. Any further details or restrictions on application would be governed by the Wheat Industry Stabilization Act 1948 and any subordinate instruments related to it.
Key Provisions
The Wheat Industry Stabilization (Refund of Charge) Act 1952 (sections 1 to 5) outlines the process for the Australian Wheat Board to refund charges to wheat growers. The Act stipulates that certain funds, collected under the Wheat Export Charge Act 1948 and invested under the Wheat Industry Stabilization Act 1948, are to be refunded to the growers of the wheat harvested in the year commencing on the first day of October, 1949. This refund is to be made through the Australian Wheat Board, which is referred to as “the Board,” and the relevant fund is known as “the Fund.”
Under section 4 of the Act, the Board is mandated to pay to the growers an amount equivalent to the moneys in the Fund that represent the charge collected under the Wheat Export Charge Act 1948, along with any additional moneys accrued from investments up to the date of payment. The Act ensures that the Board must handle these payments in a manner similar to how it would distribute proceeds from the sale of wheat harvested in the specified year.
The obligations placed on the Board by this Act are significant, as they are responsible for ensuring that the growers receive their rightful refunds. They must accurately calculate the amounts due from the Fund and make timely payments. Additionally, the Board must ensure that any investments made with the collected charges are properly managed and any returns are included in the refund amount.
Failure to comply with the provisions of this Act could lead to legal consequences for the Board. Although the Act does not explicitly state the penalties for non-compliance, under general legislative principles, breaches could result in civil or criminal penalties, depending on the severity of the breach. The maximum penalties would typically be determined by other relevant laws or regulations, but could potentially include fines or other sanctions for non-compliance with statutory obligations.