Wool International Amendment Regulations 1999 (No. 1)

Administered by Department of Agriculture

Legislation au F1999B00128 Regulations Not in force Legislative Instrument

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Wool International Amendment Regulations 1999 (No. 1) 1999 No. 129

EXPLANATORY STATEMENT

STATUTORY RULES 1999 NO. 129

Issued by the Authority of the Minister for Agriculture, Fisheries and Forestry

Wool International Act 1993

Wool International Privatisation Act 1999

Wool International Amendment Regulations 1999 (No. 1)

The Wool International Act 1993 (the Act) is amended by the Wool International Privatisation Act 1999 (the Privatisation Act).

Section 72 of the Act provides that the Governor-General may make regulations for the purpose of the Act., Section 29 of the Privatisation Act also provides that the GovernorGeneral may make regulations for the purpose of the Privatisation Act.

The objects of the Privatisation Act are to provide for the privatisation of the statutory authority known as Wool International (WI) by registering it with a new name, WoolStock Australia Limited (WoolStock), as a Company under the Corporations Law.

The Wool International Amendment Regulations 1999 (the Amendment Regulations) effect changes to the Wool International Regulations 1993 (the Regulations) necessary to accommodate the conversion of WoolStock to a company. The Act will continue to deal with the rights of unit holders after privatisation, and the provisions of the Regulations dealing with these rights will continue to be relevant, with the amendments made by these Amendment Regulations.

Details of the Amendment Regulations are set out in the Attachment.

The Regulations commenced at the commencement of Schedule 2 to the Privatisation Act, which commenced on 1 July 1999.

ATTACHMENT

Wool International Amendment Regulations 1999 (No. 1)

Regulation 1 identifies these regulations.

Regulation provides for the Amendment Regulations to commence at the time of the conversion of W1 into WoolStock. Schedule 2 of the Privatisation Act, which effects the conversion of W1 into WoolStock, has been proclaimed to commence on 1 July 1999.

Regulation 3 effects the amendments set out in the schedules to the Amendment Regulations.

SCHEDULE 1 - GENERAL AMENDMENTS

Part 1 Amendments

Clause 1 re-names the Regulations as the Wool International Regulations 1993.

Clause 2 deletes regulation 2 of the Regulations and substitutes a new Regulation 2 which introduces definitions which differentiate the Act from the Privatisation Act. Clause 2 also incorporates into the Regulations certain other defined terms.

Clauses 3 & 4 delete the definition of registration certificate in regulation 2 and insert a new definition of unit certificate. The intention of this is to provide in the Regulations for the giving by WoolStock only of the type of certificate (a "unit certificate"). This will not affect the status of registration certificates and unit certificates issued by WI prior to the commencement of the Amendment Regulations.

Clause 5 makes an amendment to regulation 2B which is consequential to the deletion of the definition of registration certificate by clause 3.

Clause 6 amends subregulation 2F(1) so that future amendments to the register will have to be made subject to the presumption in section 11 of the Privatisation Act that the number of units on the register immediately prior to the conversion time of WI into WoolStock is correct. No amendment to the register is possible if it purports to change the number of units.

Clause 7 inserts a new footnote to subregulation 2F(1) explaining the effect of section 11 of the Privatisation Act.

Clause 8 makes an amendment to paragraph 2G(2)(b) which is consequential to the deletion of the definition of registration certificate from the Regulations.

Clause 9 makes an amendment to paragraph 2G(2)(c) so that the paragraph refers to WoolStock instead of WI.

Clause 10 inserts a new paragraph 20(2)(d) so that documents required by WoolStock's constitution for a transfer of shares are also to be provided to WoolStock on a transfer of units of equity. This is necessary because units of equity which are to be stapled to shares in WoolStock must be transferred together.

Clause 11 amends the heading to regulation 21.

Clauses 12. 13, 14, 15, 16, 17 and 18 make amendments to paragraphs 2J(a), (b) and (c), 2L(2)(b), 2M(1)(b), 2N(1)(b) and 20(1)(b) which are consequential to the deletion of the definition of registration certificates from the Regulations.

Clause l9 inserts new heading to regulation 2Q which is necessary because of the deletion of registration certificates from the Regulations.

Clause 20, 21 and 22 make amendments to paragraphs 2Q(a) and (b) and subparagraph 2T(b)(i) which are consequential to the deletion of the definition of registration certificate from the Regulations.

Clause 23 inserts a new heading to regulation 2V which is necessary because of the deletion of the definitions of registration certificates from the Regulations.

Clauses 24, 25. 26 and 27 make amendments to paragraph 2V(a) subparagraphs 2V(b)(i), (ii) and (iii) which are consequential to the deletion of the definition of registration certificates from the Regulations.

Clause 28 amends references in the Regulations to sections of the Act which are renumbered by the Privatisation Act.

Clause 29 inserts a new footnote to subregulation 2X(2) which explains when the amounts to be used for distributions become available pursuant to subsection 22P(4) of the Act as amended by the Privatisation Act,

Clause 30 deletes the previous footnote to subregulation 2X(2).

Clause 31 makes an amendment to subregulation 2ZC(1) which is consequential to the deletion of the definition of registration certificate from the Regulations.

Clause 3 deletes the existing subregulation 2ZD(1) and inserts a new regulation 22D(1) which provides for the monies in respect of distributions made to wool tax payers who cannot be identified to be paid to a fund to be maintained by WoolStock.

Clause 33 makes an amendment to paragraph 22E(b) which is consequential to the deletion of the definition of registration certificate from the Regulations.

Clauses 34, 35, 36 and 37 delete regulations 3, 4, 6 and 7 which were relevant only whilst W1 was a statutory authority.

Part 2 - Additional Amendments

These amendments change all reference to "Wool International" in die Regulations to "WoolStock Australia Limited".

SCHEDULE 2 -AMENDMENTS - RENUMBERING

These amendments re-number the Regulation consecutively, beginning with 1.

 

Overview

The Wool International Amendment Regulations 1999 (No. 1) were enacted under the authority of the Minister for Agriculture, Fisheries and Forestry, and were issued to amend the Wool International Regulations 1993 in response to the privatisation of Wool International (WI) as outlined in the Wool International Privatisation Act 1999. The purpose of these regulations was to effect the necessary changes to accommodate the conversion of Wool International into WoolStock Australia Limited, a company under the Corporations Law. The policy objective was to ensure that the transition from a statutory authority to a private company did not disrupt the rights of unit holders, and to align the regulatory framework with the new corporate structure. The Wool International Amendment Regulations 1999 (No. 1) commenced on 1 July 1999, the same date as the commencement of Schedule 2 of the Privatisation Act, which facilitated the conversion of WI into WoolStock. These regulations primarily focused on renaming WI to WoolStock throughout the regulations, updating definitions to reflect the new corporate identity, and ensuring that the provisions dealing with the rights of unit holders remained relevant post-privatisation. The changes were designed to maintain continuity and clarity in the regulatory framework while adapting to the structural shift from a statutory authority to a private company.

Scope and Application

The Wool International Amendment Regulations 1999 (No. 1) pertains to the amendment of the Wool International Regulations 1993 to accommodate the transition of Wool International (WI) into a private company, WoolStock Australia Limited, as mandated by the Wool International Privatisation Act 1999. The regulations apply to all entities and persons affected by the privatisation, including unit holders, and are designed to ensure continuity in the rights and obligations under the Wool International Act 1993 post-privatisation. The regulations commenced on 1 July 1999, aligning with the commencement of the Privatisation Act. These amendments include re-naming the regulations, introducing new definitions to distinguish between the Act and the Privatisation Act, and modifying various provisions to reflect the change in status from a statutory authority to a private company. Additionally, the regulations include consequential amendments to references and definitions to ensure consistency with the new corporate structure of WoolStock. The scope of these regulations is confined to the entities and operations directly involved in the wool industry, and they do not extend beyond the geographical boundaries of Australia.

Key Provisions

The Wool International Amendment Regulations 1999 (No. 1) (the Amendment Regulations) implement necessary changes to the Wool International Regulations 1993 (the Regulations) following the privatisation of Wool International (WI) as per the Wool International Privatisation Act 1999. These regulations effect the transition of WI to WoolStock Australia Limited, a company under the Corporations Law. Regulation 1 identifies these regulations and specifies their commencement at the conversion of WI to WoolStock, effective 1 July 1999. Regulation 3 provides for the substantive amendments outlined in the schedules to the Amendment Regulations. The Amendment Regulations introduce several key changes to the Regulations to reflect the conversion of WI to WoolStock. Clauses 1 and 2 rename the Regulations as the Wool International Regulations 1993 and introduce new definitions to differentiate between terms used in the Act and the Privatisation Act. Clause 2 also incorporates other defined terms into the Regulations. Clauses 3 and 4 delete the definition of "registration certificate" and replace it with "unit certificate" to align with WoolStock's practices. Clauses 5 to 37 make various consequential amendments to the Regulations to reflect the changes in terminology and legal status. These include updates to references, definitions, and specific provisions that are no longer applicable now that WI is a company. The Amendment Regulations impose specific obligations on WoolStock Australia Limited and other relevant parties. For instance, WoolStock must issue only unit certificates and not registration certificates. It must also ensure that the number of units on its register remains consistent with the number of units prior to conversion, as per the presumption in section 11 of the Privatisation Act. WoolStock must maintain a fund for monies relating to distributions to unidentified wool tax payers, as per clause 32. Failure to comply with the requirements of the Amendment Regulations may lead to various consequences. While the explanatory statement does not explicitly outline specific offences or penalties, breaches of the regulations could potentially result in legal actions under the Wool International Act 1993 and the Privatisation Act 1999. These actions could include fines or other civil or criminal penalties as prescribed by the relevant Acts. The precise nature and extent of penalties would depend on the specific provisions of these Acts and the severity of the breach.

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