Wool Marketing (Loan) Act (No. 2) 1974

Overview

The Wool Marketing (Loan) Act (No. 2) 1974, enacted by the Queen, the Senate, and the House of Representatives of Australia, was introduced to amend the Wool Marketing (Loan) Act 1974. This legislation sought to address the financial needs of the Australian Wool Corporation by increasing the authorised borrowing limit, thereby ensuring the corporation had the necessary funds to support the wool industry. The Act aims to provide an enhanced financial capacity to the Australian Wool Corporation, which is crucial for the effective marketing and management of wool, reflecting a policy objective to support and stabilise the wool industry. The amendments made by this Act to the Wool Marketing (Loan) Act 1974 include increasing the borrowing limit from $150,000,000 to $350,000,000, providing a more robust financial framework for the Australian Wool Corporation. This increase in borrowing capacity is intended to bolster the corporation's ability to operate effectively in the market, thereby supporting the broader wool industry and its stakeholders. The legislative changes are designed to provide greater financial flexibility, ensuring that the Australian Wool Corporation can meet its obligations and continue to serve the interests of the wool industry.

Scope and Application

The Wool Marketing (Loan) Act (No. 2) 1974 amends the original Wool Marketing (Loan) Act 1974 by altering the borrowing limits and loan provisions available to the Australian Wool Corporation. This Act applies specifically to the Australian Wool Corporation, an entity established under the Wool Marketing Act 1991, and it pertains to the financial arrangements and borrowing capacity of this corporation in the context of wool marketing activities. The amendment raises the maximum loan amount from $150 million to $350 million, thereby providing the Corporation with increased financial flexibility to support its operations and initiatives within the wool industry. Geographically, this Act applies within the Commonwealth of Australia, as it is a federal law. The Act does not specify any exclusions, exemptions, or thresholds beyond the numerical changes in borrowing limits. Additionally, the scope and application of this Act may be further defined or extended through subordinate instruments, such as regulations or guidelines issued under the authority of the amended Act.

Key Provisions

The Wool Marketing (Loan) Act (No. 2) 1974 amends the original Wool Marketing (Loan) Act 1974 by increasing the financial limits for loans to the Australian Wool Corporation. The key operative sections of this Act pertain to the amendment of the maximum loan amounts available to the Corporation. Specifically, section 3 changes the figure from $150,000,000 to $350,000,000, and section 4 similarly updates the borrowing authority to the same amount. This legislative change is intended to provide the Corporation with greater financial flexibility to support the wool marketing industry. Under this Act, the Australian Wool Corporation is now permitted to borrow up to $350,000,000, a significant increase from the previous limit of $150,000,000. This enhanced borrowing capacity is aimed at better enabling the Corporation to manage market fluctuations, support wool growers, and maintain industry stability. The obligations and requirements placed on the Corporation include prudent management of the increased funds and adherence to the terms and conditions set forth in the Principal Act. Additionally, the Corporation must ensure transparent accounting and reporting practices to maintain public and governmental trust. The Act does not explicitly state new offences or penalties for breach of its provisions, but it does imply adherence to the existing legal framework outlined in the Principal Act. Any breaches of the existing provisions could result in civil or criminal penalties as specified under the original legislation. Given that the Act primarily adjusts financial limits, the focus remains on ensuring that the Corporation utilises the increased borrowing capacity responsibly and in compliance with existing legal standards. While the specific penalties are not outlined in this Act, they would typically involve fines, sanctions, or other corrective measures as stipulated in the Principal Act.