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This is a Bill, not an Act. For current law, see the Acts databases.
1996
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Wool
International Amendment Bill 1996
No. ,
1996
(Primary Industries and
Energy)
A Bill for an Act to amend the
Wool International Act 1993, and for related
purposes
9614320—975/28.10.1996—(143/96) Cat.
No. 96 5336 2 ISBN 0644 481013
Contents
A Bill for an Act to amend the Wool International Act
1993, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Wool International Amendment Act
1996.
This Act commences, or is taken to have commenced, on 1 January
1997.
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repealed as set out in the applicable items in the Schedule concerned, and any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 Subsection 3(1)
Omit “long-term”.
2 Paragraph 3(1)(a)
Omit all the words after “in a manner that”, substitute
“maximises the net return to the Australian wool growing industry from the
sale of stockpile wool and fresh wool; and”.
3 Paragraph 3(1)(b)
Repeal the paragraph, substitute:
(b) adopting measures for the progressive reduction of the accumulated
debt and aiming to have it eliminated by 31 December 1998; and
4 Paragraph 8(1)(a)
Repeal the paragraph, substitute:
(a) to dispose, in accordance with the disposal schedule, of the stockpile
wool in a manner that maximises the net return to the Australian wool growing
industry from the sale of stockpile wool and fresh wool;
5 Paragraph 8(1)(d)
Repeal the paragraph, substitute:
(d) to prepare and implement a strategy for the management of the
accumulated debt with the aim of repaying it by 31 December 1998;
6 Section 18 (definition of disposal
period)
Repeal the definition.
7 Section 19
Repeal the section.
8 Section 20
Repeal the section, substitute:
(1) Wool International must dispose of all stockpile wool, in accordance
with this section, by 31 December 2000.
(2) Subject to subsection (4), Wool International’s power to dispose
of stockpile wool is to be exercised so that in each quarter the wool stockpile
must be reduced by not less than the minimum quantity for the quarter but not
more than 350,000 bales.
(3) For the purposes of subsection (2), the minimum quantity is:
(a) for the quarters beginning on 1 January and 1 April 1997—135,000
bales; and
(b) for a quarter beginning on or after 1 July 1997—90,000
bales.
(4) If, in a quarter, the remaining quantity of stockpile wool is less
than the minimum quantity, subsection (2) is satisfied if all or any part of the
wool stockpile is disposed of in that quarter.
(5) Only the following transactions are to count as reducing the wool
stockpile for the purposes of subsections (2) and (4) in a particular
quarter:
(a) sales made during the quarter under contracts requiring immediate
delivery;
(b) sales made under forward contracts requiring delivery to be made
during the quarter;
(c) transactions of a kind prescribed by the regulations for the purposes
of this subsection.
9 Subsections 21(1) and (2)
Repeal the subsections.
10 Subsection 21(3)
Omit “a disposal period referred to in paragraph (b) of the
definition of ‘disposal period’ in section 18”, substitute
“a quarter”.
11 Subsection 21(3)
Omit “the period” (wherever occurring), substitute “the
quarter”.
12 Subsection 21(4)
Omit “subsection (1) or (3)”, substitute “this
section”.
13 Subsection 22(1)
Repeal the subsection.
14 Subsection 22(3)
Omit “subsection (1) or (2)”, substitute “this
section”.