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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Wheat Marketing
Amendment Bill 1997
No. ,
1997
(Primary Industries and
Energy)
A Bill for an Act to amend the
Wheat Marketing Act 1989, and for other purposes
9708820—899/20.6.1997—(88/97) Cat. No. 96
9218 5 ISBN 0644 505125
Contents
Part 1—Amendments commencing on Royal
Assent 7wma00h1.html
Primary Industries and Energy Research and Development Act
1989 7wma00h1.html
Primary Industries Levies and Charges Collection Act
1991 7wma00h1.html
Wheat Marketing Act
1989 7wma00h1.html
Part 2—Amendments commencing on a day fixed by
Proclamation 7wma00h1.html
Wheat Marketing Act
1989 7wma00h1.html
Part 3—Amendments commencing on 1 July
1999 7wma00h1.html
Primary Industries and Energy Research and Development Act
1989 7wma00h1.html
Primary Industries Levies and Charges Collection Act
1991 7wma00h1.html
Wheat Industry Fund Levy Act
1989 7wma00h1.html
Wheat Marketing Act 1989 7wma00h1.html
A Bill for an Act to amend the Wheat Marketing Act
1989, and for other purposes
The Parliament of Australia enacts:
This Act may be cited as the Wheat Marketing Amendment Act
1997.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Subject to subsection (4), the following provisions commence on a day
to be fixed by Proclamation:
(a) Divisions 5 and 6 of Part 2;
(b) Part 2 of Schedule 1.
(3) If a provision referred to in subsection (2) does not commence under
that subsection within the period of 6 months beginning on the day on which this
Act receives the Royal Assent, it commences on the first day after the end of
that period.
(4) If Schedule 2 to the Audit (Transitional and Miscellaneous)
Amendment Act 1997 does not commence before the commencement of Divisions 5
and 6 of Part 2 of this Act, the amendment of subsection 69(2) of the Wheat
Marketing Act 1989 made by this Act commences immediately after the
commencement of Schedule 2 to the Audit (Transitional and Miscellaneous)
Amendment Act 1997.
(5) Part 3 of Schedule 1 commences on 1 July 1999.
The following is a simplified outline of this Part (when read together
with the amendments of the Wheat Marketing Act 1989 made by this
Act):
• The first step towards the new structure for
the Australian Wheat Board will be the establishment of the following companies
(the designated companies) to take over the commercial activities
of the Board:
(a) a wholly-owned subsidiary of the Board (in this Part called
nominated company A);
(b) a number of wholly-owned subsidiaries of nominated company
A.
• This Part enables certain assets, contracts
and liabilities to be transferred from the Board to the designated
companies.
• This Part enables the transfer of staff from
the Board to nominated company A.
• This Part also provides for ancillary matters
in relation to the takeover by the designated companies of the commercial
activities of the Board.
In this Part, unless the contrary intention appears:
asset means:
(a) any legal or equitable estate or interest in real or personal
property, whether actual, contingent or prospective; and
(b) any right, power, privilege or immunity, whether actual, contingent or
prospective.
Board means the Australian Wheat Board.
contract includes:
(a) a deed; and
(b) a deed poll.
designated company has the same meaning as in the Wheat
Marketing Act 1989.
employee includes apprentice.
instrument includes a document.
land registration official, in relation to land, means the
Registrar of Titles or other proper officer of the State or Territory in which
the land is situated.
liability means any liability, duty or obligation, whether
actual, contingent or prospective.
nominated company has the same meaning as in the Wheat
Marketing Act 1989.
nominated company A has the same meaning as in the Wheat
Marketing Act 1989.
nominated company B has the same meaning as in the Wheat
Marketing Act 1989.
transfer time, in relation to an employee, has the meaning
given by section 12.
transferred employee means a person whose employment is
transferred in accordance with a declaration under section 12.
wholly-owned subsidiary has the same meaning as in the
Wheat Marketing Act 1989.
This Part binds the Crown in right of the Commonwealth, of each of the
States, of the Australian Capital Territory, of the Northern Territory and of
Norfolk Island.
This Part extends to all the external Territories.
This Part extends to acts, omissions, matters and things outside
Australia, whether or not in a foreign country.
The functions of the Board include:
(a) facilitating the process by which the designated companies are to take
over certain functions of the Board; and
(b) assisting the designated companies, the Commonwealth and other persons
in connection with:
(i) the implementation of this Part; and
(ii) preparatory work associated with the implementation of this
Part.
(1) This section applies to an asset of the Board other than:
(a) money in the Wheat Industry Fund; or
(b) an investment of the Wheat Industry Fund; or
(c) any other asset that was acquired using money in the Wheat Industry
Fund.
(2) The Board may, by writing, make any or all of the following
declarations:
(a) a declaration that a specified asset vests in a specified designated
company at a specified time without any conveyance, transfer or assignment;
(b) a declaration that a specified instrument relating to a specified
asset continues to have effect after the asset vests in a specified designated
company as if a reference in the instrument to the Board were a reference to the
company;
(c) a declaration that a specified designated company becomes the
Board’s successor in law in relation to a specified asset immediately
after the asset vests in the company.
Note: An asset or instrument may be specified by name, by
inclusion in a specified class or in any other way.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
(5) Subsection (2) does not prevent the Board from transferring an asset
to a designated company otherwise than under that subsection.
(1) This section applies to a contract (other than a contract of
employment) to which the Board is a party.
(2) The Board may, by writing, declare that the Board’s rights and
obligations under a specified contract:
(a) cease to be rights and obligations of the Board at a specified time;
and
(b) become rights and obligations of a specified designated company at
that time.
(3) The Board may, by writing, declare that a specified contract continues
to have effect after a specified time as if a reference in the contract to the
Board were a reference to a specified designated company.
(4) The Board may, by writing, declare that a specified instrument
relating to a specified contract continues to have effect, after the
Board’s rights and obligations under the contract become rights and
obligations of a specified designated company, as if a reference in the
instrument to the Board were a reference to the company.
(5) The Board may, by writing, declare that a specified designated company
becomes the Board’s successor in law, in relation to the Board’s
rights and obligations under a specified contract, immediately after the
Board’s rights and obligations under the contract become rights and
obligations of the company.
(6) A declaration under this section has effect
accordingly.
(7) A copy of a declaration under this section is to be published in the
Gazette within 14 days after the making of the declaration.
(8) This section does not, by implication, limit section 9 or
11.
Note: A contract or instrument may be specified by name, by
inclusion in a specified class or in any other way.
(1) This section applies to a liability of the Board.
(2) The Board may, by writing, make any or all of the following
declarations:
(a) a declaration that a specified liability ceases to be a liability of
the Board and becomes a liability of a specified designated company at a
specified time;
(b) a declaration that a specified instrument relating to a specified
liability continues to have effect after the liability becomes a liability of a
specified designated company as if a reference in the instrument to the Board
were a reference to the company;
(c) a declaration that a specified designated company becomes the
Board’s successor in law in relation to a specified liability immediately
after the liability becomes a liability of the company.
(3) A declaration under subsection (2) has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
Note: A
liability or instrument may be specified by name, by inclusion in a specified
class or in any other way.
(1) This section applies to an employee of the Board.
(2) The Board may, by written instrument, declare that a
specified employee:
(a) ceases to be employed by the Board at a specified time (the
employee’s transfer time); and
(b) is taken to have been engaged by nominated company A as an employee of
nominated company A at the employee’s transfer time.
(3) A declaration under this section has effect accordingly.
(4) A copy of a declaration under subsection (2) is to be published in the
Gazette within 14 days after the making of the declaration.
(1) A person who is a transferred employee is taken to have been engaged
by nominated company A on the same terms and conditions as those that applied to
the person, immediately before the employee’s transfer time, as an
employee of the Board.
(2) A reference in subsection (1) to terms and
conditions is a reference to terms and conditions that are set out
in:
(a) a determination under subsection 44(2) of the Wheat Marketing Act
1989; or
(b) an award (as defined by section 4 of the Workplace Relations Act
1996); or
(c) a certified agreement (as defined by section 4 of the Workplace
Relations Act 1996); or
(d) an Australian Workplace Agreement (as defined by section 4 of the
Workplace Relations Act 1996); or
(e) a
certified agreement (as defined by section 4 of the Industrial Relations Act
1988 as in force immediately before the commencement of Schedule 8 to the
Workplace Relations and Other Legislation Amendment Act 1996) that
continues to have effect because of Part 2 of that Schedule.
A person who is a transferred employee is taken to have accrued an
entitlement to benefits, in connection with the person’s engagement by
nominated company A, that is equivalent to the entitlement that the person had
accrued, as an employee of the Board, immediately before the employee’s
transfer time.
The service of a transferred employee as an employee of nominated
company A is taken, for all purposes, to have been continuous with the service
of the employee, immediately before the employee’s transfer time, as an
employee of the Board.
A transferred employee is not entitled to receive any payment or
other benefit merely because he or she stopped being an employee of the Board as
a result of this Part.
(1) This Part does not prevent the terms and conditions of a transferred
employee’s employment after the employee’s transfer time from being
varied:
(a) in accordance with those terms and conditions; or
(b) by or under a law, award, determination or agreement.
(2) In this section:
vary, in relation to terms and conditions,
includes:
(a) omitting any of those terms and conditions; or
(b) adding to those terms and conditions; or
(c) substituting new terms or conditions for any of those terms and
conditions.
For the purposes of the application of Part IV of the Public Service
Act 1922 in relation to a transferred employee, nominated company A is taken
to be, after the employee’s transfer time, a Commonwealth authority for
the purposes of that Part.
(1) In this section:
designated matter means:
(a) a transfer under section 9, 10 or 11; or
(b) an agreement relating to a transfer covered by paragraph
(a).
(2) Stamp duty or other tax is not payable under a law of a State or
Territory in respect of:
(a) a designated matter; or
(b) anything done (including a transaction entered into or an instrument
or document made, executed, lodged or given) because of, or for a purpose
connected with or arising out of, a designated matter.
In this Division:
borrowing has the same meaning as in the Wheat Marketing
Act 1989.
new season wheat has the same meaning as in the Wheat
Marketing Act 1989.
pool has the same meaning as in the Wheat Marketing Act
1989.
(1) Anything done by or in relation to the Board under Division 2 or 3 of
Part 4 of the Wheat Marketing Act 1989 before the commencement of this
section in connection with new season wheat has effect, and is taken at all
relevant times to have had effect, as if it had been done by the Board in the
capacity of agent of nominated company B.
(2) Any new season wheat bought by the Board before the commencement of
this section for sale as part of a pool and on terms requiring payment for the
wheat to be made according to Division 3 of Part 4 of the Wheat Marketing Act
1989 is taken to be, and at all relevant times to have been, new season
wheat bought by the Board in the capacity of agent of nominated company
B.
(3) Any contract entered into by the Board before the commencement of this
section for the sale or disposal of new season wheat bought by the Board has
effect, and is taken at all relevant times to have had effect, as if it were
entered into by the Board in the capacity of agent of nominated company
B.
(1) Any borrowing transaction entered into by the Board before the
commencement of this section for any of the following purposes:
(a) the making of advance payments for pool return wheat, being new season
wheat;
(b) the making of payments in lieu of final payments for such
wheat;
(c) the meeting of operational expenses incurred in connection with the
sale or disposal of such wheat;
is taken to be, and at all relevant times to have been, a borrowing
transaction entered into by the Board in the capacity of agent of nominated
company A for the purpose of on-lending the money to nominated company B so that
nominated company B can use the money for the first-mentioned purpose or
purposes.
(2) If, under subsection (1), nominated company A is taken to have
borrowed money for the purpose of on-lending the money to nominated company
B:
(a) the borrowing by nominated company A is taken to have been approved
under subsection 77A(1) of the Wheat Marketing Act 1989; and
(b) nominated company A is taken to have on-lent the money to nominated
company B; and
(c) the terms and conditions on which the money is taken to have been
on-lent to nominated company B are taken to be the terms and conditions set out
in a written instrument made by the Board for the purposes of this
subsection.
Any contract entered into or dealt with by the Board under
section 74 of the Wheat Marketing Act 1989 before the commencement
of this section in connection with new season wheat has effect, and is taken at
all relevant times to have had effect, as if:
(a) in the case of a contract that relates to a borrowing transaction
covered by subsection 22(1)—the contract were entered into or dealt with
by the Board in the capacity of agent of nominated company A; or
(b) in any other case—the contract were entered into or dealt with
by the Board in the capacity of agent of nominated company B.
(1) Any investment made by the Board before the commencement of this
section using the proceeds of the sale or disposal of new season wheat bought by
the Board has effect, and is taken at all relevant times to have had effect, as
if it were made by the Board in the capacity of agent of nominated company
B.
(2) Any investment made by the Board before the commencement of this
section using money borrowed as mentioned in subsection 22(1) has effect, and is
taken at all relevant times to have had effect, as if it were made by the Board
in the capacity of agent of nominated company B using money on-lent to nominated
company B by nominated company A as mentioned in subsection 22(2).
(1) Any operational expense incurred or paid by the Board before the
commencement of this section in connection with the sale or disposal of new
season wheat has effect, and is taken at all relevant times to have had effect,
as if it were incurred or paid by the Board in the capacity of agent of
nominated company B.
(2) Any borrowing expense incurred or paid by the Board before the
commencement of this section in connection with a borrowing transaction covered
by subsection 22(1) has effect, and is taken at all relevant times to have had
effect, as if it were incurred or paid by the Board in the capacity of agent of
nominated company A.
(1) For the purposes of this Division, it is to be assumed that section
77A of the Wheat Marketing Act 1989 had
been in force at all relevant times before the commencement of this
section.
(2) For the purposes of this Division, it is to be assumed that nominated
company B was in existence at all relevant times before the commencement of this
section and had, as principal, all the functions and powers that the Board is
taken to have performed or exercised as the company’s agent.
(3) For the purposes of this Division, it is to be assumed that nominated
company A was in existence at all relevant times before the commencement of this
section and had, as principal, all the functions and powers that the Board is
taken to have performed or exercised as the company’s agent.
(1) If:
(a) before the commencement of this section, a request was made under the
Freedom of Information Act 1982 for access to a document in the
possession of the Board; and
(b) the document has been transferred to a designated company under this
Part; and
(c) the request had not been finally disposed of under the Freedom of
Information Act 1982 immediately before the commencement of this
section;
then:
(d) the request is taken to have been transferred to the designated
company on the commencement of this section; and
(e) the Freedom of Information Act 1982 has effect after the
commencement of this section, in relation to the request, as if the designated
company were an agency (within the meaning of that Act).
(2) If:
(a) immediately before the commencement of this section, a person had a
right to:
(i) apply under the Administrative Appeals Tribunal Act 1975 (the
AAT Act) for a review of a decision of the Board made under the
Freedom of Information Act 1982 in relation to a particular document,
where possession of the document has been transferred from the Board to a
designated company under this Part; or
(ii) request under the AAT Act a statement of reasons for such a decision;
or
(b) before the commencement of this section, a person made such an
application or request but it had not been finally disposed of under the AAT Act
before the commencement of this section;
the AAT Act has effect after the commencement of this section, in relation
to the right, application or request as if:
(c) the decision made by the Board had been made by the designated
company; and
(d) the designated company had been in existence at all relevant times;
and
(e) the designated company were substituted for the Board as a party to
any relevant proceedings arising under that Act.
(1) This section applies to:
(a) a complaint if:
(i) the complaint could have been made to the Privacy Commissioner under
the Privacy Act 1988 before the commencement of this section in relation
to an act or practice of the Board in connection with the performance of the
Board’s functions; and
(ii) corresponding functions are performed by a designated company after
the commencement of this section; and
(iii) the complaint is made after the commencement of this section;
or
(b) a complaint if:
(i) before the commencement of this section, the complaint was made to the
Privacy Commissioner under the Privacy Act 1988 in relation to an act or
practice of the Board in connection with the performance of the Board’s
functions; and
(ii) corresponding functions are performed by a designated company after
the commencement of this section; and
(iii) immediately before the commencement of this section, the Privacy
Commissioner had not finally disposed of the matter in accordance with that Act;
or
(c) an investigation if:
(i) before the commencement of this section, the Privacy Commissioner
commenced the investigation under the Privacy Act 1988 in relation to an
act or practice of the Board in connection with the performance of the
Board’s functions; and
(ii) corresponding functions are performed by a designated company after
the commencement of this section; and
(iii) immediately before the commencement of this section, the Privacy
Commissioner had not finally disposed of the matter in accordance with that
Act.
(2) The Privacy Act 1988 has effect after the commencement of this
section, in relation to the complaint or investigation, as if:
(a) the act or practice of the Board had been an act or practice of the
designated company; and
(b) the designated company were an agency (within the meaning of that
Act); and
(c) the designated company had been in existence at the time when the act
or practice occurred.
(1) This section applies if:
(a) any right, title or interest in particular land vests in a designated
company under section 9; and
(b) there is lodged with a land registration official a certificate
that:
(i) is signed by the Chairperson of the Board; and
(ii) identifies the land; and
(iii) states that the right, title or interest has become vested in the
company under section 9.
(2) The land registration official may:
(a) register the matter in a way that is the same as, or similar to, the
way in which dealings in land of that kind are registered; and
(b) deal with, and give effect to, the certificate.
(3) A document that appears to be a certificate under subsection (1) is to
be taken to be such a certificate, and to have been properly given, unless the
contrary is established.
This Part, in so far as it provides for the interpretation of references
in other instruments, does not modify any register kept by a land registration
official under a law of a State or Territory.
To avoid doubt, an instrument made under this Part (other than
regulations under section 40) is not taken to be a legislative instrument for
the purposes of the Legislative Instruments Act 1997.
(1) This section applies if, as a result of a declaration made by the
Board under this Part, a person (the successor) becomes the
successor in law of another person (the original person) at a
particular time in relation to a particular asset, liability, right, benefit or
obligation.
(2) If any proceedings to which the original person was a party:
(a) were pending in any court or tribunal immediately before that time;
and
(b) related, in whole or in part, to the asset, liability, right, benefit
or obligation, as the case may be;
then, unless the Board otherwise determines in writing in relation to the
proceedings, the successor is, by force of this subsection, substituted for the
original person as a party to the proceedings to the extent to which the
proceedings relate to the asset, liability, right, benefit or obligation, as the
case requires.
To avoid doubt, the operation of this Part is not to be regarded
as:
(a) placing a person in breach of contract or confidence; or
(b) otherwise making a person guilty of a civil wrong; or
(c) placing a person in breach of any contractual provision prohibiting,
restricting or regulating:
(i) the assignment or transfer of any asset, liability, right or
obligation; or
(ii) the disclosure of any information; or
(d) releasing any surety from any of the surety’s obligations in
relation to a liability or obligation that is transferred under this
Part.
(1) This section applies to a record of the Board.
(2) The Minister may direct the Board to transfer specified records to a
specified designated company.
Note: A record may be specified by name, by inclusion in a
specified class or in any other way.
(3) The Board must ensure that the direction is complied with.
(4) In this section:
record has the same meaning as in the Archives Act
1983.
(1) A designated company is not taken, for the purposes of a
law, to be:
(a) a Commonwealth authority; or
(b) established for a public purpose or for a purpose of the Commonwealth;
or
(c) a public authority or an agency or instrumentality of the
Crown;
(within the ordinary meaning of the expression concerned) unless a law
expressly provides otherwise.
(2) In this section:
law means:
(a) an Act of the Commonwealth or of a State or Territory; or
(b) regulations or any other instrument made under such an Act.
(1) If:
(a) apart from this section, the operation of this Part would result in
the acquisition of property from a person otherwise than on just terms;
and
(b) the acquisition would be invalid because of paragraph 51(xxxi) of the
Constitution;
the Commonwealth is liable to pay compensation of a reasonable amount to
the person in respect of the acquisition.
(2) If the Commonwealth and the person do not agree on the amount of the
compensation, the person may institute proceedings in the Federal Court of
Australia for the recovery from the Commonwealth of such reasonable amount of
compensation as the court determines.
(3) In this section:
acquisition of property has the same meaning as in paragraph
51(xxxi) of the Constitution.
just terms has the same meaning as in paragraph 51(xxxi) of
the Constitution.
The Board may, by writing, delegate to:
(a) the Chairperson of the Board; or
(b) the Managing Director of the Board;
all or any of the functions and powers conferred on the Board by this
Part.
(1) This Part does not authorise a Commonwealth record (within the meaning
of the Archives Act 1983) to be transferred or otherwise dealt with
except in accordance with the provisions of that Act.
(2) A Commonwealth record (within the meaning of the Archives Act
1983) must not be transferred to a person under this Part unless the
Australian Archives has given permission under paragraph 24(2)(b) of the
Archives Act 1983.
This Part does not authorise the imposition of taxation within the
meaning of section 55 of the Constitution.
The Governor-General may make regulations prescribing matters:
(a) required or permitted by this Part to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving
effect to this Part.
Subject to section 2, 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.
Part
1—Amendments commencing on
Royal Assent
Primary
Industries and Energy Research and Development Act 1989
1 Subsection 4(1) (paragraph (a) of the
definition of research component)
After “Wheat Industry Fund Levy Act 1989”, insert
“during a season (within the meaning of the Wheat Marketing Act
1989) that began before 1 July 1999”.
2 At the end of subsection
5(4)
Add “during a season that began before 1 July 1999”.
3 Subsection 5(5)
Before “is declared”, insert “during a season that began
before 1 July 1999”.
Primary
Industries Levies and Charges Collection Act 1991
Omit “certificates”, substitute
“statements”.
Insert:
constitution, in relation to a company, has the same meaning
as in the Corporations Law.
6 Subsection 3(1)
Insert:
designated company means:
(a) nominated company A; or
(b) a wholly-owned subsidiary of nominated company A.
7 Subsection 3(1)
Insert:
new season wheat means wheat of a season that began on or
after 1 July 1997.
8 Subsection 3(1)
Insert:
nominated company means:
(a) nominated company A; or
(b) nominated company B; or
(c) nominated company C.
9 Subsection 3(1)
Insert:
nominated company A has the meaning given by section
55D.
10 Subsection 3(1)
Insert:
nominated company B has the meaning given by section
55F.
11 Subsection 3(1
Insert:
nominated company C has the meaning given by section
55H.
12 Subsection 3(1)
Insert:
objects, in relation to a company, has the same meaning as in
the Corporations Law.
13 Subsection 3(1)
Insert:
old season wheat means wheat of a season that began before
1 July 1997.
14 Subsection 3(1)
Insert:
wholly-owned subsidiary has the meaning given by section
3A.
15 After section 3
Insert:
For the purposes of this Act, a body corporate (the first
body) is a wholly-owned subsidiary of another body
corporate (the second body) if, and only if:
(a) the first body has a share capital; and
(b) there is no share in the first body that is not beneficially owned by
the second body.
16 After Part 3
Insert:
The following is a simplified outline of this Part (when read together
with related provisions of this Act):
• The first step towards the new structure for
the Australian Wheat Board will be the establishment of the following companies
(the designated companies) to take over the commercial activities
of the Board:
(a) a wholly-owned subsidiary of the Board (in this Act called
nominated company A);
(b) a number of wholly-owned subsidiaries of nominated company
A.
• The main wholly-owned subsidiaries of
nominated company A are in this Act called nominated company B and
nominated company C.
• Nominated company A’s role includes
borrowing for the purposes of on-lending to other designated
companies.
• Nominated company B’s role is to
conduct pooling and marketing of new season wheat.
• Nominated company C’s role includes
trading in wheat and other grains.
• The constitution of a nominated company must
not be altered without the approval of the Minister.
• A person must not be appointed as a director
of a designated company without the approval of the Minister.
• A designated company must not acquire certain
securities or enter into certain joint business ventures without the approval of
the Minister.
• State laws may confer powers or functions on
designated companies.
The Board and the Minister must take all reasonable steps to ensure that,
as soon as practicable after the commencement of this section, a company is
declared under section 55D to be nominated company A.
(1) The Board may, with the written permission of the Minister:
(a) arrange for the formation of a company; or
(b) acquire shares in a company that has not yet traded.
(2) The Minister must not give permission under subsection (1) in relation
to a company unless:
(a) the Minister proposes to declare the company to be nominated company
A; and
(b) the company is, or is to be, incorporated under the Corporations Law;
and
(c) the company has, or is to have, a share capital; and
(d) the company is to be a wholly-owned subsidiary of the Board.
(1) The Minister may, by writing, declare that a specified company is
nominated company A for the purposes of this Act.
(2) At the time of the making of the declaration, the company
must:
(a) be incorporated under the Corporations Law; and
(b) have a share capital; and
(c) be a wholly-owned subsidiary of the Board.
(3) The declaration has effect accordingly.
(4) A copy of the declaration is to be published in the Gazette
within 14 days after the making of the declaration.
(5) If:
(a) a declaration is in force under this section in relation to a company;
and
(b) the company:
(i) ceases to be incorporated under the Corporations Law; or
(ii) ceases to have a share capital; or
(iii) ceases to be a wholly-owned subsidiary of the Board;
the declaration is taken to have been revoked at the time of the
cessation.
The Board, nominated company A and the Minister must take all reasonable
steps to ensure that, as soon as practicable after the commencement of this
section, a company is declared under section 55F to be nominated company
B.
(1) The Minister may, by writing, declare that a specified company is
nominated company B for the purposes of this Act.
(2) At the time of the making of the declaration, the company
must:
(a) be incorporated under the Corporations Law; and
(b) have a share capital; and
(c) be a wholly-owned subsidiary of nominated company A.
(3) The declaration has effect accordingly.
(4) A copy of the declaration is to be published in the Gazette
within 14 days after the making of the declaration.
(5) If:
(a) a declaration is in force under this section in relation to a company;
and
(b) the company:
(i) ceases to be incorporated under the Corporations Law; or
(ii) ceases to have a share capital; or
(iii) ceases to be a wholly-owned subsidiary of nominated company
A;
the declaration is taken to have been revoked at the time of the
cessation.
The Board, nominated company A and the Minister must take all reasonable
steps to ensure that, as soon as practicable after the commencement of this
section, a company is declared under section 55H to be nominated company
C.
(1) The Minister may, by writing, declare that a specified company is
nominated company C for the purposes of this Act.
(2) At the time of the making of the declaration, the company
must:
(a) be incorporated under the Corporations Law; and
(b) have a share capital; and
(c) be a wholly-owned subsidiary of nominated company A.
(3) The declaration has effect accordingly.
(4) A copy of the declaration is to be published in the Gazette
within 14 days after the making of the declaration.
(5) If:
(a) a declaration is in force under this section in relation to a company;
and
(b) the company:
(i) ceases to be incorporated under the Corporations Law; or
(ii) ceases to have a share capital; or
(iii) ceases to be a wholly-owned subsidiary of nominated company
A;
the declaration is taken to have been revoked at the time of the
cessation.
(1) The constitution of nominated company A must include the following as
objects of the company:
(a) to trade in wheat in the course of, or for the purposes of:
(i) trade and commerce amongst the States; or
(ii) trade and commerce between a State and a Territory or between
Territories; or
(iii) trade and commerce within a Territory;
(b) to export grain other than wheat, and to trade in such grain, in the
course of, or for the purposes of:
(i) trade and commerce with foreign countries; or
(ii) trade and commerce amongst the States; or
(iii) trade and commerce between a State and a Territory or between
Territories; or
(iv) trade and commerce within a Territory;
(c) to export grain products, and to trade in such products, in the course
of, or for the purposes of:
(i) trade and commerce with foreign countries; or
(ii) trade and commerce amongst the States; or
(iii) trade and commerce between a State and a Territory or between
Territories; or
(iv) trade and commerce within a Territory;
(d) to engage in value adding activities for the purposes of:
(i) trade and commerce with foreign countries; or
(ii) trade and commerce amongst the States; or
(iii) trade and commerce between a State and a Territory or between
Territories; or
(iv) trade and commerce within a Territory;
(e) to promote, fund or undertake research into matters related
to:
(i) the marketing of grain; or
(ii) value adding activities;
(f) to do anything incidental to or conducive to any of the above
objects.
(2) Subsection (1) does not limit the objects that may be set out in the
constitution of nominated company A.
(3) Subsection (1) does not, by implication, affect the powers and
capacities of nominated company A under the Corporations Law.
Note 1: Nominated company A may perform functions conferred
on it by other provisions of this Act.
Note 2: Nominated company A may perform functions conferred
on it by State laws—see section 55T.
(1) The constitution of nominated company B must set out the following as
objects of the company:
(a) to maximise the net returns to Australian wheat growers who sell pool
return wheat to the company by securing, developing and maintaining markets for
wheat and wheat products and by minimising costs as far as is
practicable;
(b) to export new season wheat from Australia;
(c) to trade in new season wheat in the course of, or for the purposes
of:
(i) trade and commerce amongst the States; or
(ii) trade and commerce between a State and a Territory or between
Territories; or
(iii) trade and commerce within a Territory;
(d) to make arrangements for the growing of wheat for the purposes
of:
(i) trade and commerce with foreign countries; or
(ii) trade and commerce amongst the States; or
(iii) trade and commerce between a State and a Territory or between
Territories; or
(iv) trade and commerce within a Territory;
(e) to promote or fund the marketing of wheat;
(f) an object approved, in writing, by the Minister for the purposes of
this paragraph;
(g) to do anything incidental to or conducive to any of the above
objects.
(2) The constitution of nominated company B must not set out any other
objects.
(3) Subsection (1) does not, by implication, affect the powers and
capacities of nominated company B under the Corporations Law.
Note 1: Nominated company B may perform functions conferred
on it by other provisions of this Act.
Note 2: Nominated company B may perform functions conferred
on it by State laws—see section 55T.
(1) The constitution of nominated company C must include the following as
objects of the company:
(a) to trade in wheat in the course of, or for the purposes of:
(i) trade and commerce amongst the States; or
(ii) trade and commerce between a State and a Territory or between
Territories; or
(iii) trade and commerce within a Territory;
(b) to export grain other than wheat, and to trade in such grain, in the
course of, or for the purposes of:
(i) trade and commerce with foreign countries; or
(ii) trade and commerce amongst the States; or
(iii) trade and commerce between a State and a Territory or between
Territories; or
(iv) trade and commerce within a Territory;
(c) to export grain products, and to trade in such products, in the course
of, or for the purposes of:
(i) trade and commerce with foreign countries; or
(ii) trade and commerce amongst the States; or
(iii) trade and commerce between a State and a Territory or between
Territories; or
(iv) trade and commerce within a Territory;
(d) to promote, fund or undertake research into matters related
to:
(i) the marketing of grain; or
(ii) value adding activities;
(e) to do anything incidental to or conducive to any of the above
objects.
(2) Subsection (1) does not limit the objects that may be set out in the
constitution of nominated company C.
(3) Subsection (1) does not, by implication, affect the powers and
capacities of nominated company C under the Corporations Law.
Note: Nominated
company C may perform functions conferred on it by State laws—see section
55T.
(1) Nominated company A may make an arrangement with a wholly-owned
subsidiary of nominated company A (other than nominated company B) about the
performance by the subsidiary of functions corresponding to one or more of
nominated company A’s objects.
(2) An arrangement may provide:
(a) for nominated company A to make loans to the subsidiary; or
(b) for nominated company A to guarantee loans made to the subsidiary;
or
(c) for the staff of nominated company A to be made available to the
subsidiary.
(3) Subsection (2) does not limit subsection (1).
(4) An arrangement may relate to a particular object either generally or
as otherwise provided by the arrangement.
(5) The making of an arrangement about an object does not prevent
nominated company A from carrying out that object.
(6) Nominated company A is to have such wholly-owned subsidiaries as it
considers necessary for the purposes of this section.
(7) This section does not, by implication, limit the powers of nominated
company A to:
(a) make loans to a wholly-owned subsidiary of nominated company A;
or
(b) guarantee loans made to a wholly-owned subsidiary of nominated company
A; or
(c) make staff of nominated company A available to a wholly-owned
subsidiary of nominated company A.
An alteration of the constitution of a nominated company is of no effect
unless the alteration is approved in writing by the Minister.
An appointment of a person as a director of a designated company has no
effect unless the appointment is approved in writing by the Minister.
A designated company must not, without the written permission of the
Minister:
(a) arrange for the formation of another company (other than a company
that, on its formation, will be a wholly-owned subsidiary of the designated
company); or
(b) acquire, hold or dispose of shares or stock in the capital of another
company (other than a company that is a wholly-owned subsidiary of the
designated company); or
(c) acquire, hold or dispose of debentures or other securities of another
company (other than a company that is a wholly-owned subsidiary of the
designated company); or
(d) enter into a partnership, or arrange for the sharing of profits and
losses, with an individual or with another company or body; or
(e) participate in a joint venture with an individual or with another
company or body.
The functions of the Board include subscribing for, acquiring and holding
shares in nominated company A.
Nominated company A may subscribe for, acquire and hold shares in
nominated company B and nominated company C.
It is the intention of the Parliament that, if a State law confers a
power or function on a designated company, the company may, with the written
approval of the Minister, exercise that power or perform that function, as the
case requires.
(1) Section 29 of the Commonwealth Authorities and Companies Act
1997 does not apply to a designated company.
(2) The activities that may be carried on by a designated company are not
limited by reference to the functions and powers conferred on the
Board.
(3) In determining the range of activities that may be carried on by a
designated company, it is to be assumed that all the shares in the company were
beneficially owned by the Commonwealth instead of the Board or nominated company
A, as the case may be.
(1) Nominated company A must not, without the written permission of the
Minister, engage in any activities before the commencement of Part 2 of Schedule
1 to the Wheat Marketing Amendment Act 1997. However, this rule does not
apply to activities engaged in by nominated company A:
(a) by way of the formation of a wholly-owned subsidiary of nominated
company A; or
(b) by way of the acquisition of shares in a company that has not yet
traded, where the company will, after the acquisition, be a wholly-owned
subsidiary of nominated company A; or
(c) by way of subscribing for, acquiring or holding shares in a
wholly-owned subsidiary of nominated company A.
(2) Nominated company B must not, without the written permission of the
Minister, engage in any activities before the commencement of Part 2 of Schedule
1 to the Wheat Marketing Amendment Act 1997.
(3) Nominated company C must not, without the written permission of the
Minister, engage in any activities before the commencement of Part 2 of Schedule
1 to the Wheat Marketing Amendment Act 1997.
(4) This section does not apply to an activity that, under Division 5 of
Part 2 of the Wheat Marketing Amendment Act 1997, is taken to have been
engaged in by the Board as the agent of nominated company A or nominated company
B.
(5) For the purposes of this section, in determining the commencement of
Part 2 of Schedule 1 to the Wheat Marketing Amendment Act 1997, the
amendment of subsection 69(2) of this Act made by that Part is to be
disregarded.
17 Section 79
Omit “the Board” (wherever occurring), substitute “an
eligible AWB body”.
18 At the end of section 79
Add:
(5) In this section:
eligible AWB body means:
(a) the Board; or
(b) nominated company B.
19 At the end of paragraphs 82(1)(a), (b), (ba)
and (c)
Add “and”.
20 After paragraph 82(1)(d)
Insert:
(da) to subscribe for, or to acquire, shares in:
(i) nominated company A; or
(ii) a company that is the subject of a permission under section 55C but
is not yet the subject of a declaration under section 55D; and
21 Paragraph 94(3)(d)
Repeal the paragraph.
22 Paragraph 94(3)(f)
Omit “certificates”, substitute
“statements”.
23 Paragraph 94(3)(g)
Repeal the paragraph, substitute:
(g) the transfer of equity in the Fund; and
24 At the end of section 94
Add:
(5) To avoid doubt, a person who, under the regulations, holds equity in
the Fund does not have any beneficial interest in:
(a) money in the Fund; or
(b) an investment of the Fund; or
(c) any other asset acquired by the Board using money in the
Fund.
25 Transitional—paragraphs 94(3)(f) and
(g) of the Wheat Marketing Act 1989
(1) Regulations made before the commencement of this item for the purposes
of paragraph 94(3)(f) or (g) of the Wheat Marketing Act 1989 are not
invalid, and are taken never to have been invalid, on either of the following
grounds:
(a) the ground that those regulations refer or referred to statements of
equity instead of certificates of equity;
(b) the ground that those regulations refer or referred to transfers of
equity in the Fund instead of transfers of certificates of equity in the
Fund.
(2) Regulations that were in force immediately before the commencement of
this item for the purposes of paragraph 94(3)(f) or (g) of the Wheat
Marketing Act 1989 have effect after the commencement of this item as if
they had been made for the purposes of the corresponding provision of that Act
as amended by this Schedule.
Part
2—Amendments commencing on a
day fixed by Proclamation
26 Subsection 3(1) (definition of
borrowing)
Omit “or a wholly owned subsidiary of the Board”, substitute
“, a wholly-owned subsidiary of the Board, or a wholly-owned subsidiary of
nominated company A”.
27 Subsection 3(1) (definition of
Committee or Selection Committee)
Repeal the definition.
28 Subsection 3(1) (definition of nominated
member)
Repeal the definition.
29 Subsection 3(1)
Insert:
ordinary member means a member referred to in paragraph
15(1)(d).
30 Subsection 3(1) (definition of pool return
wheat)
Repeal the definition, substitute:
pool return wheat means:
(a) old season wheat bought by the Board for sale as part of a pool and on
terms requiring payment for the wheat to be made according to Division 3 of Part
4; or
(b) new season wheat bought by nominated company B for sale as part of a
pool and on terms requiring payment for the wheat to be made according to
Division 3 of Part 4.
Note: Part 2 of the Wheat Marketing Amendment Act
1997 provides for the Board to be the agent of nominated company B in
connection with certain transactions relating to new season wheat. Paragraph (b)
of this definition covers new season wheat bought by the Board in its capacity
as agent of nominated company B.
31 Subsection 3(1) (definition of Presiding
Member)
Repeal the definition.
32 Section 5
Repeal the section, substitute:
The objects of the Board are to maximise the net returns to Australian
wheat growers by using the Board’s:
(a) export control powers; and
(b) function of holding shares in nominated company A;
to secure, develop and maintain export markets for wheat.
33 Subsections 6(1) and (2)
Repeal the subsections, substitute:
(1) The functions of the Board are as follows:
(a) to control the export of wheat from Australia;
(b) to control the marketing overseas of Australian wheat;
(c) to provide advice, and make recommendations, to the Minister about
matters related to the marketing of wheat;
(d) to export old season wheat from Australia, where the wheat was bought
by the Board under Part 4;
(e) such other functions as are conferred on the Board by this Act or by
any other law of the Commonwealth;
(f) to do anything incidental to or conducive to the performance of any of
the above functions.
34 Subsection 6(4)
Omit “relating to the marketing of grain, or grain products, of any
kind or value adding activities”.
35 Paragraphs 7(2)(a) to (l)
(inclusive)
Repeal the paragraphs.
36 Paragraph 7(2)(m)
Re-letter as paragraph (a).
37 Paragraph 7(2)(m)
Add at the end “and”.
38 Paragraph 7(2)(n)
Re-letter as paragraph (b).
39 Paragraph 7(2)(p)
Re-letter as paragraph (c).
40 Paragraph 7(2)(p)
Omit “Territory; and”, substitute
“Territory.”.
41 Paragraph 7(2)(q)
Repeal the paragraph.
42 Subsection 7(3)
Repeal the subsection.
43 Subsections 7(10) and
(11)
Repeal the subsections.
44 Paragraph 12(1)(a)
Omit “of a Selection Committee or”.
45 Subsection 13(2)
Repeal the subsection.
46 After subsection 13(6)
Insert:
(6A) For the purposes of the application of subsection (6) to an
agreement or arrangement entered into before the commencement of this
subsection, it is to be assumed that the Board had retained the objects and
functions that the Board had immediately before the agreement or arrangement was
entered into.
Omit “if an appointment has effect under section
45,”.
48 Paragraph 15(1)(d)
Repeal the paragraph, substitute:
(d) not more than 8 ordinary members.
49 Subsection 15(3)
Repeal the subsection.
50 Subsection 15(4)
Repeal the subsection.
51 Subsection 15(5)
Omit “government member and the nominated members”, substitute
“Chairperson, the government member and the ordinary
members”.
52 Subsection 15(12)
Repeal the subsection.
53 After section 15
Insert:
(1) The Minister must not appoint a person as an ordinary member unless,
in the opinion of the Minister, the person has expertise in one or more of the
following fields:
(a) the production, marketing or processing of grain;
(b) the production or marketing of other products;
(c) business management;
(d) product promotion;
(e) finance.
(2) In appointing persons as ordinary members, the Minister must endeavour
to ensure, as far as practicable, that there is among the ordinary members a
balance of skills in the areas of production, marketing and finance.
(3) Before appointing a person as an ordinary member, the Minister must
consult the President of the Grains Council in relation to the
appointment.
54 Subsection 17(1)
Omit “, but is eligible for re-appointment”.
55 Subsection 17(3)
Repeal the subsection.
56 Subsection 17(4)
Repeal the subsection.
57 Paragraph 20(2)(c)
Repeal the paragraph.
58 Subsection 26(1)
Repeal the subsection, substitute:
(1) The affairs of the Board are, to the extent determined by the Board,
to be managed by the Managing Director.
59 Subsections 26(2) and
(3)
Repeal the subsections.
60 Section 26A
Omit “A Chairperson appointed in an executive capacity or the”,
substitute “The”.
Note: The heading to section 26A of the Wheat Marketing
Act 1989 is replaced by the heading “Delegation by Managing
Director”.
61 Division 3 of Part 2
Repeal the Division.
62 Subsection 44(3)
Repeal the subsection.
63 Subsection 44(4)
Omit “When the Chairperson is not holding office in an executive
capacity, a”, substitute “A”.
64 Subsection 45(1)
Omit “At any time when the Chairperson is not appointed in an
executive capacity, there”, substitute “There”.
65 Subsections 45(3) and
(4)
Repeal the subsections.
66 Subsection 46(2)
Omit “Subject to subsection (4), an”, substitute
“An”.
67 Subsection 46(3)
Omit “Subject to subsection (4), the”, substitute
“The”.
68 Subsection 46(4)
Repeal the subsection.
69 At the end of paragraph
49(4)(a)
Add “and”.
70 At the end of paragraph
49(4)(b)
Add “and”.
71 Paragraph 49(4)(d)
Omit “section 47.”, substitute “section 47;
and”.
72 At the end of subsection
49(4)
Add:
(e) define what the Board thinks should be the principal objectives of
each designated company during the period to which the plan relates;
and
(f) give a broad outline of the strategies that the Board thinks should be
pursued by each of the designated companies during that period for achieving
those objectives.
73 Paragraph 54(2)(b)
Omit “section 47.”, substitute “section 47;
and”.
74 At the end of subsection
54(2)
Add:
(c) set out particulars of the action that the Board intends to take in
order to ensure that each designated company gives effect to or furthers, during
the period to which the plan relates, the relevant objectives set out in the
corporate plan applicable to the period and to the company as mentioned in
paragraph 49(4)(e).
75 After Division 1 of Part
4
(1) For the purposes of the application of Divisions 2 and 3 to old season
wheat, a reference in those Divisions to the designated authority
is a reference to the Board.
(2) For the purposes of the application of Divisions 2 and 3 to new season
wheat, a reference in those Divisions to the designated authority
is a reference to nominated company B.
76 Division 2 of Part 4
(heading)
Repeal the heading, substitute:
77 Section 58
Omit “Board” (wherever occurring), substitute “designated
authority”.
78 Section 59
Omit “Board” (wherever occurring), substitute “designated
authority”.
79 Subsection 59(1)
Omit “or other grain”.
80 Section 60
Omit “Board” (wherever occurring), substitute “designated
authority”.
81 Section 61
Omit “Board” (wherever occurring), substitute “designated
authority”.
82 Section 62
Omit “Board” (wherever occurring), substitute “designated
authority”.
83 Section 63
Omit “Board” (wherever occurring), substitute “designated
authority”.
84 Section 64
Omit “Board” (wherever occurring), substitute “designated
authority”.
85 Section 65
Omit “Board” (wherever occurring), substitute “designated
authority”.
86 Section 65A
Omit “Board” (wherever occurring), substitute “designated
authority”.
87 Section 66
Omit “Board” (wherever occurring), substitute “designated
authority”.
88 After section 66
Insert:
(1) When accounting to a grower for a payment due in respect of pool
return wheat, the designated authority must, if practicable, specify separately
charges made by the designated authority for each of the following:
(a) storage;
(b) handling;
(c) transport, whether by land or sea;
(d) provision of port services.
(2) Subsection (1) does not apply if compliance with it would subject the
designated authority to significant additional costs.
89 Section 67
Repeal the section, substitute:
(1) The Board and nominated company B must keep their accounting records
relating to dealings in wheat in a way that will, in the Board’s opinion,
or nominated company B’s opinion, as the case may be, attribute costs and
revenues to wheat of different seasons and pools in an equitable
manner.
(2) Costs and revenues so attributed to wheat of a season or forming part
of a pool are to be regarded as relating to wheat of that season or wheat
forming part of that pool, as the case may be.
(3) The Board must keep separate accounting records relating to money of
the Fund.
(4) This section has effect despite anything in the Commonwealth
Authorities and Companies Act 1997.
90 At the end of paragraphs 69(a) and
(b)
Add “and”.
91 Paragraph 69(c)
Repeal the paragraph.
92 Subsection 69(2)
Omit all the words after “investment of”, substitute
“money of the Board under section 70.”.
93 Section 70
Repeal the section, substitute:
(1) Money of the Board (other than pool funds) not immediately required
for the purposes of the Board may be invested:
(a) on deposit with a bank; or
(b) in securities of the Commonwealth or of a State or Territory;
or
(c) in securities guaranteed by the Commonwealth, a State or a Territory;
or
(d) in any other manner that is consistent with sound commercial
practice.
(2) Pool funds of the Board that are not immediately required for the
purposes of the Board may be invested:
(a) on deposit with a bank; or
(b) in securities of the Commonwealth or of a State or Territory;
or
(c) in securities guaranteed by the Commonwealth, a State or a Territory;
or
(d) in any other manner approved by the Treasurer.
(3) Pool funds of nominated company B that are not immediately required
for the purposes of nominated company B may be invested:
(a) on deposit with a bank; or
(b) in securities of the Commonwealth or of a State or Territory;
or
(c) in securities guaranteed by the Commonwealth, a State or a Territory;
or
(d) in any other manner approved by the Treasurer.
(4) This section has effect despite anything in the Commonwealth
Authorities and Companies Act 1997.
(5) In this section:
bank means a person who carries on the business of banking,
either in Australia or outside Australia.
pool funds:
(a) in relation to the Board—means:
(i) funds earned by the Board from the sale or disposal of pool return
wheat; or
(ii) funds obtained by the Board under a borrowing to which subsection
78(1) applies; or
(b) in relation to nominated company B—means:
(i) funds earned by nominated company B from the sale or disposal of pool
return wheat; or
(ii) funds on-lent to nominated company B as mentioned in subsection
77A(1).
94 Subsection 71(1)
Omit “or a wholly owned subsidiary of the Board,”, substitute
“a wholly-owned subsidiary of the Board, or a wholly-owned subsidiary of
nominated company A,”.
95 At the end of section 71
Add:
(4) In the case of a borrowing by nominated company A, terms and
conditions under subsection (1) may require nominated company A
to:
(a) on-lend the money to a wholly-owned subsidiary of nominated company A;
or
(b) otherwise use the money to finance the activities of a wholly-owned
subsidiary of nominated company A.
(5) Subsection (4) does not limit subsection (1).
96 Section 71A
Repeal the section.
97 Subsection 71B(2)
After “Board”, insert “(other than a nominated
company)”.
98 At the end of section
71B
Add:
(3) A designated company must not borrow money except under
section 71 or 77A.
99 Section 71C
Repeal the section, substitute:
(1) The Board may give security over the whole or part of its assets for
the performance by the Board of any obligation incurred under section
71.
(2) A wholly-owned subsidiary of the Board may give security over the
whole or part of the subsidiary’s assets for the performance by the
subsidiary of any obligation incurred under section 71.
(3) A wholly-owned subsidiary of nominated company A may give security
over the whole or part of the subsidiary’s assets for the performance by
the subsidiary of any obligation incurred under section 71.
100 Paragraph 74(6)(a)
Repeal the paragraph, substitute:
(a) references to the Board include references to:
(i) a wholly-owned subsidiary of the Board; and
(ii) a wholly-owned subsidiary of nominated company A; and
101 Section 75
Repeal the section.
102 After subsection 77(2)
Insert:
(2AA) An approval may be given unconditionally or subject to such terms
and conditions as are specified in the approval.
Note: The heading to section 77 of the Wheat Marketing
Act 1989 is replaced by the heading “Borrowings by the Board to
fund advance payments etc.”.
103 After section 77
Insert:
(1) If the Minister approves, nominated company A may borrow money for the
purpose of on-lending the money to nominated company B so that nominated company
B can use the money for any of the following purposes:
(a) the making of advance payments for pool return wheat;
(b) the making of payments in lieu of final payments for such
wheat;
(c) the meeting of operational expenses incurred by nominated company B in
connection with the sale or disposal of such wheat.
(2) Nominated company A must not use money borrowed under subsection (1)
otherwise than for on-lending the money as mentioned in that
subsection.
(3) Nominated company B must not use money on-lent to it as mentioned in
subsection (1) otherwise than for a purpose mentioned in that subsection. This
subsection does not prevent the investment of the money in accordance with
section 70.
(4) An approval under subsection (1) may be given unconditionally or
subject to such terms and conditions as are specified in the approval.
(5) An approval under subsection (1) may be given in relation to a
particular transaction or a class of transactions.
(6) Money may be borrowed under subsection (1) wholly or partly in foreign
currency.
(7) This section does not limit section 71.
104 Subsection 78(1)
After “subsection 77(1)”, insert “or
77A(1)”.
105 Subsection 78(1)
After “Board’s liability”, insert “or nominated
company A’s liability”.
106 Subsection 78(1)
After “Board” (second and third occurring), insert “or to
nominated company A, as the case may be,”.
107 Subsection 78(1A)
After “Board”, insert “or nominated company
A”.
108 Subsection 78(3)
Omit “subsection (1)”, substitute “the application of
subsection (1) to the Board”.
109 After subsection 78(3)
Insert:
(3A) For the purposes of the application of subsection (1) to nominated
company A, if nominated company A:
(a) borrows money under subsection 77A(1); and
(b) on-lends that money to nominated company B;
a particular amount is taken not to be money available to nominated company
A for the discharging of the liability to repay the first-mentioned borrowing
unless:
(c) the amount consists of the repayment by nominated company B of the
money on-lent to it; or
(d) the amount consists of interest paid by nominated company B in respect
of the money on-lent to it.
110 Subsection 78(4)
After “Board”, insert “or nominated company
B”.
111 Paragraph 78(11)(b)
Before “interest”, insert “in the case of old season
wheat—”.
112 Paragraph 78(11)(b)
Omit “Board.”, substitute “Board; and”.
113 At the end of subsection
78(11)
Add:
(c) in the case of new season wheat—interest earned from the
investment by nominated company B of pool funds (within the meaning of section
70).
114 Paragraph 78(12)(a)
After “Board”, insert “or nominated company
B”.
115 At the end of subsection
78(15)
Add “, or other borrowings of nominated company A under section 77A,
as the case requires”.
116 After subsection 79(4)
Insert:
(4A) Stamp duty or other tax is not payable by a nominated company under a
law of a State or Territory in respect of a security held by nominated company A
over the assets of nominated company B.
117 At the end of paragraph
81(a)
Add “and”.
118 At the end of paragraph
81(b)
Add “and”.
119 After paragraph 81(b)
Insert:
(ba) dividends paid to the Board by nominated company A; and
(bb) amounts paid to the Board by nominated company A by way of return of
capital; and
(bc) interest paid to the Board by a designated company in respect of a
loan made by the Board using money in the Fund; and
(bd) amounts paid to the Board by a designated company by way of the
repayment of a loan made by the Board using money in the Fund; and
120 Paragraphs 82(1)(a), (b) and
(ba)
Repeal the paragraphs, substitute:
(a) to make loans to a designated company; and
(b) for any purpose in connection with a guarantee given by the Board in
relation to a loan made to a designated company; and
121 Subsection 82(2) (definition of aggregate
estimated net pool return and appropriate
percentage)
Repeal the definition.
122 At the end of section
84
Add:
(2) For the purpose of this Part, if a particular penalty relates to levy
imposed by the Wheat Industry Fund Levy Act 1989 during a particular
season, the penalty is taken to be imposed during that season.
123 Before subsection 85(1)
Insert:
(1A) This section applies to a season that began before 1 July
1999.
124 Before subsection 86(1)
Insert:
(1A) This section applies to levy imposed during a season that began
before 1 July 1999.
125 After paragraph
89(3)(a)
Insert:
(aa) particulars of the operations of each designated company during the
year;
126 Subparagraph
89(3)(b)(iv)
After “companies” (wherever occurring), insert “(other
than a designated company)”.
127 Subsection 90(1)
After “Board” (first occurring), insert “or nominated
company B”.
128 Subsection 90(1)
After “Board” (second and third occurring), insert “or
nominated company B, as the case may be,”.
129 Subsection 90(2)
After “Board” (wherever occurring), insert “or nominated
company B”.
130 Transitional—pre-commencement
agreements and arrangements etc.
In determining, after the commencement of this item, the validity of an
agreement, arrangement or transaction entered into by the Board before the
commencement of this item, it is to be assumed that the Board had retained the
objects and functions that the Board had immediately before the agreement,
arrangement or transaction was entered into.
131 Transitional—section 7 of the Wheat
Marketing Act 1989
Despite the amendments of section 7 of the Wheat Marketing Act 1989
made by this Schedule, that section continues to apply, after the commencement
of this item, in relation to the Board’s functions in connection with old
season wheat, as if those amendments had not been made.
132 Transitional—section 13 of the
Wheat Marketing Act 1989
Neither section 29 of the Commonwealth Authorities and Companies Act
1997 nor the amendments of sections 5 and 6 of the Wheat Marketing Act
1989 made by this Schedule have the effect of requiring the Board:
(a) to dispose of any shares, debentures, securities, interests or other
assets that were acquired under section 13 of the Wheat Marketing Act
1989 before the commencement of this item; or
(b) to terminate an agreement or arrangement that was entered into under
that section before the commencement of this item.
133 Transitional—nominated members holding
office under the Wheat Marketing Act 1989
(1) This item applies to a person who held office as a nominated member
under the Wheat Marketing Act 1989 immediately before the commencement of
this item because of a particular instrument of appointment (the original
instrument of appointment).
(2) The Wheat Marketing Act 1989 has effect as if:
(a) the Minister had, by instrument (the notional instrument of
appointment), appointed the person to an office of ordinary member under
paragraph 15(1)(d) of that Act immediately after the commencement of this item;
and
(b) the period of appointment specified in the notional instrument of
appointment were the period:
(i) beginning immediately after the commencement of this item;
and
(ii) ending at the end of the period specified in the person’s
original instrument of appointment.
(3) Section 15A of the Wheat Marketing Act 1989 does not apply to an
appointment that is taken to have been made under subitem (2).
134 Transitional—subsections 67(1), (2),
(6) and (7) of the Wheat Marketing Act 1989
If this item commences before the commencement of Schedule 2 to the
Audit (Transitional and Miscellaneous) Amendment Act 1997, then, despite
the repeal of subsections 67(1), (2), (6) and (7) of the Wheat Marketing Act
1989 by this Schedule, those subsections continue to apply during the
period:
(a) beginning at the commencement of this item; and
(b) ending immediately before the commencement of Schedule 2 to the
Audit (Transitional and Miscellaneous) Amendment Act 1997;
as if those repeals had not been made.
135 Transitional—sections 67, 69 and 70 of
the Wheat Marketing Act 1989
The amendments of sections 67, 69 and 70 of the Wheat Marketing Act
1989 made by Schedule 2 to the Audit (Transitional and Miscellaneous)
Amendment Act 1997 have no effect if this item commences before the
commencement of Schedule 2 to that Act.
136
Transitional—paragraphs 69(a), (b) and (c) of the
Wheat Marketing Act
1989
If Schedule 2 to the Audit (Transitional and Miscellaneous) Amendment
Act 1997 commences before the commencement of this item, this Schedule has
effect as if a reference in this Schedule to paragraph 69(a), (b) or (c) of the
Wheat Marketing Act 1989 were a reference to paragraph 69(1)(a), (b) or
(c), respectively, of that Act.
137 Transitional—sections 71A and 71C of
the Wheat Marketing Act 1989
(1) This item applies to a guarantee in force under section 71A of the
Wheat Marketing Act 1989 immediately before the commencement of this
item.
(2) Despite the repeals of sections 71A and 71C of the Wheat Marketing
Act 1989 made by this Schedule, those sections continue to apply, after the
commencement of this item, in relation to the guarantee, as if those repeals had
not been made.
Part
3—Amendments commencing on 1
July 1999
Primary
Industries and Energy Research and Development Act 1989
138 Subsection 4(1) (paragraph (a) of the
definition of research component)
Omit “Wheat Industry Fund Levy Act 1989”, substitute
“Wheat Levy Act 1989”.
139 Subsections 5(4) and
(5)
Omit “Wheat Industry Fund Levy Act 1989”, substitute
“Wheat Levy Act 1989”.
Primary
Industries Levies and Charges Collection Act 1991
140 Schedule 2
Omit “Wheat Industry Fund Levy Act 1989”, substitute
“Wheat Levy Act 1989”.
Wheat
Industry Fund Levy Act 1989
141 Section 1
Omit “Wheat Industry Fund Levy Act 1989”, substitute
“Wheat Levy Act 1989”.
142 Subsection 84(1) (definition of
levy)
Omit “Wheat Industry Fund Levy Act 1989”, substitute
“Wheat Levy Act 1989”.
143 Subsection 84(1) (definition of
value)
Omit “Wheat Industry Fund Levy Act 1989”, substitute
“Wheat Levy Act 1989”.
Omit “Wheat Industry Fund Levy Act 1989”, substitute
“Wheat Levy Act 1989”.