Wool International Act 1993

No. 64, 1993

Compilation No. 13

Compilation date: 30 January 2012

Includes amendments: Act No. 131, 2009

About this compilation

This is a compilation of the Wool International Act 1993 that shows the text of the law as amended and in force on 30 January 2012 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Presentational changes

The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1 Short title

3 Objects

4 Definitions

Part 4A—Entitlement to share in money of Wool International

22A Object of Part

22B Register of persons entitled to share in surplus money of WoolStock Australia Limited

22F Right of registered equity holder to share in surplus money of WoolStock Australia Limited

22G Share of distribution

22H Transfer of units

22I Death etc. of unit holder

22J Charge on unit of equity

22KA Registered equity holders—status as members of WoolStock Australia Limited

22KB Nature of claims of registered equity holders

22L Access to register

22M Certificate

22MA Unclaimed units of equity

Part 4B—Distribution of surplus money of WoolStock Australia Limited among registered equity holders

22N Object of Part

22P Distribution of surplus money by WoolStock Australia Limited

22R How money is to be distributed

22S Particulars to be notified to registered equity holders etc.

Part 4C—Units of equity held by TrusteeCo

22T Object of Part

22U Dealings by TrusteeCo with units of equity held in respect of putative equity holders

22V Dealings by TrusteeCo with unclaimed units

Part 4D—Distribution of money paid to TrusteeCo

22W Object of Part

22X Money to be held on trust

22Y Money to be invested

22Z To whom money must be paid

22ZA Balance of money to be paid to WoolStock Australia Limited

Part 9—Miscellaneous

59 Delegation

72 Regulations

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

An Act to provide for units of equity in respect of contributions made to WoolStock Australia Limited, and for related purposes

Part 1—Preliminary

1  Short title

  This Act may be cited as the Wool International Act 1993.

3  Objects

  The main object of this Act is to provide for units of equity in respect of contributions made to WoolStock Australia Limited.

4  Definitions

conversion time means the time when Wool International is taken to be registered as a company under Part 5B.1 of the Corporations Law, in accordance with section 14 of the Wool International Privatisation Act 1999.

former Commission means WoolStock Australia Limited, as it existed immediately before the repeal of the Australian Wool Realisation Commission Act 1991.

putative equity holder means:

 (a) an individual:

 (i) who died, and whose estate was distributed, before 1 September 1997; and

 (ii) who would have been a registered equity holder on that day if he or she had not died; or

 (b) a company that:

 (i) was wound up before 1 September 1997; and

 (ii) but for the winding up, would have been a registered equity holder on that day.

registered equity holder means a person whose particulars are entered in the register of equity holders.

registered holder, in relation to a unit of equity in WoolStock Australia Limited, means the registered equity holder that is the holder of the unit.

register of equity holders means the register referred to in section 22B.

repealed Act means the Australian Wool Realisation Commission Act 1991.

shorn wool means wool that:

 (a) has been obtained by shearing; and

 (b) has not been subject to any process other than scouring or carbonising.

stockpile wool means wool owned by WoolStock Australia Limited.

surplus money has the meaning given by section 22P.

TrusteeCo means the company nominated under section 9 of the Wool International Privatisation Act 1999.

unclaimed units means units of equity that are taken to be registered in the name of TrusteeCo by operation of subsection 10(3) of the Wool International Privatisation Act 1999.

WoolStock Australia Limited means:

 (a) in relation to a time before the conversion time—the body corporate referred to in section 7 of this Act (as in force immediately before the conversion time); and

 (b) in relation to a time after the conversion time—that body as continued in existence by registration under the Corporations Law as mentioned in section 14 of the Wool International Privatisation Act 1999.

Note: WoolStock Australia Limited has previously had the following names: “Wool International”, “Australian Wool Realisation Commission” and “Australian Wool Corporation”.

Part 4A—Entitlement to share in money of Wool International

22A  Object of Part

  The purpose of this Part is to give to registered equity holders a right to share in the surplus money of WoolStock Australia Limited.

22B  Register of persons entitled to share in surplus money of WoolStock Australia Limited

 (1) WoolStock Australia Limited must keep, for the purposes of this Part, a register to be known as the register of equity holders in WoolStock Australia Limited.

 (2) Subject to this Part, the register is to be kept in accordance with the regulations.

22F  Right of registered equity holder to share in surplus money of WoolStock Australia Limited

  A person who is a registered equity holder is entitled to receive a share (to be worked out in accordance with section 22G) of any money of WoolStock Australia Limited that becomes available for distribution while the person is a registered equity holder.

22G  Share of distribution

  For each distribution, a registered equity holder is entitled to receive, for each unit of equity, an amount worked out using the formula:

Note: The amount of a distribution is determined under subsection 22P(3).

22H  Transfer of units

 (1) Subject to this section, a registered equity holder other than TrusteeCo may transfer to another person any or all of the units of equity in WoolStock Australia Limited that he or she holds.

 (2) If, under a determination of TrusteeCo under subsection 22U(2), a number of units of equity in WoolStock Australia Limited allocated to TrusteeCo in respect of a putative equity holder is to be transferred to a particular person, TrusteeCo must transfer to the person the relevant number of those units of equity.

 (2A) If the register is amended so that:

 (a) it shows the correct name of the person who is entitled to be registered in respect of any unclaimed units; and

 (b) it no longer shows those units as being “unclaimed entitlements”;

then TrusteeCo must transfer those units to that person.

 (3) A unit of equity that is the subject of a charge may not be transferred.

 (3A) Units of equity cannot be transferred unless, at the same time, the transferor transfers to the transferee a number of shares in WoolStock Australia Limited that is equal to the number of units transferred.

 (4) A transfer of units of equity does not have effect unless particulars of the transfer are recorded in the register of equity holders.

 (5) The transferor or the transferee may give notice of the transfer to WoolStock Australia Limited. The notice must:

 (a) be in a form approved by WoolStock Australia Limited; and

 (b) be given, together with any prescribed document, to WoolStock Australia Limited in accordance with the regulations.

 (6) On receiving a notice of transfer that complies with subsection (5), WoolStock Australia Limited must, in accordance with the regulations:

 (a) enter in the register of equity holders:

 (i) the name and address of the transferee; and

 (ii) the number of units of equity in WoolStock Australia Limited acquired by the transferee as a result of the transfer; and

 (iii) the date on which the transfer takes effect; and

 (b) make the necessary adjustments to the particulars entered in the register in respect of the transferor.

 (7) WoolStock Australia Limited:

 (a) does not have any duty of care to ascertain that a transfer of units notified to it under this section is valid; and

 (b) is not liable to compensate any person for any loss or damage arising from anything done by it in accordance with this section.

22I  Death etc. of unit holder

 (1) If the registered holder of units of equity in WoolStock Australia Limited dies:

 (a) the personal representative of the deceased person; or

 (b) the beneficiary of any of those units;

may apply to WoolStock Australia Limited to be registered as the holder of the units concerned.

 (2) If the registered holder of units of equity in WoolStock Australia Limited becomes bankrupt, the trustee of the bankrupt’s estate may apply to WoolStock Australia Limited to be registered as the holder of those units.

 (3) If a company that is the registered holder of units of equity in WoolStock Australia Limited is wound up, the liquidator of the company may apply to WoolStock Australia Limited to be registered as the holder of those units.

 (4) In each case, the application must:

 (a) be in a form approved by WoolStock Australia Limited; and

 (b) be given, together with any prescribed document, to WoolStock Australia Limited in accordance with the regulations.

 (5) If the application complies with subsection (4), WoolStock Australia Limited must:

 (a) enter in the register of equity holders:

 (i) the name and address of the applicant; and

 (ii) the number of units of equity in WoolStock Australia Limited held by the previous registered holder that are now held by the applicant; and

 (b) remove the particulars relevant to the previous holder of the units from the register.

22J  Charge on unit of equity

  A unit of equity in WoolStock Australia Limited held by a registered equity holder other than TrusteeCo may be the subject of a charge in favour of another person (beneficiary).

Note 1: A charge over (or another security interest in) a unit of equity in WoolStock Australia Limited may be the subject of a registration in the Personal Property Securities Register under the Personal Property Securities Act 2009.

Note 2: The priority of charges over (or other securities interests in) units of equity is determined in accordance with the Personal Property Securities Act 2009.

22KA  Registered equity holders—status as members of WoolStock Australia Limited

  For the purposes of the Corporations Act 2001, a person is not to be treated as being a member of WoolStock Australia Limited merely because the person is a registered equity holder.

22KB  Nature of claims of registered equity holders

  For the purposes of the Corporations Act 2001:

 (a) for each distribution under Part 4B of this Act, WoolStock Australia Limited incurs a debt at the end of the operative day for the distribution; and

 (b) in a winding up of WoolStock Australia Limited:

 (i) the claims of registered equity holders are admissible to proof against WoolStock Australia Limited; and

 (ii) those claims rank behind the debts and claims of all other unsecured creditors.

22L  Access to register

  If:

 (a) a registered equity holder; or

 (c) any other person with the consent of a registered holder;

requests WoolStock Australia Limited to do so, WoolStock Australia Limited must:

 (d) allow the person who makes the request to have access to an entry in the register of equity holders relating to the registered equity holder; or

 (e) provide the person with a copy of the entry.

22M  Certificate

 (1) WoolStock Australia Limited must give to a registered equity holder who so requests a certificate stating the number of units of equity held by the equity holder on the day on which the certificate is given.

 (2) The certificate is prima facie evidence of the matters stated in it.

22MA  Unclaimed units of equity

  Section 1343 of the Corporations Act 2001 has effect in relation to units of equity shown in the register of equity holders in the same way as that section applies in relation to securities shown in an appropriate register of a company.

Part 4B—Distribution of surplus money of WoolStock Australia Limited among registered equity holders

22N  Object of Part

  The object of this Part is to provide for the distribution of surplus money of WoolStock Australia Limited among registered equity holders.

22P  Distribution of surplus money by WoolStock Australia Limited

 (1) The surplus money of WoolStock Australia Limited consists of any money of WoolStock Australia Limited that, in the opinion of WoolStock Australia Limited, is not required to be set aside for payment or application by WoolStock Australia Limited (other than for payment of distributions under this Part).

 (2) WoolStock Australia Limited must distribute its surplus money by way of:

 (a) one or more interim distributions; and

 (b) a final distribution, to be made as soon as practicable after the last stockpile wool is disposed of.

 (3) The amount of each distribution is to be determined by WoolStock Australia Limited.

 (4) WoolStock Australia Limited must determine an operative day for each distribution. For the purposes of this Act, the amount of the distribution becomes available at the end of the operative day.

Note: The distribution is paid to the persons who are registered equity holders when the amount becomes available. See section 22F.

 (5) WoolStock Australia Limited must cause a notice to be published, stating:

 (a) the amount of the distribution; and

 (b) the operative day for the distribution.

 (6) The notice must be published in each State at least 14 days before the operative day, in a newspaper circulating generally in the State. For this purpose, State includes the Australian Capital Territory and the Northern Territory.

 (7) At the end of one month after the final distribution, all units of equity are cancelled by force of this subsection.

22R  How money is to be distributed

 (1) WoolStock Australia Limited is to distribute the money available for each distribution in accordance with this section.

 (2) The money is to be distributed as soon as practicable after the operative day determined under section 22P.

 (3) A registered equity holder is to be paid, in respect of each unit of equity in WoolStock Australia Limited held by him or her, the amount that the equity holder is entitled to receive under section 22G.

22S  Particulars to be notified to registered equity holders etc.

  WoolStock Australia Limited must give to each registered equity holder a written notice that sets out the following in respect of each distribution:

 (a) the total amount available for the distribution;

 (b) the total amount that the equity holder is entitled to receive from the distribution.

Part 4C—Units of equity held by TrusteeCo

22T  Object of Part

  This Part sets out how TrusteeCo is to deal with the units of equity in WoolStock Australia Limited that are held by TrusteeCo.

22U  Dealings by TrusteeCo with units of equity held in respect of putative equity holders

 (1) Units of equity held by TrusteeCo in respect of putative equity holders are held by it on trust until they have been transferred to the persons ascertained under this section.

 (2) Subject to this section, TrusteeCo must, in respect of each lot of units of equity held by it, determine in writing:

 (a) the persons to whom those units are to be transferred; and

 (b) the number of units that each of those persons is entitled to receive.

Note: For the transfer of those units see section 22H.

 (3) Units of equity held by TrusteeCo in respect of a putative equity holder who was an individual may only be transferred:

 (a) if there are former creditors of the individual whose claims were not fully satisfied from the individual’s estate:

 (i) to those creditors; and

 (ii) if the number of units held by TrusteeCo in respect of the individual exceeds the number of units that need to be transferred to those creditors in satisfaction of their claims—to the beneficiaries of the individual’s estate; or

 (b) if paragraph (a) does not apply—to the beneficiaries of the individual’s estate.

 (4) Units of equity held by TrusteeCo in respect of a putative equity holder that was a company may only be transferred:

 (a) if there are former creditors of the company whose claims were not fully satisfied from the assets of the company at the time of its winding up:

 (i) to those creditors; and

 (ii) if the number of units held by TrusteeCo in respect of the company exceeds the number of units that need to be transferred to those creditors in satisfaction of their claims—to the former shareholders of the company; or

 (b) if paragraph (a) does not apply—to the former shareholders of the company.

22V  Dealings by TrusteeCo with unclaimed units

  TrusteeCo holds each lot of unclaimed units on trust until they are transferred under subsection 22H(2A).

Part 4D—Distribution of money paid to TrusteeCo

22W  Object of Part

  This Part sets out how TrusteeCo is to deal with the money that it receives from the distributions under Part 4B.

22X  Money to be held on trust

  TrusteeCo holds any money (trust money) paid to it under Part 4B on trust in accordance with, and for the purposes of, this Part.

22Y  Money to be invested

 (1) TrusteeCo may invest any trust money not immediately required for the purposes of this section:

 (a) in securities of, or guaranteed by, the Commonwealth or a State; or

 (b) on deposit with a bank; or

 (c) in any other way that is consistent with sound commercial practice.

Any income derived from the investments is to be paid to WoolStock Australia Limited.

 (2) In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit‑taking institution) within the meaning of the Banking Act 1959.

22Z  To whom money must be paid

  If:

 (a) money has been paid to TrusteeCo under Part 4B in respect of the units of equity held by TrusteeCo; and

 (b) any or all of those units are subsequently transferred to a person under subsection 22H(2) or (2A);

TrusteeCo must pay to the person, out of the trust money, the amount that was paid to TrusteeCo in respect of the units of equity transferred to the person.

22ZA  Balance of money to be paid to WoolStock Australia Limited

  If, one month after the final distribution under Part 4B, there is a balance of trust money standing to the credit of TrusteeCo, then TrusteeCo must pay that balance to WoolStock Australia Limited.

Part 9—Miscellaneous

59  Delegation

 (1) WoolStock Australia Limited may delegate all or any of its powers under this Act to any person or body.

 (2) A delegation must be under the common seal of WoolStock Australia Limited.

 (3) In the exercise of a delegated power, a delegate is subject to the directions of WoolStock Australia Limited.

72  Regulations

 (1) The Governor‑General may make regulations prescribing all matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to this Act.

 (2) Without limiting subsection (1), the provisions that may be made by the regulations include provisions imposing penalties not exceeding 20 penalty units for offences against the regulations.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history