WOOL USE PROMOTION.
No. 70 of 1960.
An Act to amend the Wool Use Promotion Act 1953-1957.
[Assented to 8th December, 1960.]
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 and citation.
1.—(1.) This Act may be cited as the Wool Use Promotion Act 1960.
(2.) The Wool Use Promotion Act 1953-1957 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Wool Use Promotion Act 1953-1960.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Membership of Bureau, &c.
3. Section nine of the Principal Act is amended by omitting from sub-section (3.) the words “Australian Woolgrowers’ Council” and inserting in their stead the words “Australian Woolgrowers’ and Graziers’ Council”.
Investment, &c., of moneys in the Fund.
4. Section twenty of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-sections:—
“(1.) The Bureau shall open and maintain an account or accounts with the Reserve Bank of Australia or with such other bank or banks as the Treasurer approves.
“(1a.) The Bureau shall pay all moneys received by it into an account referred to in the last preceding sub-section.
“(1b.) Moneys in the Fund not immediately required for the purposes specified in the last preceding section may be invested on fixed deposit with the Reserve Bank of Australia or with any other bank approved by the Treasurer or in securities of or guaranteed by the Government of the Commonwealth or a State.”.
Saving.
5. Notwithstanding the amendment made by section three of this Act, a person who, immediately before the commencement of this Act, held office as one of the members of the Australian Wool Bureau representative of Australian woolgrowers, being a person who was appointed to that office upon the nomination of the organization known as the Australian Woolgrowers’ Council, shall, after the commencement of this Act, continue to hold office as one of those members for the remainder of his term of office, and, for the purposes of sub-section (3a.) of section nine of the Principal Act as amended by this Act, sub-section (2.) of section seven of the Wool Tax Act (No. 1) 1957-1960 and sub-section (2.) of section seven of the Wool Tax Act (No. 2) 1957-1960, he shall be deemed to have been appointed as a member of the Bureau upon the nomination of the organization known as the Australian Woolgrowers’ and Graziers’ Council.
Overview
The Wool Use Promotion Act 1960 was enacted to amend the Wool Use Promotion Act 1953-1957, with the aim of enhancing the promotion and utilisation of wool within Australia. This Act was assented to on 8th December, 1960, by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The legislative update primarily addresses the composition of the Australian Wool Bureau, modifying the membership to include the Australian Woolgrowers’ and Graziers’ Council, while also making changes to the investment provisions for the Wool Fund. This Act ensures that the Bureau continues to operate effectively under the new organisational structure and financial management guidelines.
Scope and Application
The Wool Use Promotion Act 1960 amends the Wool Use Promotion Act 1953-1957, primarily focusing on the administration and financial management of the Australian Wool Bureau. This Act applies to the Bureau, specifically its membership, and the management of funds, ensuring that the Bureau’s activities are conducted with the oversight of the Treasurer and the Reserve Bank of Australia. The Act also maintains continuity for existing members of the Bureau by allowing them to continue their roles despite changes in the representative body from the Australian Woolgrowers' Council to the Australian Woolgrowers' and Graziers' Council. Geographically, the Act operates within the Commonwealth of Australia, affecting entities involved in the wool industry and the Bureau itself, without explicit exclusions or thresholds mentioned in the provided excerpt. The Act allows for further regulations or adjustments through subordinate instruments, which could detail specific administrative or financial procedures.
Key Provisions
The Wool Use Promotion Act 1960 amends the Wool Use Promotion Act 1953-1957, introducing several key changes that are crucial for stakeholders to understand. Section 3 of the Act modifies the membership of the Bureau by replacing the term “Australian Woolgrowers’ Council” with “Australian Woolgrowers’ and Graziers’ Council” in Section 9(3) of the Principal Act. This change is significant as it updates the representative body responsible for overseeing the Bureau. Section 4 amends Section 20 of the Principal Act, replacing sub-section (1) to allow the Bureau to open and maintain accounts with the Reserve Bank of Australia or any other approved bank. Furthermore, it mandates that all moneys received by the Bureau be deposited into these accounts, and permits the investment of unneeded funds in specified securities or fixed deposits, under the approval of the Treasurer.
The obligations imposed by the Wool Use Promotion Act 1960 on the parties it governs are centred around the proper handling and investment of funds within the Bureau. Section 4(1) and (1a) require the Bureau to maintain accounts with approved banks and to ensure all received moneys are deposited into these accounts. Section 4(1b) allows for the investment of surplus funds, provided it is done with the Treasurer’s approval and in specified financial instruments. These provisions aim to ensure the financial stability and prudent management of the Bureau’s funds.
The Act also delineates consequences for non-compliance with its provisions. While specific offences and penalties are not detailed in the provided sections, it is implied that any failure to comply with the financial management requirements outlined in Section 4 could result in legal repercussions. Typically, breaches of such financial provisions could lead to civil penalties, administrative actions, or even criminal charges, depending on the severity and intent of the breach. The exact nature and severity of these penalties would be determined by relevant laws and regulations governing financial misconduct and corporate governance in Australia.