Commonwealth Numbered Acts

AUSTRALIAN WINE AND BRANDY CORPORATION AMENDMENT ACT 1986 No. 60 of 1986 - SECT 18

18. Sections 32, 33 and 34 of the Principal Act are repealed and the following
sections are substituted: Payments to Corporation

"32. There shall be paid to the Corporation out of the Consolidated Revenue
Fund, which is appropriated accordingly, amounts equal to-

   (a)  so much of the amounts from time to time received by the Commonwealth
        as levy under the Wine Grapes Levy Act 1979 as is so received by
        virtue of sub-paragraph 6 (1) (a) (i) or 6 (1) (b) (i) of that Act;
        and

   (b)  so much of the amounts (if any) received by the Commonwealth under
        section 5 of the Wine Grapes Levy Collection Act 1979 as is
        attributable to non-payment of levy referred to in sub-paragraph 6 (1)
        (a) (i) or 6 (1) (b) (i) of the Wine Grapes Levy Act 1979. Payments by
        Corporation to Commonwealth

"33. Where a refund is made by the Commonwealth in accordance with section 7
of the Wine Grapes Levy Collection Act 1979 in respect of an amount that has
been paid or overpaid to the Commonwealth by way of an amount of levy that is
payable to the Commonwealth by virtue of sub-paragraph 6 (1) (a) (i) or 6 (1)
(b) (i) of the Wine Grapes Levy Act 1979, the Corporation shall pay to the
Commonwealth an amount equal to the amount of the refund. Borrowing

"34. (1) The Corporation may, with the approval of the Minister-

   (a)  borrow money otherwise than from the Commonwealth; or

   (b)  raise money otherwise than by borrowing, on terms and conditions that
        are specified in, or consistent with, the approval.

"(2) Without limiting the generality of sub-section (1), the Corporation may,
under that sub-section, borrow money, or raise money otherwise than by
borrowing, by dealing with securities.

"(3) A borrowing of money, or a raising of money otherwise than by borrowing,
under sub-section (1), may be made, in whole or in part, in a currency other
than Australian currency.

"(4) An approval may be given under sub-section (1) in relation to a
particular transaction or in relation to transactions included in a class of
transactions.

"(5) An approval under sub-section (1) shall be given in writing.

"(6) For the purposes of this section-

   (a)  the issue by the Corporation of an instrument acknowledging a debt in
        consideration of-

        (i)    the payment or deposit of money; or

        (ii)   the provision of credit,
otherwise than in relation to a transaction that is in the ordinary course of
the day-to-day operations of the Corporation shall be deemed to be a raising
by the Corporation, otherwise than by borrowing, of an amount of money equal
to the amount of the money paid or deposited or the value of the credit
provided, as the case may be; and

   (b)  the obtaining of credit by the Corporation otherwise than in relation
        to a transaction that is in the ordinary course of the day-to-day
        operations of the Corporation shall be deemed to be a raising by the
        Corporation, otherwise than by borrowing, of an amount of money equal
        to the value of the credit so obtained.

"(7) In this section, 'securities' includes stocks, debentures, debenture
stocks, notes, bonds, promissory notes, bills of exchange and similar
instruments or documents.

"(8) A reference in this section to dealing with securities includes a
reference to-

   (a)  creating, executing, entering into, drawing, making, accepting,
        indorsing, issuing, discounting, selling, purchasing or re-selling
        securities;

   (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.
        Corporation may give security

"34A. The Corporation may give security over the whole or any part of its land
or other assets for-

   (a)  the repayment by the Corporation of money borrowed by the Corporation
        under paragraph 34 (1) (a) and the payment by the Corporation of
        interest (including any interest on that interest) on money so
        borrowed; or

   (b)  the payment by the Corporation of amounts (including any interest)
        that the Corporation is liable to pay with respect to money raised by
        the Corporation under paragraph 34 (1) (b). Borrowings not otherwise
        permitted

"34B. The Corporation shall not borrow money, or raise money otherwise than by
borrowing, except in accordance with section 34.".