Commonwealth Numbered Acts

WHEAT MARKETING ACT 1984 NO. 141 OF 1984 - SECT 6

6. (1) Subject to sub-section (3), the Board may, in relation to-

   (a)  a sale or proposed sale of wheat by the Board; or

   (b)  a borrowing or raising of moneys by the Board or a proposed borrowing
        or raising of moneys by the Board (including a borrowing or raising of
        moneys by the Board by dealing with securities), enter into and deal
        with currency contracts or futures contracts for hedging purposes at a
        financial market (whether at a place in or outside Australia).

(2) The Minister may, by determination in writing-

   (a)  set guidelines for the purpose of the exercise by the Board of its
        power under sub-section (1); and

   (b)  revoke or vary guidelines set for that purpose or set new guidelines
        for that purpose, and shall give to the Board a copy of each
        determination made under this sub-section.

(3) The Board shall not enter into or deal with currency contracts or
futures contracts otherwise than in accordance with the guidelines having
effect from time to time under sub-section (2).

(4) A currency contract or futures contract shall be taken to be entered into
or dealt with for hedging purposes if, and only if-

   (a)  in the case of a contract with respect to corn futures or wheat
        futures-the contract is entered into or dealt with for the purpose of
        minimizing the risks of adverse variations in the price obtainable for
        wheat under a contract for the sale of wheat that has been, or is to
        be, entered into by the Board; and

   (b)  in the case of a currency contract or a contract with respect to
        financial futures-the contract is entered into or dealt with for the
        purpose referred to in paragraph (a) or for the purpose of minimizing
        the risks of adverse variations in the costs of a borrowing or raising
        of moneys by the Board or a proposed borrowing or raising of moneys by
        the Board (including a borrowing or raising of moneys by dealing with
        securities).