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This is a Bill, not an Act. For current law, see the Acts databases.
2002-2003
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Dairy
Produce Amendment Bill 2003
No. ,
2003
(Agriculture, Fisheries and
Forestry)
A Bill for an Act to amend
legislation relating to the dairy industry, and for related
purposes
Contents
Dairy Produce Act
1986 3
Dairy Produce Act
1986 4
Dairy Produce Act
1986 8
A Bill for an Act to amend legislation relating to the
dairy industry, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Dairy Produce Amendment Act
2003.
(1) Each provision of this Act specified in column 1 of the table
commences, or is taken to have commenced, in accordance with column 2 of the
table. Any other statement in column 2 has effect according to its
terms.
|
Commencement information |
||
|---|---|---|
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
1. Sections 1 to 3 and anything in this Act not elsewhere covered by
this table |
The day on which this Act receives the Royal Assent. |
|
|
2. Schedule 1 |
The day on which this Act receives the Royal Assent. |
|
|
3. Schedules 2 and 3 |
Immediately after the commencement of Schedule 1 to the Dairy
Industry Service Reform Act 2003. |
1 July 2003 |
Note: This table relates only to the provisions of this Act
as originally passed by the Parliament and assented to. It will not be expanded
to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table contains additional information that is not part
of this Act. Information in this column may be added to or edited in any
published version of this Act.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
1 Before paragraph 79(o) of
Schedule 2
Insert:
(nc) in payment of amounts relating to the indemnity mentioned in
clause 86A; and
2 At the end of Part 3 of
Schedule 2
Add:
(1) The industry services body is entitled to be fully indemnified against
any liability (including any liability as to costs) incurred by it in keeping
and administering, or purporting to keep and administer, the Dairy Structural
Adjustment Fund.
(2) The indemnity is to be paid out of the assets of the Dairy Structural
Adjustment Fund.
3 Application
The amendments made by this Schedule apply in relation to liabilities
arising before, on or after the commencement of this item.
1 Subclause 77C(1) of
Schedule 2
Repeal the subclause, substitute:
(1) The industry services body may:
(a) borrow money; or
(b) raise money otherwise than by borrowing;
for the purpose of making payments for which money of the Dairy Structural
Adjustment Fund may be expended.
Note: The meaning of raise money otherwise than by
borrowing is affected by clause 77CC.
Note: The heading to clause 77C of Schedule 2 is
altered by inserting “or raise money” after
“borrow”.
2 Subclause 77C(2) of
Schedule 2
After “borrowing”, insert “or other raising of
money”.
3 After clause 77C of
Schedule 2
Insert:
(1) Without limiting subclause 77C(1), the industry services body may,
under that subclause, borrow money, or raise money otherwise than by borrowing,
by dealing with securities.
(2) In this clause:
dealing with securities includes:
(a) creating, executing, entering into, drawing, making, accepting,
endorsing, issuing, discounting, selling, purchasing or re-selling securities;
and
(b) creating, selling, purchasing or re-selling rights or options in
respect of securities; and
(c) entering into agreements or other arrangements relating to
securities.
securities includes stocks, debentures, debenture stocks,
notes, bonds, promissory notes, bills of exchange and similar instruments or
documents.
(1) This clause applies to the following contracts:
(a) currency contracts;
(b) interest rate contracts;
(c) futures contracts;
(d) contracts relating to:
(i) dealings known as currency swaps; or
(ii) dealings known as interest rate swaps;
(e) contracts relating to both of the dealings referred to in
paragraph (d);
(f) options (including futures options).
(2) The industry services body may enter into and deal with contracts to
which this clause applies for hedging purposes in relation to a borrowing or
raising, or a proposed borrowing or raising, of money under subclause
77C(1).
(3) A contract is taken to be entered into or dealt with for hedging
purposes only if the contract is entered into or dealt with for the purpose of
managing the risk of variations in the costs of a borrowing or raising, or a
proposed borrowing or raising, of money under subclause 77C(1).
(4) In this clause:
currency contract means:
(a) a forward exchange rate contract; or
(b) a contract with respect to currency futures.
futures contract means:
(a) a deferred delivery contract; or
(b) a contract with respect to financial futures; or
(c) a contract with respect to commodity futures.
(1) This clause applies if the industry services body:
(a) does a thing mentioned in the table in subclause (2);
and
(b) does not do that thing in relation to a transaction that is in the
ordinary course of its day-to-day operations.
(2) By doing that thing, the industry services body is taken, for the
purposes of this Part and subclause 94(2), to raise the relevant amount of money
mentioned in the following table, otherwise than by borrowing:
|
Circumstances where the industry services body is taken to raise an
amount of money, otherwise than by borrowing |
||
|---|---|---|
|
Item |
If the industry services body... |
by doing so, it is taken to raise this amount of money, otherwise than
by borrowing... |
|
1 |
issues an instrument acknowledging a debt in consideration of the payment
or deposit of money |
the amount of the money paid or deposited |
|
2 |
issues an instrument acknowledging a debt in consideration of the provision
of credit |
the value of the credit provided |
|
3 |
obtains credit |
the value of the credit obtained |
4 Paragraph 78(h) of
Schedule 2
After “borrowed”, insert “or otherwise
raised”.
5 After paragraph 78(h) of
Schedule 2
Insert:
(ha) money received by the industry services body in respect of contracts
entered into or dealt with by it under clause 77CB;
6 Paragraph 79(m) of
Schedule 2
After “borrowed”, insert “or otherwise
raised”.
7 Paragraph 79(n) of
Schedule 2
After “borrowing”, insert “or otherwise
raising”.
8 After paragraph 79(n) of
Schedule 2
Insert:
(na) in meeting the obligations and liabilities of the industry services
body in respect of contracts entered into or dealt with by it under
clause 77CB; and
(nb) in meeting the expenses of the industry services body incurred in
respect of contracts entered into or dealt with by it under clause 77CB;
and
9 Paragraph 94(2)(c) of
Schedule 2
After “borrowed”, insert “or otherwise
raised”.
10 Paragraph 94(2)(d) of
Schedule 2
After “borrowing”, insert “or otherwise
raising”.
11 Paragraph 94(2)(d) of
Schedule 2
Omit “expanded.”, substitute “expanded;”.
12 At the end of subclause 94(2) of
Schedule 2
Add:
(e) in meeting the obligations and liabilities of the industry services
body in respect of contracts entered into or dealt with by it under
clause 77CB;
(f) in meeting the expenses of the industry services body incurred in
respect of contracts entered into or dealt with by it under
clause 77CB.
1 Subclause 79A(2) of Schedule 2 (after
paragraph (a) of the definition of Australian
ADI)
Insert:
(aa) the Reserve Bank of Australia; or