Commonwealth Numbered Acts

DAIRY PRODUCE ACT 1986 No. 54 of 1986 - SECT 88

88. (1) Subject to this Act, money standing to the credit of the Industry Fund
may be expended-

   (a)  in meeting the expenditure of the Corporation-

        (i)    in connection with the formation of, the acquisition of an
               interest in, or the making of a loan or a grant to, a body
               corporate;

        (ii)   in entering into a partnership, or in making a loan or a grant
               to a partnership; or

        (iii)  relating to a body corporate in which the Corporation has an
               interest or a partnership of which the Corporation is a member,
               including, in the case of a body corporate, the payment of
               calls on shares in the capital of the body corporate,
where the formation of that body corporate, the acquisition of that interest,
the making of that loan or the entry into that partnership is likely to be of
direct benefit to the Australian dairy industry;

   (b)  in meeting expenses incurred in the provision of services to the
        Conference in connection with the operation of this Act;

   (c)  in making payments to the International Dairy Federation on behalf of
        the Australian National Committee of the International Dairy
        Federation;

   (d)  in making payments to the Dairy Research Fund established under the
        Rural Industries Research Act 1985;

   (e)  in making payments in support of education services in relation to the
        dairy industry;

   (f)  in making payments to the Corporation itself or to another relevant
        fund in order to assist the Corporation to discharge its functions;

   (g)  in making loans to the Corporation under sub-section 75 (2), or to
        another relevant fund under section 85;

   (h)  in making loans to the Corporation, or to another relevant fund,
        otherwise than for the purposes of meeting a temporary deficit of the
        Corporation or of that other relevant fund.

   (j)  in making payments on money that was lent to the Industry Fund by the
        Corporation under paragraph 74 (2) (b) or that was lent out of another
        relevant fund under section 85, and in making payments of interest on
        money so lent;

   (k)  in making payments to members of the executive council of the
        Conference for the purpose of meeting their expenses in respect of
        work done for the purposes of this Act;

   (m)  in payment of an annual honorarium to the Chairman of the Conference;

   (n)  in payment of the costs to the Corporation of administering the
        Industry Fund; and

   (o)  in meeting any expenditure of the Corporation upon a purpose
        incidental to a purpose referred to in a preceding paragraph of this
        sub-section.

(2) The Corporation shall not expend an amount standing to the credit of the
Industry Fund for any purpose other than a purpose specified in paragraph (1)
(g), (j) or (n) unless the Corporation has obtained the approval, in writing,
of the executive council to the expenditure of that amount for that purpose.