Commonwealth Numbered Acts

WHEAT MARKETING AMENDMENT ACT 1986 No. 82 of 1986 - SECT 29

29. Section 49 of the Principal Act is amended by omitting sub-section (2) and
substituting the following sub-sections:

"(2) Where a calculation by the Board in accordance with sub-section 27 (4) in
relation to wheat of a prescribed category of a season would, if sub-paragraph
27 (2) (a) (ii) and sub-section 27 (9) were disregarded for the purposes of
that calculation, result in a number less than zero, there is payable to the
Board the amount obtained by multiplying the number of tonnes of wheat of that
category of that season acquired by the Board (whether under this Act or a
State Act) by the number of dollars equal to the number by which that result
was less than zero.

"(2A) Where-

   (a)  in relation to wheat of a season, the Board-

        (i)    entered into or dealt with a contract to which section 6
               applies otherwise than for hedging purposes or otherwise than
               in accordance with guidelines having effect under sub-section 6
               (2); or

        (ii)   discounted a letter of credit otherwise than in accordance with
               guidelines having effect under sub-section 48 (1a);

   (b)  an amount would, apart from this sub-section, be payable to the Board
        under this section in respect of wheat of that season; and

   (c)  the Minister is of the opinion that, if the Board had entered into or
        dealt with that contract for hedging purposes or in accordance with
        the relevant guidelines or had discounted that letter of credit in
        accordance with the relevant guidelines, as the case may be-

        (i)    no amount would be payable to the Board under this section in
               respect of wheat of that season; or

        (ii)   the amount that would be payable to the Board under this
               section in respect of wheat of that season would be less than
               the amount referred to in paragraph (b), then-

   (d)  in a case to which sub-paragraph (c) (i) applies-no amount is payable
        to the Board under this section in respect of wheat of that season; or

   (e)  in a case to which sub-paragraph (c) (ii) applies-the amount that
        would, apart from this sub-section, be payable to the Board under this
        section in respect of wheat of that season shall be reduced by such
        amount as the Minister determines in writing.".