Wool (Reserve Prices) Fund Act 1950

Legislation au C1950A00011 Not in force Act

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WOOL (RESERVE PRICES) FUND.

 

No. 11 of 1950.

An Act to Establish a Fund for the Purposes of a Scheme of Reserve Prices for Wool, and to make Provision for the Distribution of the Moneys in the Fund if the Scheme is not in Operation on a certain date.

[Assented to 1st July, 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 Wool (Reserve Prices) Fund Act 1950.


Commencement.

2. This Act shall come into operation on a date to be fixed by Proclamation.

Definition.

3. In this Act—

“the Fund” means the Wool (Reserve Prices) Fund established by this Act.

Establishment of Fund.

4.—(1.) There shall be a fund to be known as the Wool (Reserve Prices) Fund, which shall be a Trust Account within the meaning of section sixty-two a of the Audit Act 1901–1948.

(2.) There shall be paid into the Fund, out of the Consolidated Revenue Fund (which is, to the necessary extent, hereby appropriated accordingly), amounts equivalent to so much of the amounts from time to time collected as charge imposed by the Wool (Contributory Charge) Act (No. 1) 1950 and the Wool (Contributory Charge) Act (No. 2) 1950 as is attributable to the percentage prescribed under section seven of each of those Acts.

(3.) Moneys standing to the credit of the Fund may be invested in securities of the Commonwealth or on deposit in the Commonwealth Bank of Australia, and the income of those investments shall form part of the Fund.

Application of Fund.

5.—(1.) Subject to this section, the moneys standing to the credit of the Fund shall remain in the Fund until applied or transferred, in pursuance of an Act, for the purposes of a scheme of reserve prices for wool.

(2.) If there is not in operation, on the thirtieth day of September, One thousand nine hundred and fifty-one, a scheme of reserve prices for wool, being a scheme which the Minister, after consultation with organizations of wool-growers, is satisfied has the general approval of wool-growers in Australia, the amount standing to the credit of the Fund shall, subject to this section and to the regulations, be distributed so as to effect, in respect of every amount of charge which is represented in the amount to be distributed, a refund—

(a) where the amount of charge was paid by a person who was, under the provisions of the Wool (Contributory Charge) Assessment Act 1945–1950, entitled to recover from another person, or retain out of moneys payable to another person, that amount of charge—to that other person; or

(b) in any other case—to the person who paid the charge.

(3.) Notwithstanding anything contained in the last preceding sub-section, the regulations may make different provision for and in relation to the payment of amounts payable under that sub-section in cases affected by death, bankruptcy, liquidation of companies, dissolution of partnerships, the existence of trusts or charges, or other special circumstances.

(4.) The provisions of sub-section (2.) of this section shall not apply to amounts standing to the credit of the Fund representing—

(a) income earned by investments; or


(b) additional charge collected by virtue of section twenty-six, sub-section (3.) of section twenty-seven, paragraph (c) of section thirty-seven or sub-section (1.) of section forty-four of the Wool (Contributory Charge) Assessment Act 1945–1950,

but, where a distribution is made under sub-section (2.) of this section, any amounts referred to in this sub-section shall be applied—

(c) in meeting the expenses of that distribution; and

(d) as to any balance of those amounts remaining after meeting those expenses—in such manner as the Minister determines, for the benefit of the wool industry.

Regulations.

6. The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed, for carrying out or giving effect to this Act and, in particular, for—

(a) regulating any distribution of moneys under this Act;

(b) prescribing the manner and form in which, and the time within which, a claim to share in any such distribution shall be made;

(c) providing for the treatment of moneys unclaimed in any such distribution;

(d) providing for the determination of disputed or doubtful claims to share in any such distribution and, for that purpose, investing any Court of a State with Federal jurisdiction, or conferring jurisdiction on any Court of a Territory of the Commonwealth;

(e) providing for the remuneration, as part of the expenses of any such distribution, of persons providing facilities or services for the purposes of the distribution;

(f) providing that where an amount of less than One pound would otherwise be payable to a person under this Act that amount shall not be so payable, but shall be dealt with as prescribed;

(g) prohibiting or regulating the assignment, charging or taking in execution of interests under this Act or amounts payable under this Act;

(h) providing for the recovery of amounts paid in error under this Act;

(i) requiring persons to keep records of operations and transactions in connexion with matters relevant to the administration of this Act;

(j) requiring persons to furnish returns or information (including returns or information verified by statutory declaration) in connexion with matters relevant to the administration of this Act; and

(k) the imposition of penalties, not exceeding a fine of One hundred pounds or imprisonment for six months, or both, for offences against the regulations.

Overview

The Wool (Reserve Prices) Fund Act 1950 was enacted by the Commonwealth Parliament to establish a fund, known as the Wool (Reserve Prices) Fund, for the purpose of supporting a scheme of reserve prices for wool. The Act was introduced to ensure that wool-growers received a minimum price for their wool, thereby protecting them from significant price fluctuations in the market. This was particularly pertinent given the economic conditions of the time and the importance of the wool industry to Australia's economy. The fund was to be established through contributions from wool-growers, collected via contributory charges under related Acts, and it could be invested to generate income for the Fund. If, by a specified date, a reserve price scheme was not operational, the moneys in the Fund were to be distributed back to the contributors or, in certain cases, to other parties as outlined in the Act. The policy objective was to safeguard the interests of wool-growers while allowing for the flexibility of distribution if the intended scheme did not come into effect.

Scope and Application

The Wool (Reserve Prices) Fund Act 1950 establishes a fund known as the Wool (Reserve Prices) Fund, intended to support a scheme of reserve prices for wool. The Act applies to the Commonwealth of Australia and involves contributions from the Consolidated Revenue Fund and specific wool contributory charges. The fund is to be used for the purposes of implementing a reserve price scheme for wool, with the condition that if such a scheme is not in operation by 30 September 1951, the fund's moneys will be distributed to those who contributed the charges, subject to certain exclusions and regulatory provisions. The Act allows for the investment of fund moneys and provides for the distribution of funds in the absence of a reserve price scheme, including provisions for special circumstances such as death, bankruptcy, or liquidation. The Governor-General has the authority to make regulations necessary to carry out the Act, including provisions for the distribution of funds, the treatment of unclaimed moneys, and the imposition of penalties for offences against the regulations.

Key Provisions

The Wool (Reserve Prices) Fund Act 1950 establishes a fund for the purposes of a reserve price scheme for wool, specifying how moneys will be allocated and managed (sections 4 and 5). The Fund, known as the Wool (Reserve Prices) Fund, is to remain in a trust account as per section 62a of the Audit Act 1901–1948 (section 4(1)). Contributions to the Fund come from the Consolidated Revenue Fund, specifically the amounts collected as a charge under the Wool (Contributory Charge) Acts 1950 (sections 4(2) and (3)). The moneys in the Fund may be invested in Commonwealth securities or deposited in the Commonwealth Bank of Australia, with the income from these investments also forming part of the Fund (section 4(3)). Under the Act, the moneys in the Fund are to be used for the reserve price scheme for wool if such a scheme is in operation by 30 September 1951 (section 5(1)). If no such scheme is operational by that date, the Fund's moneys are to be distributed to the relevant parties, typically those who paid the contributory charge, unless specified exceptions apply (section 5(2)). The regulations may provide for special circumstances, such as cases involving death, bankruptcy, or dissolution of entities (section 5(3)). Notably, income from investments and additional charges collected under certain sections of the Wool (Contributory Charge) Assessment Act 1945–1950 are excluded from this distribution and will be applied to expenses or determined by the Minister for the benefit of the wool industry (section 5(4)). The Governor-General is authorised to make regulations necessary for the administration of the Act (section 6). These regulations can cover various aspects, including the distribution of Fund moneys, claim procedures, treatment of unclaimed amounts, resolution of disputed claims, remuneration for distribution services, minimum payment thresholds, assignment and charging of interests under the Act, recovery of erroneous payments, record-keeping, information reporting, and penalties for regulatory breaches. The penalties for offences against these regulations can include fines of up to one hundred pounds, imprisonment for up to six months, or both (section 6(k)).

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.