Federal Register of Legislation - Australian Government

Primary content

Wool Industry Act 1972

Act No. 111 of 1972 as amended, taking into account amendments up to Act No. 19 of 1986
Registered 08 Dec 2009
Start Date 01 Jul 1986
End Date 01 Jul 1987
Date of repeal 01 Jul 1987
Repealed by Wool Marketing Act 1987

WOOL INDUSTRY ACT 1972 [Note: This Act is "repealed" by Act No. 90 of 1987]
(#DATE 31:08:1986)

- Reprinted as at 31 August 1986
*1*The Wool Industry Act 1972 as shown in this reprint comprises Act No. 111, 1972 amended as indicated in the Tables below.
Table of Acts
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Application,
saving
or Number Date Date of transitional
Act and year of Assent commencement provisions
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Wool Industry Act 111, 1972 31 Oct 1972 1 Jan 1973
(see 1972
Gazette 1972,
No. 130, p. 2)

Wool Industry Act 63, 1973 18 June 1973 S. 3: 1 July -
1973 Remainder: 1973
Royal Assent

Statute Law 216, 1973 19 Dec 1973 31 Dec 1973 Ss. 9 (1) and Revision Act 1973 10

Wool Industry Act 65, 1974 1 Oct 1974 1 Oct 1974 Ss. 8 (2), (3),
1974 11 (2), 12 (2)
and (3)

Wool Industry Act 152, 1974 17 Dec 1974 17 Dec 1974 S. 5 (2)-(4)
(No. 2) 1974

Wool Industry 71, 1976 10 June 1976 10 June 1976 S. 7
Amendment Act 1976

Wool Industry 43, 1977 7 June 1977 7 June 1977 -
Amendment Act 1977

Wool Industry 92, 1977 12 Sept 1977 12 Sept 1977 -
Amendment Act
(No. 2) 1977

Administrative 36, 1978 12 June 1978 12 June 1978 S. 8
Changes
(Consequential
Provisions) Act
1978

Wool Industry 71, 1978 22 June 1978 22 June 1978 -
Amendment Act 1978

Wool Industry 31, 1979 7 June 1979 7 June 1979 -
Amendment Act 1979

Wool Industry 49, 1979 14 June 1979 1 July 1979 -
Amendment Act
(No. 2) 1979

Wool Industry 50, 1980 23 May 1980 Ss. 3-5, 6 Ss. 6 (3), Amendment Act< (1), (3), 8,
9 and 11-20: 8 (2), 16 (2),
1 July
1980 (3), 17 (2)
Remainder: and (3)
Royal Assent

Wool Industry 63, 1981 12 June 1981 12 June 1981 Ss. 4 (2) and Amendment Act 15 (2)

Commonwealth 74, 1981 18 June 1981 S. 117: Royal Ss. 114-116, Functions Assent(a) 118-121 and (Statutes Review) 264 (s. 116 as
Act 1981 am. by 165,
1984, s. 3)(a)

as amended by
Statute Law 165, 1984 25 Oct 1984 S. 3: 22 Nov S. 6 (1)
(Miscellaneous 1984(b)
Provisions) Act (No. 2) 1984

Statute Law 39, 1983 20 June 1983 S. 3: 18 July S. 7 (1) (Miscellaneous 1983(c)
Provisions) Act
(No. 1) 1983
Wool Industry 9, 1984 4 Apr 1984 4 Apr 1984 -
Amendment Act
1984

Wool Industry 84, 1985 6 June 1985 1 July 1985 Ss. 3 (2), (3),
Amendment Act 4 (2), (3),
1985 5 (2) and (3)

Wool Industry 19, 1986 13 May 1986 Ss. 1, 2, 26 Ss. 6 (2), Amendment Act (1) and
1986 (3): 30 June 7 (2), 8 (2)
1986 and 10 (2)
Remainder:
1 July
1986
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(a) The Wool Industry Act 1972 was amended by section 117 of Part IV only of the Commonwealth Functions (Statutes Review) Act 1981, sub-section 2 (1) of which provides as follows:
"(1) Parts I, IV, IX, X, XI, XII, XIII, XV, XVII (other than sections 220,
221, 222, 223, 225, 226, 227, 228 and 230), XX, XXI, XXII and XXIII shall come into operation on the day on which this Act receives the Royal Assent."
For application provisions relating to those amendments see sections 114-116 and 118-121 of Part IV of the Commonwealth Functions (Statutes Review) Act 1981, as amended by Statute Law (Miscellaneous Provisions) Act (No. 2) 1984.
In pursuance of section 114 of the Commonwealth Functions (Statutes Review)
Act 1981 the date fixed as the commencing day for the purposes of Part IV was 6 August 1982 (see Gazette 1982 No. S 164, p. 1).
(b) The Commonwealth Functions (Statutes Review) Act 1981 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 2) 1984, sub-section 2 (1) of which provides as follows:
"(1) Subject to this section, this Act shall come into operation on the
twenty-eighth day after the day on which it receives the Royal Assent."
(c) The Wool Industry Act 1972 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 1) 1983, sub-section 2 (1) of which provides as follows:
"(1) Subject to this section, this Act shall come into operation on the
twenty-eighth day after the day on which it receives the Royal Assent."
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Provision affected How affected
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S. 3. . . . . . . . . rep. No. 216, 1973
S. 4. . . . . . . . . am. No. 63, 1973; No. 36, 1978
S. 5 . . . . . . . . am. No. 152, 1974; No. 74, 1981; No. 19, 1986
S. 6 . . . . . . . . am. Nos. 63 and 216, 1973; Nos. 65 and 152, 1974;
No. 36, 1978; No. 50, 1980; No. 74, 1981; No. 9,
1984; No. 19, 1986
S. 8. . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 50, 1980; No.
19, 1986
S. 9. . . . . . . . . am. No. 19, 1986
S. 10 . . . . . . . . rep. No. 65, 1974
Ss. 11, 12 . . . . . . am. No. 65, 1974
S. 13 . . . . . . . . am. Nos. 65 and 152, 1974
S. 14 . . . . . . . . am. No. 63, 1973
rs. No. 65, 1974
am. No. 152, 1974
rs. No. 19, 1986
S. 16 . . . . . . . . am. No. 63, 1973; No. 65, 1974; No. 63, 1981
S. 17 . . . . . . . . am. No. 50, 1980
S. 19 . . . . . . . . am. No. 63, 1973; Nos. 65 and 152, 1974
S. 20 . . . . . . . . am. No. 74, 1981; No. 19, 1986
S. 20A. . . . . . . . ad. No. 152, 1974
am. No. 71, 1976
S. 21 . . . . . . . . am. No. 65, 1974; No. 19, 1986
S. 26 . . . . . . . . am. No. 63, 1973
rs. No. 9, 1984
S. 27 . . . . . . . . am. No. 36, 1978
rep. No. 19, 1986
S. 28 . . . . . . . . rep. No. 19, 1986
S 28A . . . . . . . . ad. No. 152, 1974
am. No. 71, 1976; No. 43, 1977; No. 71, 1978; No.
31, 1979; No. 50, 1980; No. 63, 1981; No. 19, 1986
S. 29 . . . . . . . . am. No. 63, 1973
rep. No. 152, 1974
S. 30 . . . . . . . . am. No. 63, 1973
rep. No. 92, 1977
Ss. 31, 32 . . . . . . am. No. 63, 1973; No. 36, 1978
S. 33 . . . . . . . . am. No. 63, 1973; No. 71, 1976; No. 36, 1978; No.
50, 1980
S. 35 . . . . . . . . am. No. 63, 1973; No. 50, 1980; No. 74, 1981; No.
19, 1986
S. 36 . . . . . . . . am . No. 19, 1986
S. 38 . . . . . . . . am. No. 50, 1980
S. 39 . . . . . . . . am. No. 63, 1973
S. 39A. . . . . . . . ad. No. 152, 1974
S. 40 . . . . . . . . am. No. 63, 1973; No. 152, 1974
S. 40A. . . . . . . . ad. No. 92, 1977
S. 41 . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 36, 1978
S. 42 . . . . . . . . am. No. 63, 1973
Part IIIA (ss. 42A-42Z, ad. No. 50, 1980 42AA-42AG)
Ss. 42A, 42B. . . . . . ad. No. 50, 1980
am. No. 63, 1981
Ss. 42C-42H . . . . . . ad. No. 50, 1980
S. 42J . . . . . . . . ad. No. 50, 1980
am. No. 39, 1983
Ss. 42K, 42L. . . . . . ad. No. 50, 1980
am. No. 63, 1981; No. 39, 1983
S. 42M . . . . . . . ad. No. 50, 1980
am. No. 63, 1981
S. 42N. . . . . . . . ad. No. 50, 1980
am. No. 63, 1981; No. 39, 1983
Ss. 42P-42Y . . . . . . ad. No. 50, 1980
S. 42Z. . . . . . . . ad. No. 50, 1980
rs. No. 63, 1981
am. No. 19, 1986
S. 42AA . . . . . . . ad. No. 50, 1980
am. No. 39, 1983
S. 42AB . . . . . . . ad. No. 50, 1980
am. No. 63, 1981
Ss. 42AC-42AG . . . . . ad. No. 50, 1980
S. 42AH . . . . . . . ad. No. 63, 1981
S. 43 . . . . . . . . am. No. 63, 1973
Part V (ss. 44-65). . . . rep. No. 74, 1981
Part V (ss. 44-72). . . . ad. No. 19, 1986
Ss. 44, 45. . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 46 . . . . . . . . am. No. 71, 1976; No. 63, 1981
rep. No. 74, 1981
ad. No. 19, 1986
S. 47 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 48 . . . . . . . . am. Nos. 63 and 216, 1973
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 49, 50. . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
S. 51 . . . . . . . . rs. No. 65, 1974
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 52, 53. . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 54, 55 . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 56 . . . . . . . . am. No. 63, 1973; No. 63, 1981
rep. No. 74, 1981
ad. No. 19, 1986
S. 57 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 58 . . . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
S. 59 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 60 . . . . . . . . am. No. 49, 1979
rep. No. 74, 1981
ad. No. 19, 1986
S. 61 . . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
S. 62 . . . . . . . . am. No. 63, 1973
rep. No. 74, 1981
ad. No. 19, 1986
Ss. 63-65 . . . . . . . rep. No. 74, 1981
ad. No. 19, 1986
Ss. 66-72 . . . . . . . ad. No. 19, 1986
Part VI (ss. 66-68, 68A, rep. No. 19, 1986 69-71, 73)
Ss. 66, 67. . . . . . . rep. No. 19, 1986
S. 68 . . . . . . . . am. No. 63, 1973; No. 92, 1977; No. 50, 1980; No.
84, 1985 rep. No. 19, 1986
S. 68A. . . . . . . . ad. No. 50, 1980
rep. No. 19, 1986
S. 69 . . . . . . . . am. No. 50, 1980
rep. No. 19, 1986
S. 70 . . . . . . . . am. No. 63, 1973; No. 50, 1980
rep. No. 19, 1986
S. 71 . . . . . . . . am. No. 50, 1986
rep. No. 19, 1986
S. 72 . . . . . . . . am. No. 36, 1978
rep. No. 9, 1984
S. 73 . . . . . . . . am. No. 63, 1973
rep. No. 19, 1986
S. 76 . . . . . . . . am. No. 74, 1981; No. 19, 1986
S. 79 . . . . . . . . am. No. 63, 1973
S. 82 . . . . . . . . am. No. 63, 1973
S. 83 . . . . . . . . am. No. 63, 1973; Nos. 65 and 152, 1974
rs. No. 50, 1980; No. 84, 1985
am. No. 19, 1986
S. 84 . . . . . . . . am. No. 63, 1973
rs. No. 92, 1977
S. 84A. . . . . . . . ad. No. 63, 1973
rs. No. 65, 1974; No. 92, 1977; No. 50, 1980; No.
84, 1985 am. No. 19, 1986
S. 84B. . . . . . . . ad. No. 152, 1974
rep. No. 50, 1980
S. 84C. . . . . . . . ad. No. 152, 1974
am. No. 92, 1977; No. 50, 1980; No. 19, 1986
S. 85 . . . . . . . . am. No. 63, 1973; No. 74, 1981
S. 86 . . . . . . . . am. Nos. 63 and 216, 1973
rep. No. 19, 1986
S. 87 . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 74, 1981
S. 88 . . . . . . . . rs. No. 50, 1980
S. 89 . . . . . . . . am. No. 74, 1981
S. 90 . . . . . . . . am. No. 63, 1973; No. 152, 1974; No. 36, 1978; No.
74, 1981; No. 19, 1986
S. 91 . . . . . . . . am. No. 50, 1980
S. 92 . . . . . . . . am. No. 49, 1979; No. 74, 1981
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WOOL INDUSTRY ACT 1972 - TABLE OF PROVISIONS

TABLE

TABLE OF PROVISIONS
PART I - PRELIMINARY
Section
1. Short title
2. Commencement
4. Repeal and saving
5. Objects of Act
6. Interpretation
PART II - AUSTRALIAN WOOL CORPORATION
Division 1 - Establishment of the Corporation
7. Establishment and constitution of Corporation
8. Membership of Corporation
9. Terms of office of members
11. Deputy Chairman
12. Acting Chairman
13. Deputies of members
14. Remuneration and allowances of members and deputies of members
15. Leave of absence
16. Vacation of office
17. Removal from office
18. Resignation of member
19. Meetings
Division 2 - Functions and Powers of the Corporation
20. Functions and powers of Corporation
20A. Consultation with appropriate organizations
21. Committees
22. Delegation
Division 3 - Staff of the Corporation
23. Officers and employees
24. Officers and employees of Australian Wool Board and Australian Wool
Commission
25. Superannuation
Division 4 - Finances of the Corporation
26. Raising of moneys by Corporation
28A. Market Support Fund
31. Reimbursement of certain charges in respect of wool covered by price
averaging plan
32. Reimbursement of Corporation for certain charges in respect of small
lots of wool
not covered by price averaging plan
33. Profits and losses on certain activities of Corporation under Part III
34. Bank accounts
35. Application of moneys of Corporation
36. Investment of moneys of Corporation
37. Proper accounts and records to be kept
PART III - WOOL MARKETING
38. Functions of Corporation in relation to wool marketing
39. Manner of performance of wool marketing functions
39A. Further trading functions of Corporation
40. Specific powers of Corporation
40A. Contracts for shipment of wool
41. Reserve price scheme
42. Powers of Corporation to operate price averaging plan
PART IIIA - REPAYMENT OF MONEYS PAID INTO MARKET SUPPORT
FUND
Division 1 - Preliminary
42A. Interpretation
Division 2 - Declared Periods
42B. Declared periods
Division 3 - Entitlements to Refunds
42C. Refunds payable in respect of participating wool
42D. Producers normally entitled to refund
42E. Bankrupt estates
42F. Defunct companies and dissolved partnerships
42G. Deceased persons
42H. Personal representatives and trustees
42J. Amount of refund
Division 4 - Method of Distribution
42K. Persons by whom refunds in respect of participating wool are to be
made
42L. Registered persons to make refunds on behalf of Corporation
42M. Payments authorized under section 42L
42N. Claims made upon the Corporation
42P. Manner of payment of refund
42Q. Moneys paid under section 42M to be held in trust
42R. Investment of moneys received under section 42M
42S. False documents, &c.
42T. Person receiving payment to which he is not entitled
42U. Court may order refunds
42V. Overpayments
Division 5 - Review of Decisions of Corporation
42W. Review of decisions of Corporation
Division 6 - Miscellaneous
42X. Corporation to keep records of persons registered under Administration
Act
42Y. Commissioner of Taxation to keep Corporation informed of particulars
of wool tax paid
42Z. Remuneration of registered persons making payments under this Part
42AA. Officers to observe secrecy
42AB. Person paying wool tax to furnish details to Corporation in relation
to each financial year
42AC. Registered person to account to Corporation
42AD. Access to premises
42AE. Arrangements with States and Northern Territory
42AF. Offences
42AG. Destruction of records
42AH. Persons who become registered persons again after ceasing to be
registered persons
PART IV - WOOL USE PROMOTION
43. Functions and powers of Corporation in relation to wool promotion
PART V - WOOL RESEARCH AND DEVELOPMENT
Division 1 - Preliminary
44. Interpretation
45. Object of Part
Division 2 - Functions and powers of the Corporation in relation to wool
research and development
46. Functions of Corporation in relation to wool research and development
47. Manner in which Corporation to exercise its powers
48. Agreements relating to wool research and development, &c.
49. Corporation may participate in joint ventures
Division 3 - Establishment and functions of the Wool Research and
Development Council
50. Establishment of Wool Research and Development Council
51. Functions of Research Council
Division 4 - Wool Research and Development Fund
52. Establishment of Wool Research and Development Fund
53. Moneys to be paid into Fund
54. Application of Fund
Division 5 - Research and development plans, annual operational plans and
approval of research and development activities for funding
55. Research Council to develop research and development plans
56. Agreement to research and development plans
57. Variation of research and development plans
58. Variation of research and development plans at request of Minister
59. Date of commencement of research and development plans as varied
60. Research Council to develop annual operational plans
61. Agreement to annual operational plans
62. Approval for funding of particular wool research and development
activities
Division 6 - Constitution and meetings of Wool Research and Development
Council
63. Constitution of Research Council
64. Acting Chairperson
65. Leave of absence
66. Removal and resignation of members of Research Council
67. Disclosure of interests of members of Research Council
68. Meetings of Research Council
69. Sub-committees of Research Council
70. Remuneration and allowances
Division 7 - Accountability
71. Annual report of Research Council
72. Accountability to wool industry
PART VII - WOOL STORES
74. Application of Part
75. Corporation to manage and control wool stores
76. Restrictions on transfer, &c.
77. Commonwealth may re-acquire wool stores in event of war, &c.
78. Acquisition by Corporation of further property and rights in wool
stores
79. Powers of Corporation in relation to buildings
80. Insurance, and keeping in repair, of wool stores
81. Corporation to keep separate accounts in relation to wool stores
82. Compensation in certain cases
PART VIII - MISCELLANEOUS
83. Payments to Corporation
84. Additional payments to Corporation
84A. Payment to Corporation in respect of market support
84C. Appropriation
85. Audit
87. Liability to taxation
88. Corporation may provide Council with clerical assistance
89. Members of Parliament not to be paid remuneration under this Act
90. Reports
91. Corporation to hold annual discussions with Council
92. Regulations

WOOL INDUSTRY ACT 1972 - LONG TITLE

SECT

An Act relating to the Wool Industry

WOOL INDUSTRY ACT 1972 - PART 1
PART 1 - PRELIMINARY

WOOL INDUSTRY ACT 1972 - SECT 1
Short title

SECT

1. This Act may be cited as the Wool Industry Act 1972.*1*

SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

WOOL INDUSTRY ACT 1972 - SECT 2
Commencement

SECT

2. This Act shall come into operation on a date to be fixed by Proclamation.*1*

SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

WOOL INDUSTRY ACT 1972 - SECT 4
Repeal and saving

SECT

4. (1) The following Acts are repealed:

Wool Industry Act 1962;
Wool Industry Act 1964;
Wool Industry Act 1967;
Australian Wool Commission Act 1970;
Wool Industry Act 1970;
Wool Industry Act 1971.
(2) Upon the commencement of this Act -
(a) all rights, property and assets that, immediately before the date of commencement of this Act, were vested in the Australian Wool Board or in the Australian Wool Commission are, by force of this sub-section, vested in the Corporation; and
(b) the Corporation becomes, by force of this sub-section, liable to pay and discharge all the debts, liabilities and obligations of the Australian Wool Board or of the Australian Wool Commission that existed immediately before that date.

(3) Any agreement or instrument subsisting immediately before the date of commencement of this Act to which the Australian Wool Board or the Australian Wool Commission was a party has effect on and after that date as if -
(a) the Corporation were substituted for the Board or the Commission, as the case may be, as a party to the agreement or instrument; and
(b) any reference in the agreement or instrument to the Board or the Commission, as the case may be, were (except in relation to matters that occurred before that date) a reference to the Corporation.

(4) Notwithstanding the repeal of the Wool Industry Act 1962-1971, the Australian Wool Board, as constituted immediately before the commencement of this Act, shall, for the purpose of preparing and furnishing to the Minister the report and financial statements referred to in section 84 of that Act in relation to the year that ended on 30th June, 1972, and the report and financial statements referred to in the next succeeding subsection, continue in existence until it has furnished those reports and financial statements.

(6) Notwithstanding the repeal of the Australian Wool Commission Act 1970, the Australian Wool Commission, as constituted immediately before the commencement of this Act, shall, for the purpose of preparing and furnishing to the Minister the report and financial statements referred to in section 39 of the Australian Wool Commission Act 1970-1971 in relation to the year that ended on 30th June, 1972, and the report and financial statements referred to in the next succeeding sub-section, continue in existence until it has furnished those reports and financial statements.

(8) Notwithstanding the repeal of the Australian Wool Commission Act 1970 -
(a) if, before the commencement of this Act, the Auditor-General had not certified to the Minister the profit or loss of the Australian Wool Commission for the period of twelve months that ended on 30th June, 1972, or the Auditor-General had so certified that profit or loss but that profit or loss had not been dealt with or met in accordance with section 25 of the Australian Wool Commission Act 1970-1971 - that section continues to apply, subject to the next succeeding sub-section, in relation to that period; and
(b) section 25 of the Australian Wool Commission Act 1970-1971 continues to apply, subject to the next succeeding sub-section, in relation to the period that commenced on 1st July, 1972, and ended immediately before the commencement of this Act and continues so to apply as if that period were a financial year.

(9) If there was a profit of the Australian Wool Commission for a period to which section 25 of the Australian Wool Commission Act 1970- 1971 continues to apply by virtue of the last preceding sub-section, that profit, to the extent to which it is not required to be applied in accordance with paragraph (a) of sub-section (4) of that section, shall be transferred to the reserve referred to in section 33 of this Act or, if the Australian Wool Commission incurred a loss for such a period, that reserve, to the extent that it does not exceed that loss, shall be applied in meeting that loss.

(10) The Corporation shall provide the Australian Wool Board and the Australian Wool Commission with such clerical and other assistance as is reasonably required for the preparation of the reports and financial statements referred to in sub-sections (4) and (6).

WOOL INDUSTRY ACT 1972 - SECT 5
Objects of Act

SECT

5. (1) Subject to section 45, the objects of this Act are -
(a) to promote the export from Australia of wool and wool products and to protect the interests of the Australian wool industry in relation to that export;
(b) to promote trade and commerce in wool and wool products among the States, between States and Territories and within the Territories and to protect the interests of the Australian wool industry in relation to that trade and commerce;
(c) to encourage the production, and the use, of wool and wool products in the Territories; and
(d) to ensure the availability, when a state of war, or danger of war, exists, of wool stores for use for the purposes of the defence of the Commonwealth,
and this Act shall be construed and administered accordingly.

(2) The Corporation, the Research Council and any committee or subcommittee established under this Act shall not perform its functions or exercise its powers except for the purpose of achieving an object specified in sub-section (1) or in section 45, or for another purpose in respect of which the Parliament has power to make laws.

(3) Notwithstanding the last preceding sub-section, it is the intention of the Parliament that the Corporation may perform a function of a kind conferred on the Corporation by this Act in pursuance of an authority conferred on the Corporation by a law of a State.

WOOL INDUSTRY ACT 1972 - SECT 6
Interpretation

SECT

6. (1) In this Act, unless the contrary intention appears -
"annual operational plan" means a plan developed by the Research Council in accordance with section 60 and includes such a plan as varied in accordance with section 61;
"appoint" includes re-appoint;
"approved bank" means a bank approved by the Treasurer for the purposes of the provision in which the expression occurs;
"broker" means a wool-selling broker;
"Fund" means the Wool Research and Development Fund established by section 52;
"member" means a member of the Corporation, and includes the Chairman;
"member of the staff of the Corporation", means an officer or employee of the Corporation, and includes a person who is in the employment of the Corporation by virtue of sub-section (1) of section 24;
"research and development plan" means a plan developed by the Research Council in accordance with section 55 and includes such a plan as varied in accordance with section 57 or 58;
"Research Council" means the Wool Research and Development Council established by section 50;
"Selection Committee" means the Research Councils Selection Committee established by the Rural Industries Research Act 1985;
"securities" includes stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and similar instruments or documents;
"the Auditor-General" means the Auditor-General for the Commonwealth;
"the Australian Wool Board" or "the Board" means the Australian Wool Board established under the Wool Industry Act 1962-1971;
"the Australian Wool Commission" or "the Commission" means the Australian Wool Commission established under the Australian Wool Commission Act 1970-1971;
"the Chairman" means the Chairman of the Corporation, and includes a member acting as Chairman;
"the Corporation" means the Australian Wool Corporation established by this Act;
"the Deputy Chairman" means the Deputy Chairman of the Corporation;
"wool" means sheep's wool, and includes lambs' wool;
"Wool Council of Australia" means the organization known as the Wool Council of Australia that was formed on 19 July 1979;
"wool products" includes goods made wholly or partly from wool or from materials produced by processing wool;
"wool research and development" means systematic experimentation or analysis in any field of science, technology or economics carried out with the object of -
(a) acquiring knowledge that may be of use for the purposes of
improving any aspect of the production, processing, storage, transport or marketing of wool or wool products; or
(b) applying knowledge for the purposes referred to in paragraph
(a);
"wool research and development activity" means -
(a) a project for wool research and development;
(b) the training of persons to carry out wool research and
development;
(c) the dissemination of information, or the provision of advice
and assistance, to persons engaged in any aspect of the production, processing, storage, transport or marketing of wool or wool products for the purpose of encouraging those persons to follow practices, or to adopt technological developments, designed or adapted to improve the operation or efficiency of the wool industry;
(d) the publication of reports, periodicals, books or papers
containing information related to any aspect of the production, processing, storage, transport or marketing of wool or wool products; or
(e) any activity incidental to an activity referred to in paragraph
(a), (b), (c) or (d);
"wool-selling centre" means premises to be used by a number of persons for all or any of the following purposes:

(a) the auctioning of, and other trading in, wool;
(b) the handling and storage of wool;
(c) the classing of wool;
(d) the sampling and testing of wool;
(e) the showing of wool to buyers;
(f) the packing and dumping of wool;
(g) purposes that are incidental or related to the foregoing
purposes,
and includes equipment for use in or in connexion with the use of
any such premises;
"Wool Tax Act" means the Wool Tax Act (No. 1) 1964, the Wool Tax Act (No. 2) 1964, the Wool Tax Act (No. 3) 1964, the Wool Tax Act (No. 4) 1964 or the Wool Tax Act (No. 5) 1964.

(2) Any approval, concurrence or determination by the Minister, the Treasurer or the Minister for Finance for the purposes of this Act shall be given or made by instrument in writing.

(3) References in this Act to sales of wool at auction, to auction sales of wool and to the auction system shall be read as including references to sales of wool by tender and references in this Act to brokers shall be read as including references to persons conduction sales of wool by tender.

(4) A reference in this Act, except in section 26, to interest in respect of borrowed moneys shall be read as including a reference to fees or charges in relation to arrangements for the borrowing of moneys and a reference to interest in respect of borrowed moneys used for a particular purpose shall be read as including a reference to fees or charges in relation to arrangements for the borrowing of moneys for use for those purposes.

(5) A reference in this Act 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.

(6) Subject to sub-section (7), a reference in this Act to an approved research and development activity is a reference to a wool research and development activity that is approved by the Corporation in accordance with section 62.

(7) A wool research and development activity that, by virtue of subsection (6), is an approved research and development activity ceases to be an approved research and development activity at the end of the period of the annual operational plan in respect of which the activity was approved.

WOOL INDUSTRY ACT 1972 - PART II
PART II - AUSTRALIAN WOOL CORPORATION

WOOL INDUSTRY ACT 1972 - DIVISION 1
Division 1 - Establishment of the Corporation

WOOL INDUSTRY ACT 1972 - SECT 7
Establishment and constitution of Corporation

SECT

7. (1) For the purposes of this Act, there is hereby established a body by the name of the Australian Wool Corporation.

(2) The Corporation -
(a) is a body corporate, with perpetual succession;
(b) shall have a common seal;
(c) is capable of acquiring, holding and disposing of real and personal property; and
(d) may sue and be sued in its corporate name.

(3) All courts, judges and persons acting judicially shall take judicial notice of the common seal of the Corporation affixed to a document and shall presume that it was duly affixed.

(4) A reference in any law of the Commonwealth other than this Act to the Australian Wool Board, the Australian Wool Commission or the Australian Wool Marketing Corporation shall (except in relation to matters that occurred before the commencement of this Act) be read as a reference to the Corporation.

WOOL INDUSTRY ACT 1972 - SECT 8
Membership of Corporation

SECT

8. (1) The Corporation shall consist of 10 members, namely -
(a) a Chairman;
(b) 4 members to represent Australian woolgrowers;
(c) 1 member to represent the Australian Government; and
(d) 4 other members.

(2) The members shall be appointed by the Minister, the Chairman being appointed as a full-time member and the other members being appointed as part-time members.

(3) Before appointing the members referred to in paragraph (d) of subsection (1), the Minister shall consult the Wool Council of Australia.

(4) The appointment at any time of a member or members to represent Australian woolgrowers (including the appointment of such a member under sub-section (2) of section 9) shall be made from amongst persons whose names are included in a list of names submitted to the Minister by the Wool Council of Australia.

(4A) The list shall consist of names to the number of twice the number of members to be appointed but the Minister may, if he thinks fit, request the Wool Council of Australia to submit additional names for inclusion in the list.

(5) A member referred to in paragraph (d) of sub-section (1) shall be a person specially qualified for appointment by reason of experience in the marketing of wool or wool products, in the processing of wool or in the manufacture of wool products or by reason of other experience in commerce, finance, economics or science.

(6) The performance of the functions or the exercise of the powers of the Corporation is not affected by reason of there being a vacancy or vacancies in the membership of the Corporation.

(7) The appointment of a member is not invalidated and shall not be called in question by reason of a defect or irregularity in or in connexion with his nomination or appointment.

(8) Subject to sub-section (9), a person who has attained the age of 65 years shall not be appointed, under this section or section 9, as a member and a person shall not be appointed, under this section or section 9, as a member for a period that extends beyond the day on which the person will attain the age of 65 years.

(9) Sub-section (8) does not apply to the appointment, under this section or section 9, of a person if the Minister is satisfied that that person possesses special skills that the Corporation requires for the performance of its functions.

WOOL INDUSTRY ACT 1972 - SECT 9
Terms of office of members

SECT

9. (1) Subject to this section -
(a) the Chairman holds office, subject to this Division, for such period, not exceeding 5 years, as is specified in the instrument of appointment, but is eligible for re-appointment; and
(b) a member other than the Chairman holds office, subject to this Division, for such period, not exceeding 3 years, as is specified in the instrument of appointment, but is eligible for re-appointment.

(2) If a member ceases to hold office before the expiration of the period of his appointment, another person may, in accordance with this Division, be appointed in his place until the expiration of that period.

WOOL INDUSTRY ACT 1972 - SECT 11
Deputy Chairman

SECT

11. (1) The Minister shall appoint a person who is, or is to be, a member, other than the Chairman, to be Deputy Chairman of the Corporation.

(2) Subject to this section, a person appointed under this section holds office as Deputy Chairman until the expiration of his period of appointment as a member or until he sooner ceases to be a member.

(3) Where a member appointed as Deputy Chairman is, upon ceasing to be Deputy Chairman by virtue of the expiration of the period of his appointment as a member, re-appointed as a member, he is eligible for re-appointment as Deputy Chairman.

(4) The Deputy Chairman may resign his office of Deputy Chairman by writing under his hand delivered to the Minister.

WOOL INDUSTRY ACT 1972 - SECT 12
Acting Chairman

SECT

12. (1) If the Chairman is absent from duty or the office of Chairman is vacant, the Deputy Chairman shall, subject to the next succeeding subsection, act as Chairman during the period of the absence, unavailability or vacancy.

(2) The Corporation may appoint a member, other than the Chairman or the Deputy Chairman, to act as Chairman during any period when -
(a) the Chairman is absent from duty or the office of Chairman is vacant; and
(b) the Deputy Chairman is not available to perform the duties of his office or the office of Deputy Chairman is vacant.

(3) The Deputy Chairman or the member appointed to act as Chairman under the last preceding sub-section has, when acting as Chairman, all the powers, functions and duties conferred by this Act on the Chairman.

WOOL INDUSTRY ACT 1972 - SECT 13
Deputies of members

SECT

13. (1) A member, other than the Chairman or the member representing the Australian Government, may, with the approval of the Corporation, appoint a person, other than a member, to be his deputy, and may revoke any such appointment.

(2) The Minister may appoint a person, other than a member, to be the deputy of the member representing the Australian Government and may revoke any such appointment.

(3) In the event of the absence of a member from a meeting of the Corporation, the deputy of that member is entitled to attend that meeting and, while so attending, shall be deemed to be a member.

WOOL INDUSTRY ACT 1972 - SECT 14
Remuneration and allowances of members and deputies of members

SECT

14. (1) A member or a deputy of a member shall be paid such remuneration and such allowances as are determined by the Remuneration Tribunal.

(2) A member or a deputy of a member shall be paid such other allowances as are prescribed.

(3) This section has effect subject to the Remuneration Tribunals Act 1973.

(4) Payments under this section shall be made out of the funds of the Corporation.

WOOL INDUSTRY ACT 1972 - SECT 15
Leave of absence

SECT

15. The Minister may grant leave of absence to a member upon such terms and conditions as to remuneration or otherwise as the Minister determines.

WOOL INDUSTRY ACT 1972 - SECT 16
Vacation of office

SECT

16. (1) If a member -
(a) being the Chairman, engages in paid employment outside the duties of his office;
(b) becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his creditors or makes an assignment of his remuneration for their benefit;
(c) being the Chairman, absents himself from duty for fourteen consecutive days, or for twenty-eight days in any twelve months, except on leave granted by the Minister;
(d) not being the Chairman, is absent, except on leave granted by the Minister, from three consecutive meetings of the Corporation; or
(e) fails, without reasonable excuse, to comply with his obligations under sub-section (2), the Minister shall, by notice published in the Gazette, remove the member from office.

(2) A member who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the Corporation, shall, as soon as possible after the relevant facts have come to his knowledge, disclose the nature of his interest at a meeting of the Corporation.

(3) A disclosure under sub-section (2) shall be recorded in the minutes of the meeting of the Corporation.

(5) The preceding provisions of this section (other than paragraph (d) of sub-section (1) apply to and in relation to a deputy of a member in like manner as they apply to and in relation to a member.

(6) If a member is appointed Chairman of the Corporation, he ceases to be a member otherwise than as Chairman and, if the deputy of a member is appointed a member, he ceases to be a deputy.

WOOL INDUSTRY ACT 1972 - SECT 17
Removal from office

SECT

17. (1) The Minister may remove a member from office by reason of misbehaviour or physical or mental incapacity.

(2) The removal from office under the last preceding sub-section of a full-time member by reason of physical or mental incapacity shall be deemed, for the purposes of the Superannuation Act 1922-1971, to be retirement on the ground of invalidity.

(3) If the Wool Council of Australia requests the removal from office of a member representing Australian woolgrowers, the Minister shall remove that member from office.

WOOL INDUSTRY ACT 1972 - SECT 18
Resignation of member

SECT

18. A member may resign his office by writing under his hand delivered to the Minister.

WOOL INDUSTRY ACT 1972 - SECT 19
Meetings

SECT

19. (1) Subject to this section, meetings of the Corporation shall be held at such times and places as the Corporation from time to time determines.

(2) The Chairman may at any time convene a meeting of the Corporation.

(3) If -
(a) the Chairman is absent from duty or there is a vacancy in the office of Chairman; and
(b) the Deputy Chairman is not available to perform the duties of his office or there is a vacancy in the office of Deputy Chairman, another member may convene a meeting of the Corporation for the purpose of appointing a member under sub-section (2) of section 12 to act as Chairman.

(4) The Chairman shall preside at all meetings of the Corporation at which he is present.

(5) In the event of the absence of the Chairman from a meeting of the Corporation, the Deputy Chairman shall preside at that meeting.

(6) In the event of the absence of the Chairman and of the Deputy Chairman, from a meeting of the Corporation, the member, if any, acting as Chairman by virtue of sub-section (2) of section 12 shall preside at the meeting or, if there is no member so acting, the members present shall appoint one of their number to preside at the meeting.

(7) At a meeting of the Corporation, 7 members constitute a quorum.

(8) A question arising at a meeting of the Corporation shall be decided by a majority of the votes of the members present and voting.

(9) The member presiding at a meeting of the Corporation has a deliberative vote and, in the event of an equality of votes, also has a casting vote.

WOOL INDUSTRY ACT 1972 - DIVISION 2
Division 2 - Functions and Powers of the Corporation

WOOL INDUSTRY ACT 1972 - SECT 20
Functions and powers of Corporation

SECT

20. (1) The Corporation has such functions as are conferred on the Corporation by this Act or, being functions conducive to the achievement of an object of this Act or of Part V of this Act, are approved by the Minister.

(2) The Corporation may perform any of its functions outside Australia.

(3) The Corporation shall not perform its functions so as to give preference to one State or any part thereof over another State or any part thereof or otherwise inconsistently with the Constitution.

(4) The Corporation has power to do all things necessary or convenient to be done for or in connexion with, or as incidental to, the performance of its functions and, in particular, without limiting the generality of the foregoing, to -
(aa) carry out tests of wool and other fibres, whether natural or otherwise, and wool products and similar products made wholly or partly from other fibres;
(ab) make applications, including joint applications, for patents;
(ac) deal with patents vested in the Corporation;
(a) acquire by agreement, and dispose of, property or rights in or in respect of land or buildings;
(b) appoint agents, whether in Australia or elsewhere; and
(c) make arrangements and agreements with persons, authorities or associations in Australia or elsewhere and, with the consent of the Minister, with a State.

WOOL INDUSTRY ACT 1972 - SECT 20A
Consultation with appropriate organizations

SECT

20A. (1) Before taking any action that could reasonably be expected to affect the conditions of employment, or the demand for labour, in the wool industry, the Corporation shall consult with, and have regard to the views of, the appropriate trade union organizations and employer organizations.

(2) The Minister may give to the Corporation such directions in writing as he thinks necessary in connexion with the performance of the duty of the Corporation under sub-section (1).

WOOL INDUSTRY ACT 1972 - SECT 21
Committees

SECT

21. (1) The Corporation may establish such committees as the Corporation thinks fit to assist the Corporation in carrying out any functions of the Corporation and may abolish any such committee.

(2) A committee shall consist of such persons (whether members of the Corporation or not) as the Corporation from time to time appoints.

(3) The Corporation may give to a committee such directions as it thinks fit, including directions -
(a) as to the manner in which the committee is to carry out its functions; and
(b) with respect to the procedure to be followed at or in relation to meetings of the committee, including directions with respect to -
(i) the convening of meetings of the committee;
(ii) the number of members of the committee to constitute a
quorum;
(iii) the appointment of a member of the committee to preside
at meetings of the committee; and
(iv) the manner in which questions arising at a meeting of the
committee shall be decided.

(4) A member of a committee shall be paid such remuneration (if any), and such allowances (if any), as are determined by the Remuneration Tribunal.

(4A) A member of a committee shall be paid such other allowances as are prescribed.

(4B) This section has effect subject to the Remuneration Tribunals Act 1973, other than sub-sections 7 (9) and (13) of that Act.

(4C) Payments under sub-section (4) or (4A) shall be made out of the funds of the Corporation.

(5) In this section, "committee" means a committee established under this section.

WOOL INDUSTRY ACT 1972 - SECT 22
Delegation

SECT

22. (1) The Corporation may, either generally or otherwise as provided by the instrument of delegation, by writing under its common seal, delegate to a person, or to a committee established under the last preceding section, any of the powers of the Corporation under this Act, except this power of delegation.

(2) A power so delegated may be exercised by the delegate in accordance with the instrument of delegation and, when so exercised, shall, for the purposes of this Act, be deemed to have been exercised by the Corporation.

(3) A delegation under this section is revocable at will and does not prevent the exercise of a power by the Corporation.

WOOL INDUSTRY ACT 1972 - DIVISION 3
Division 3 - Staff of the Corporation

WOOL INDUSTRY ACT 1972 - SECT 23
Officers and employees

SECT

23. (1) The Corporation may appoint such officers and engage such employees as it thinks necessary for the purposes of this Act.

(2) The terms and conditions of employment of persons so appointed or engaged are such as are determined by the Corporation.

WOOL INDUSTRY ACT 1972 - SECT 24
Officers and employees of Australian Wool Board and Australian Wool
Commission

SECT

24. (1) A person who, immediately before the date of commencement of this Act, was employed by the Australian Wool Board or the Australian Wool Commission shall, from and including that date, be, by force of this section, in the employment of the Corporation upon the same terms and conditions as were applicable to him under the Wool Industry Act 1962- 1971 or the Australian Wool Commission Act 1970-1971 immediately before that date until he is appointed as an officer, or engaged as an employee, of the Corporation or his employment under this sub-section ceases in accordance with those terms and conditions, whether by his resignation or otherwise.

(2) The Corporation shall, as soon as practicable after the commencement of this Act, appoint as an officer, or engage as an employee, of the Corporation under the last preceding section each person referred to in the last preceding sub-section whose employment under that sub-section had not ceased, and the terms and conditions of employment determined by the Corporation in relation to a person so appointed or engaged shall be not less favourable than the terms and conditions of employment applicable to him immediately before he is so appointed or engaged.

WOOL INDUSTRY ACT 1972 - SECT 25
Superannuation

SECT

25. (1) The Corporation is an approved authority for the purposes of the Superannuation Act 1922-1971.

(2) For the purposes of the Superannuation Act 1922-1971, the Chairman shall be taken to be a person who is required to give the whole of his time to the duties of his office.

WOOL INDUSTRY ACT 1972 - DIVISION 4
Division 4 - Finances of the Corporation

WOOL INDUSTRY ACT 1972 - SECT 26
Raising of moneys by Corporation

SECT

26. (1) The Corporation may, with the approval of the Minister -
(a) borrow moneys otherwise than by dealing with securities; or
(b) borrow moneys, or otherwise raise moneys, by dealing with securities, being moneys that are from time to time necessary for the performance of its functions.

(2) A borrowing of moneys in pursuance of paragraph (1) (a) may be subject to such terms and conditions as the Minister approves.

(3) An approval under sub-section (1) in relation to borrowing moneys in pursuance of paragraph (1) (a) may be made in relation to particular borrowings or in relation to a specified class, or specified classes, of borrowings.

(4) An approval under sub-section (1) in relation to dealing with securities in pursuance of paragraph (1) (b) may be made in relation to dealing with a specified class, or specified classes, of securities.

(5) The Treasurer may, on behalf of the Commonwealth, guarantee -
(a) the repayment by the Corporation of amounts borrowed in accordance with this section and the payment of interest on amounts so borrowed; or
(b) the payment of any moneys (including interest, if any) that the Corporation is liable to pay in respect of dealing with securities in accordance with this section.

(6) Where the Corporation borrows moneys, or otherwise raises moneys, by dealing with securities, the Treasurer may determine that the repayment by the Corporation of the amount so borrowed and the payment by the Corporation of interest on those amounts are, or the payment by the Corporation of any moneys (including interest, if any) that the Corporation is liable to pay in respect of dealing with securities is, by force of this subsection, guaranteed by the Commonwealth.

(7) The power of the Treasurer to make a determination for the purposes of sub-section (6) extends to the making of a determination in respect of -
(a) a specified class, or specified classes, of securities; and
(b) a specified class, or specified classes, of transactions.

(8) The Corporation may give security over the whole or any part of its assets -
(a) for the repayment of moneys borrowed in accordance with this section and the payment of moneys (including interest) that the Corporation is otherwise liable to pay in respect of those borrowings; and
(b) for the payment of any moneys (including interest, if any) that the Corporation is liable to pay in respect of dealing with securities in accordance with this section.

(9) The Corporation shall not borrow or otherwise raise moneys except in accordance with this section.

WOOL INDUSTRY ACT 1972 - SECT 28A
Market Support Fund

SECT

28A. (1) The Corporation shall establish and maintain a fund to be known as the Market Support Fund.

(2) Amounts paid to the Corporation in accordance with section 84A shall be placed to the credit of the Market Support Fund.

(3) Moneys standing to the credit of the Market Support Fund -
(a) may be used by the Corporation -
(i) for the purchase of wool in the performance of its functions;
(ii) in the payment of advances to growers the marketing of
whose wool has been delayed by the exercise of the powers and functions of the Corporation; or
(iii) in the payment of refunds in accordance with Part IIIA, and
in meeting the administrative expenses (including fees paid in respect of any arbitration carried out under section 42Z) incurred in and in relation to the payment of refunds, in accordance with that Part, in respect of a period that has been declared under section 42B to be a declared period or incurred in and in relation to the intended payment of refunds, in accordance with that Part, in respect of a period that is proposed to be so declared, or to be part of a period that is proposed to be so declared; or
(b) may be invested in accordance with section 36, and the accounts of the Corporation shall identify amounts so used or invested.

(4) There shall be credited to the Market Support Fund -
(a) income derived from investments made in accordance with subsection (3);
(b) interest received on advances made in accordance with sub-section (3), less administrative expenses incurred by the Corporation in connexion with those advances;
(c) amounts required to be credited to that Fund under paragraph (a) of sub-section (10); and
(d) amounts representing interest on moneys standing to the credit of that Fund and used by the Corporation for the purchase of wool, being interest at rates determined by the Corporation.

(5) As soon as practicable after the end of a period, the Auditor-General shall certify to the Minister whether the Corporation has made a profit or incurred a loss as a result of the operations of the Corporation in respect of its reserve price scheme in that period and the amount of that profit or loss, and the Minister shall deliver a copy of the certificate to the Corporation.

(6) The operations of the Corporation referred to in sub-section (5) in relation to a period shall be deemed to include its operations in connexion with the making of advances to growers during that period, and costs (including valuation costs), losses and receipts of interest (other than amounts credited to the Market Support Fund) in connexion with those advances shall be taken into account accordingly.

(7) Where the Corporation -
(a) disposes of wool purchased by it under its reserve price scheme (in this paragraph referred to as "the original wool") and subsequently -
(i) re-purchases the original wool after it has been processed;
(ii) disposes of wool so re-purchased; or
(iii) purchases wool products derived wholly or partly from the
original wool;
(b) manufactures, or arranges for the manufacture of, wool products wholly or partly from wool purchased by it under its reserve price scheme or from wool referred to in sub-paragraph (i) of paragraph (a); or
(c) disposes of wool products referred to in sub-paragraph (iii) of paragraph (a) or in paragraph (b),
then, for the purposes of this section, the operations of the Corporation referred to in sub-section (5) shall be deemed to include any action of the Corporation referred to in paragraph (a), (b) or (c).

(8) The costs to be taken into account in ascertaining under sub-section (5), in relation to a period, whether the corporation has made a profit or incurred a loss or the amount of such a profit or loss include interest paid or payable in respect of that period by the Corporation on borrowed moneys used for the purposes of its operations in respect of its reserve price scheme and costs incurred in that period by the Corporation in connexion with those operations that are of a kind that have been approved by the Minister as being purchase, storage, handling, processing, manufacturing or selling costs.

(9) If the certificate under sub-section (5) in respect of the period that commenced on 2 September 1974 discloses a profit, that profit shall be dealt with in accordance with section 33 as if it were profit of the Corporation for a financial year to which that section applies.

(10) If the certificate under sub-section (5) in respect of a period other than the period that commenced on 2 September 1974 discloses an amount of profit -
(a) so much of that amount of profit as does not exceed the accumulated net loss (if any) as at the beginning of the period to which the certificate relates shall be credited to the Market Support Fund; and
(b) so much of that amount of profit as is not so credited shall be dealt with in accordance with section 33 as if it were profit of the Corporation for a financial year to which that section applies.

(11) If the certificate under sub-section (5) in respect of the period that commenced on 2 September 1974 discloses a loss, the amount of that loss shall be debited to the Market Support Fund.

(12) If the certificate under sub-section (5) in respect of a period other than the period that commenced on 2 September 1974 discloses an amount of loss -
(a) so much of that amount of loss as does not exceed the accumulated net profit (if any) as at the beginning of the period to which the certificate relates shall be debited to the reserve referred to in subsection (4) of section 33; and
(b) so much of that amount of loss as is not so debited shall be debited to the Market Support Fund.

(13) Where, under paragraph (a) of sub-section (12), an amount of loss is debited to the reserve referred to in sub-section (4) of section 33, there is payable to the Corporation, out of moneys appropriated by the Parliament for the purpose, an amount equal to so much of the amount so debited as exceeds the amount (if any) standing to the credit of that reserve, and the amount so paid shall be credited to that reserve.

(16) In ascertaining, for the purposes of section 33, the profit or loss of the Corporation for a financial year that is, or includes, a period within the meaning of this section, there shall not be taken into account the operations of the Corporation referred to in sub-section (5) or any income or interest referred to in sub-section (4).

(17) Where, as at the beginning of a period, there is a difference between the total amount of profit, and the total amount of loss, certified under subsection (5) in respect of the preceding period or periods -
(a) if the profit exceeds the loss, the excess shall, for the purposes of this section, be taken to be the accumulated net profit; and
(b) if the loss exceeds the profit, the excess shall, for the purposes of this section, be taken to be the accumulated net loss.

(18) In this section, "period" means -
(a) the period that commenced on 2 September 1974 and ended on 30 June 1975; or
(b) any financial year after the period referred to in paragraph (a).

WOOL INDUSTRY ACT 1972 - SECT 31
Reimbursement of certain charges in respect of wool covered by price
averaging plan

SECT

31. (1) The Corporation may pay to any person one-half of any rehandling and additional administration charges incurred by that person in respect of wool to which a price averaging plan operated by the Corporation applies, being wool marketed under arrangements made in accordance with paragraph (e) of sub-section (1) of section 38, at rates not higher than such rates as are approved by the Minister, with the concurrence of the Minister for Finance.

(2) There are payable to the Corporation, out of moneys appropriated by the Parliament for the purpose, the amounts necessary for the making of payments by the Corporation in accordance with this section.

WOOL INDUSTRY ACT 1972 - SECT 32
Reimbursement of Corporation for certain charges in respect of small lots
of wool not covered by price averaging plan

SECT

32. There is payable to the Corporation, out of moneys appropriated by the Parliament for the purpose, so much as the Minister, with the concurrence of the Minister for Finance, determines of any re-handling, additional administration or testing charges incurred by the Corporation (other than charges incurred in connexion with the operation of a price averaging plan) in respect of any wool for the purpose of the performance of the function referred to in paragraph (e) of sub-section (1) of section 38.

WOOL INDUSTRY ACT 1972 - SECT 33
Profits and losses on certain activities of Corporation under Part III

SECT

33. (1) A reference in this section to profit or loss of the Corporation for a financial year shall be read as a reference to profit or loss resulting from -
(a) the purchase and sale of wool by the Corporation;
(b) the processing of wool by, or by arrangement with, the Corporation; and
(c) the manufacture of wool products by, or by arrangement with, the Corporation,
during that financial year in the performance of its functions under Part III.

(1A) A reference in sub-section (1) to wool includes a reference to wool to which a price averaging plan operated by the Corporation applies.

(2) As soon as practicable after the end of each financial year, the Auditor-General shall certify to the Minister the profit or loss of the Corporation for that financial year.

(3) The costs to be taken into account in ascertaining the profit or loss of the Corporation for a financial year include -
(a) interest paid or payable by the Corporation in respect of that financial year on borrowed moneys used by the Corporation in connexion with the purchase or processing of wool or the manufacture of wool products; and
(b) costs incurred in that financial year by the Corporation that are of a kind that have been approved by the Minister as being purchase, storage, handling, processing, manufacturing or selling costs.

(4) The profit of the Corporation for a financial year shall be dealt with as follows:

(a) the profit shall be applied in the first instance in repaying to the Commonwealth amounts paid to the Corporation by the Commonwealth under the next succeeding sub-section, or amounts paid to the Australian Wool Commission by the Commonwealth under sub-section (5) of section 25 of the Australian Wool Commission Act 1970-1971, in respect of losses of the Corporation or of the Commission, as the case may be, for previous financial years, to the extent that those amounts have not been previously repaid; and
(b) any part of the profit not so applied shall be transferred to a reserve to be used for meeting losses of subsequent financial years or, with the approval of the Minister, given with the concurrence of the Minister for Finance, for other purposes related to the performance of the functions of the Corporation.

(5) Where the Corporation incurs a loss for a financial year -
(a) the reserve referred to in the last preceding sub-section, to the extent that it does not exceed that loss, shall be applied in meeting that loss; and
(b) there is payable to the Corporation, out of moneys appropriated by the Parliament for the purpose, so much of the amount of the loss as is not so met.

(6) Any reserve held by the Australian Wool Commission under section 25 of the Australian Wool Commission Act 1970-1971 immediately before the commencement of this Act shall be deemed to form part of the reserve referred to in this section.

(7) The Minister for Finance may, at any time, out of moneys appropriated by the Parliament for the purpose, make advances to the Corporation in respect of an amount that may become payable to the Corporation under this section.

(8) A certificate of the Auditor-General under this section is, subject to any variation of the certificate made by the Auditor-General, conclusive for the purposes of this section.

(9) The period that commenced on the date of commencement of this Act and ends on 30th June, 1973, shall, for the purposes of this section, be deemed to be a financial year and the period that commenced on 1st July, 1972, and ended immediately before the commencement of this Act shall, for the purposes of paragraph (a) of sub-section (4), be deemed to be a previous financial year.

WOOL INDUSTRY ACT 1972 - SECT 34
Bank accounts

SECT

34. (1) The Corporation may open and maintain an account or accounts with an approved bank or approved banks and shall maintain at all times at least one such account.

(2) The Corporation shall pay all moneys received by it into an account referred to in this section.

WOOL INDUSTRY ACT 1972 - SECT 35
Application of moneys of Corporation

SECT

35. Subject to sections 33 and 54, the moneys of the Corporation may be applied -
(a) in payment or discharge of the expenses, charges, obligations and liabilities incurred or undertaken by the Corporation in or in connexion with the performance of its functions, or the exercise of its powers, under this Act;
(b) in payment of any remuneration and allowances, or reimbursement of expenses, payable under this Act to members and deputies of members of the Corporation and to members of committees established by the Corporation under this Act;
(c) in payment of remuneration and allowances of members of the staff of the Corporation;
(d) in making such grants as the Corporation thinks fit to the Wool Council of Australia in respect of expenses incurred by that Council; and
(e) in making any other payments that the Corporation is authorized or required to make under this Act,
and not otherwise.

WOOL INDUSTRY ACT 1972 - SECT 36
Investment of moneys of Corporation

SECT

36. Moneys of the Corporation (including any amounts standing to the credit of the Fund) that are not immediately required for the purposes of the Corporation may be invested -
(a) in securities of, or guaranteed by, the Commonwealth or a State;
(b) on fixed deposit with an approved bank; or
(c) in such other manner as the Treasurer approves.

WOOL INDUSTRY ACT 1972 - SECT 37
Proper accounts and records to be kept

SECT

37. The Corporation shall cause to be kept proper accounts and records of the transactions and affairs of the Corporation in accordance with the accounting principles generally applied in commercial practice and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorized and that adequate control is maintained over the assets of, or in the custody of, the Corporation and over the incurring of liabilities by the Corporation.

WOOL INDUSTRY ACT 1972 - PART III
PART III - WOOL MARKETING

WOOL INDUSTRY ACT 1972 - SECT 38
Functions of Corporation in relation to wool marketing

SECT

38. (1) The functions of the Corporation include the following functions:

(a) to operate a flexible reserve price scheme in respect of wool offered for sale at auction;
(b) to formulate, and make arrangements with a view to securing the observance of, standards of preparation of wool for submission for sale at auction or otherwise;
(c) to formulate, and make arrangements with a view to securing the adoption of, terms and conditions governing the acceptance of wool for sale, and the sale of wool, whether at auction or, with the approval of the Minister, otherwise than at auction;
(d) subject to the next succeeding sub-section, to make arrangements with respect to wool auction sale programmes and the quantities and kinds of wool to be offered at particular auction sales, and for the payment of advances to persons the marketing of whose wool is delayed by reason of such arrangements;
(e) to make such arrangements as the Corporation thinks appropriate, or to take such other measures as the Minister approves, with a view to securing the avoidance of the offering of small lots of wool for sale at auction as separate lots except in cases where the Corporation considers that the offering of such lots should be permitted for special reasons, and the making up from such wool of lots other than small lots and the marketing of those lots;
(f) with the approval of the Minister, to make arrangements with respect to programmes for the sale of wool outside the auction system and the quantities and kinds of wool to be offered at particular sales outside that system;
(g) to make arrangements for the sale, otherwise than at auction, of wool received by a broker for sale at auction that the Corporation considers cannot advantageously be offered for sale at auction and for the processing of any such wool before sale;
(h) to encourage the adoption of aids (including the appraisal of wool by objective measurement and the sale of wool by sample) to the efficient marketing of wool;
(j) to maintain records of persons carrying on the business of purchasing wool from woolgrowers outside the auction system and to obtain from such persons information of such kinds as the Minister approves;
(k) to keep under constant review the practice of the buying and selling of wool outside the auction system, and to make recommendations to the Minister as to measures for dealing with any detrimental effects that that practice is having in relation to the objects of this Act or the requirements of the next succeeding section and to take such measures as the Minister approves for the purpose of reducing or eliminating those detrimental effects;
(l) with the approval of the Minister, to participate in negotiations with respect to charges associated with the marketing of wool, including freight rates;
(m) to co-operate with authorities and organizations in other countries with respect to measures aimed at the more efficient marketing of wool;
(n) to operate a scheme for the voluntary registration of woolclassers;
(o) to inquire into (whether alone or in co-operation with other authorities and organizations), and from time to time report to the Minister and to the Wool Council of Australia upon, methods of marketing wool (including any changes in wool marketing procedures that the Corporation considers necessary to enable the Corporation to exercise control over the marketing of all wool produced in Australia) and any other matters connected with the marketing of wool; and
(p) to provide, or encourage the provision of, wool-selling centres.

(2) Except within such limits, or in such circumstances as are approved by the Government of the State concerned, the Corporation shall not perform its function under paragraph (d) of the last preceding sub-section in such a manner as to cause wool that would otherwise be submitted for auction at a particular place in a State to be submitted for auction at another place, whether in that State or not.

WOOL INDUSTRY ACT 1972 - SECT 39
Manner of performance of wool marketing functions

SECT

39. The Corporation shall, so far as it is able to do so consistently with sub-section (2) of section 5, perform its functions under the last preceding section for the advantage of Australian woolgrowers and the Australian economy by means directed to encouraging and facilitating the purchase of Australian wool, and at the same time securing, in respect of the purchase of Australian wool, prices that are not subject to undue fluctuation or irregularity and are at levels appropriate to the competitive position of wool in world markets.

WOOL INDUSTRY ACT 1972 - SECT 39A
Further trading functions of Corporation

SECT

39A. Without limiting the functions of the Corporation under section 38, the functions of the Corporation include, to such extent as the Minister approves, trading in wool and wool products, acquiring and supplying wool for the purposes of programs of aid by Australia to other countries, and manufacturing, or arranging for the manufacture, of wool products.

WOOL INDUSTRY ACT 1972 - SECT 40
Specific powers of Corporation

SECT

40. (1) Without limiting the generality of sub-section (4) of section 20, the powers of the Corporation for the purposes of the performance of its functions include power to -
(a) inspect and appraise wool presented for sale at auction;
(b) buy and sell wool at auction or otherwise, export wool and enter into transactions in relation to the buying and selling of wool, including transactions by way of wool futures contracts;
(c) process, or arrange for the processing, of wool;
(d) buy, sell and export wool products;
(e) obtain market intelligence;
(f) operate a wool statistical service; and
(g) for the purposes of the function referred to in paragraph (p) of sub-section (1) of section 38 -
(i) erect buildings, demolish and remove buildings and effect
improvements to buildings;
(ii) grant to brokers or other persons leases, licences or other
rights in respect of any land, building or equipment; and
(iii) lend moneys to persons requiring financial assistance for the
purpose of providing a wool-selling centre.

(2) The Corporation shall not enter into transactions by way of wool futures contracts except in accordance with an approval of the Minister.

WOOL INDUSTRY ACT 1972 - SECT 40A
Contracts for shipment of wool

SECT

40A. (1) A contract for the carriage of wool, by sea, to a place beyond Australia shall not be made except -
(a) by the Corporation or by the Corporation acting as the agent of the owner of the wool or of another person having authority to export the wool; or
(b) in conformity with such conditions (if any) as are, from time to time, approved by the Corporation, by writing under its common seal.

(2) A condition approved under paragraph (b) of sub-section (1) -
(a) may be a condition in respect of any matter relating to or incidental to the carriage of wool by sea, including the handling or carriage of wool before or after it is carried by sea; and
(b) may be of general application or may relate only to the carriage of wool to a particular place or particular places or to places other than a particular place or particular places.

(3) The Minister may, from time to time, inform the Corporation in writing of the policies and principles that the Government of the Commonwealth considers should be followed and applied by the Corporation in relation to contracts referred to in sub-section (1).

(4) The Minister may, on behalf of the Government of the Commonwealth, if he thinks it necessary to do so, give a direction in writing to the Corporation with respect to the powers of the Corporation under sub-section (1) to make contracts or to approve conditions, and the Corporation shall comply with the direction.

(5) A contract referred to in sub-section (1) that is made otherwise than in accordance with this section is void.

WOOL INDUSTRY ACT 1972 - SECT 41
Reserve price scheme

SECT

41. (1) The flexible reserve price scheme operated by the Corporation shall be a scheme under which -
(a) reserve prices for the various types of wool being offered for sale at auction in accordance with arrangements referred to in paragraph (d) of sub-section (1) of section 38 are determined by or on behalf of the Corporation as frequently as the Corporation thinks necessary having regard to the bidding at recent auctions and to all other relevant information available to the Corporation;
(b) if, in respect of any wool submitted for sale at auction (not being sale by tender) in accordance with any such arrangements, a bid equal to or greater than the appropriate reserve price determined by the Corporation is not made, the Corporation is prepared to buy the wool at the appropriate reserve price so determined;
(ba) in respect of any wool offered for sale by tender in accordance with any such arrangements, the Corporation submits a tender at the appropriate reserve price determined by the Corporation; and
(c) the Corporation, as and when it thinks expedient, re-offers for sale at auction, or otherwise disposes of, wool acquired by it under the scheme.

(1A) The Corporation may refrain from operating its flexible reserve price scheme in respect of particular wool unless -
(a) that wool has been prepared from submission for sale at auction in accordance with standards approved by the Corporation; and
(b) the terms and conditions governing the acceptance of the wool for sale and the sale of the wool are approved by the Corporation.

(1B) Where the Corporation is satisfied, after consultation, so far as practicable, with the members of the body known as the Joint Wool Selling Organization, that, by reason of unexpected changes in market conditions, it is necessary in the interests of the wool industry so to do, the Corporation may recommend to the person proposing to conduct a sale by auction in relation to which sub-section (1) applies that the sale of all or any of the wool proposed to be offered at the sale should be deferred and, where such a recommendation is made, the Corporation may refrain from operating its reserve price scheme in relation to any wool that is offered for sale contrary to the recommendation.

(2) The Corporation shall, at fortnightly intervals, make reports to the Minister and the Minister for Finance concerning the operation of its reserve price scheme, and shall include in the reports such information as the Minister directs concerning -
(a) the reserve prices determined by the Corporation;
(b) wool purchased and wool held by the Corporation; and
(c) sales of wool by the Corporation and proposed offerings of wool by the Corporation.

(3) The Minister shall, from time to time, after consultation with the Minister for Finance, inform the Corporation in writing of the policies and principles that the Government of the Commonwealth considers should be followed and applied by the Corporation in the operation of its reserve price scheme.

(4) The Minister may, on behalf of the Government of the Commonwealth, if he thinks it necessary to do so, give a direction in writing to the Corporation with respect to the operation of the reserve price scheme of the Corporation, and the Corporation shall comply with the direction.

WOOL INDUSTRY ACT 1972 - SECT 42
Powers of Corporation to operate price averaging plan

SECT

42. (1) The Corporation may operate a price averaging plan for wool marketed under arrangements made in accordance with paragraph (e) of sub-section (1) of section 38, and, if the Corporation considers it appropriate, it may extend the operation of the plan to other wool by agreement with the persons entitled to the proceeds of the wool concerned and arrange for the payment of advances to persons entitled to the proceeds of wool included in the plan.

(2) A price averaging plan operated by the Corporation shall be a plan under which pools are established in respect of wool to which the plan applies by reference to the types of wool and the places and times of its delivery to brokers, and under which the persons entitled to the proceeds of wool included in a pool receive a return based on the average price per kilogram resulting from the marketing of the wool so included.

WOOL INDUSTRY ACT 1972 - PART IIIA
PART IIIA - REPAYMENT OF MONEYS PAID INTO MARKET
SUPPORT FUND

WOOL INDUSTRY ACT 1972 - DIVISION 1
Division 1 - Preliminary

WOOL INDUSTRY ACT 1972 - SECT 42A
Interpretation

SECT

42A. (1) In this Part, unless the contrary intention appears -
"Administration Act" means the Wool Tax (Administration) Act 1964;
"financial year to which this Part applies" means -
(a) the period that commenced on 2 September 1974 and ended
on 30 June 1975;
(b) the financial year that commenced on 1 July 1975; or
(c) any subsequent financial year;
"manufacturer" has the same meaning as it has in the Administration Act;
"participating wool", in relation to a financial year to which this Part applies or to a declared period, means -
(a) wool that was or is sold by or on behalf of the producer in
Australia during that financial year or declared period, as the case may be;
(b) wool that was or is subjected by or on behalf of the producer
to a process of manufacture during that financial year or declared period, as the case may be; or
(c) wool that was or is exported from Australia by or on behalf
of the producer, where the entry of the wool for export under the Customs Act 1901 was or is made during that financial year or declared period, as the case may be;
"producer", in relation to wool, means -
(a) except where paragraph (b) or (c) of this definition applies -
the person who owns the wool immediately after it is shorn;
(b) where an agreement to sell the wool separately from the
sheep was made before the wool was shorn - the person who owned the sheep immediately before the sale; or
(c) where a gift of the wool is made before any sale of the wool
has taken place - the person to whom the wool is given,
and, for the purposes of this definition, a person who has rights in
the nature of an equity of redemption in respect of wool or sheep
the subject of a mortgage or other security shall be deemed to be
the owner of the wool or sheep;
"registered person" means a person who is, or persons carrying on business as partners who are, registered under section 13, 14, 15 or 16 of the Administration Act or under any 2 or more of those sections;
"registered wool-dealer" means a person who is registered by the Commissioner of Taxation under section 14 of the Administration Act;
"relevant section", in relation to the Administration Act, means section 13, 14, 15 or 16 of that Act;
"shorn wool" has the same meaning as it has in the Administration Act;
"wool" means shorn wool;
"wool-broker" has the same meaning as it has in the Administration Act;
"wool tax" means tax payable under section 5 of any Wool Tax Act.

(2) For the purposes of this Part, wool shall be taken to have been produced at the time at which a person becomes, for the purposes of this Part, the producer of that wool.

(3) For the purposes of this Part but subject to sub-sections (3A) and (3B), the sale of wool shall be deemed to have taken place at the time when the agreement for the sale was made.

(3A) Where -
(a) before 23 May 1980, an agreement to sell wool was made before, during or after the shearing of the sheep by virtue of which the wool was or is obtained; and
(b) under the terms of the agreement, payment in respect of any wool that was so sold was not, or is not, to be made before delivery of that wool under the agreement,
then the sale of any wool delivered under the agreement shall be deemed to have taken place at the time when payment for that wool was or is so made.

(3B) Where -
(a) after 23 May 1980, an agreement to sell wool was or is made before, during or after the shearing of the sheep by virtue of which the wool was or is obtained; and
(b) under the terms of the agreement, payment in respect of any wool that was or is so sold was not, or is not, to be made before delivery of that wool under the agreement,
then the sale of any wool delivered under the agreement shall be deemed to have taken place at the time when payment for that wool was or is so made.
(3C) Sub-section (3A) does not apply to an agreement to sell wool that was made before 2 September 1974 except to the extent that the agreement provided that the purchase price payable in respect of any wool sold under the agreement was or is payable on or after 2 September 1974 and that wool tax was or is to be deducted from the purchase price payable for that wool at the time when payment was or is made.

(4) In this Part, a reference to the sale or exportation of wool by or on behalf of the producer shall be read as including a reference to the sale or exportation of wool by or on behalf of a person exercising rights under a mortgage, lien, bill of sale or other charge given by the producer by way of security.

(5) In this Part, unless the contrary intention appears, a reference to a State, in relation to the registration of a person under a relevant section of the Administration Act, shall be deemed to include a reference to the Northern Territory.

WOOL INDUSTRY ACT 1972 - DIVISION 2
Division 2 - Declared Periods

WOOL INDUSTRY ACT 1972 - SECT 42B
Declared periods

SECT

42B. (1) Subject to sub-section (2), the Minister may, with the consent, in writing, of the Wool Council of Australia, from time to time, by notice published in the Gazette, declare a financial year to which this Part applies, or 2 or more financial years to which this Part applies that constitute a continuous period, to be a declared period for the purposes of this Part.

(2) The Minister shall not, in a particular financial year, make a declaration under sub-section (1), in respect of a financial year, or 2 or more financial years, to which this Part applies, unless -
(a) the Minister is satisfied that the moneys that stood to the credit of the Market Support Fund at the commencement of the financial year in which the declaration is made are sufficient to enable the Corporation -
(i) to pay all liabilities incurred by the Corporation and payable
out of that Fund;
(ii) to operate the reserve price scheme during the financial year
in which the declaration is made; and
(iii) to pay the refunds that will become payable under Division
3 by reason of the making of the declaration and the expenses of the Corporation (to the extent that those expenses had not been paid before the commencement of the financial year in which the declaration is made) in, and in relation to, the payment of those refunds;
(b) the Minister, in considering whether he is satisfied as mentioned in paragraph (a), has had regard to -
(i) the prices that may reasonably be expected to be paid, by
persons other than the Corporation, for wool that is expected to be submitted for sale at auction during the financial year in which the declaration is made;
(ii) the reserve prices applicable to wool under the reserve price
scheme operated by the Corporation; and
(iii) any other matters that he considers relevant; and
(c) any period preceding the financial year or the earlier or earliest financial year to which the declaration relates that might have been declared under this section to be a declared period has been so declared.

WOOL INDUSTRY ACT 1972 - DIVISION 3
Division 3 - Entitlements to Refunds

WOOL INDUSTRY ACT 1972 - SECT 42C
Refunds payable in respect of participating wool

SECT

42C. Subject to this Part, where a period is declared by the Minister to be a declared period, refunds are payable by the Corporation in respect of wool that is participating wool in respect of that declared period.

WOOL INDUSTRY ACT 1972 - SECT 42D
Producers normally entitled to refund

SECT

42D. Subject to sections 42E, 42F, 42G and 42H, the producer of participating wool is entitled to be paid the refund payable under this Part in respect of that wool.

WOOL INDUSTRY ACT 1972 - SECT 42E
Bankrupt estates

SECT

42E. (1) Where any participating wool was produced by -
(a) a person whose affairs have at any subsequent time been administered, or are being administered, under any of the provisions of the Bankruptcy Act 1966, by a trustee;
(b) a person who has died and whose estate has at any subsequent time been, or is being, so administered; or
(c) a personal representative in the administration of an estate which has at any subsequent time been, or is being, so administered,
an amount by way of the refund that would otherwise be payable under this Part to the person who produced the participating wool or his personal representatives is, subject to this section, payable to the trustee.

(2) An amount received by a trustee by virtue of this section shall, for all purposes of the Bankruptcy Act 1966 and of any instrument executed in pursuance of that Act, be deemed to be received by him in his capacity as trustee.

(3) This section does not apply in any case in which -
(a) the creditors who were entitled to share in distributions by the trustee have been paid in full; or
(b) the trustee was acting under a sequestration order, and that order has been annulled.

WOOL INDUSTRY ACT 1972 - SECT 42F
Defunct companies and dissolved partnerships

SECT

42F. (1) Where participating wool was produced by a company that is defunct, an amount by way of refund that would otherwise be payable under this Part to the company may be paid by the Corporation to such person as appears to the Corporation to be justly entitled to receive it.

(2) Where participating wool was produced by a partnership that has been dissolved, an amount by way of refund that would otherwise be payable under this Part to the partnership may be paid by the Corporation to any former partner or partners (including the personal representatives of a deceased former partner).

(3) Where an amount has been paid in pursuance of sub-section (1) or (2), the rights, duties and liabilities of the person to whom it is paid are the same as if it were part of the proceeds of a sale of the wool by the company or partnership made at the time the wool was produced.

WOOL INDUSTRY ACT 1972 - SECT 42G
Deceased persons

SECT

42G. Subject to section 42E, where participating wool was produced by a person who has died -
(a) any amount by way of refund that would otherwise be payable under this Part to that person is payable to the personal representatives of that person; and
(b) the rights, duties and liabilities of the personal representatives in respect of the amount are the same as if it were part of the proceeds of a sale of the wool by the deceased person made at the time the wool was produced.

WOOL INDUSTRY ACT 1972 - SECT 42H
Personal representatives and trustees

SECT

42H. Subject to section 42E, where participating wool was produced by a person acting in the capacity of trustee, or of a personal representative of a deceased person, and there has been a change in the identity of the trustees of the trust or of the personal representatives of the deceased person, an amount otherwise payable by way of refund under this Part to the producer of the wool is payable to the trustees for the time being of the trust or the personal representatives for the time being of the deceased person.

WOOL INDUSTRY ACT 1972 - SECT 42J
Amount of refund

SECT

42J. (1) The amount of the refund payable in respect of wool that is participating wool in respect of a declared period by reason that it was sold by or on behalf of the producer during that period is -
(a) if the wool was sold by a wool-broker on behalf of the producer or was sold by the producer to a registered wool-dealer or to a manufacturer -
(i) in a case where the Corporation is satisfied that an amount
in respect of the wool tax payable on the wool was recovered or retained as provided in section 12 of the Administration Act - an amount equal to such proportion of the amount so recovered or retained as is applicable to the sale by virtue of regulations made for the purposes of this sub-paragraph;
(ii) in a case where sub-paragraph (i) does not apply but the
Corporation is satisfied that, under the agreement for sale of the wool, the producer was paid a price for the wool fixed after allowing an amount in respect of wool tax - an amount equal to such proportion of that price as is applicable to the sale by virtue of regulations made for the purposes of this sub-paragraph; or
(iii) in any other case - an amount equal to such proportion of
the price paid for the wool as is applicable to the sale by virtue of regulations made for the purposes of this subparagraph; or
(b) if the wool was sold by the producer to a person in circumstances other than those set out in paragraph (a) -
(i) in a case where the Corporation is satisfied that an amount
in respect of the wool tax payable on the wool was recovered from the producer or retained by the person to whom the wool was sold from moneys due and payable to the producer - an amount equal to such proportion of the amount so recovered or retained as is applicable to the sale by virtue of regulations made for the purposes of this sub-paragraph;
(ii) in a case where sub-paragraph (i) does not apply but the
Corporation is satisfied that, under the agreement for sale of the wool, the producer was paid a price for the wool fixed after allowing an amount in respect of wool tax - an amount equal to such proportion of that price as is applicable to the sale by virtue of regulations made for the purposes of this sub-paragraph; or
(iii) in any other case - an amount equal to such proportion of
the price paid for the wool as is applicable to the sale by virtue of regulations made for the purposes of this subparagraph.

(2) The amount of the refund payable in respect of wool that is participating wool in respect of a declared period by reason that it was used in manufacture by or on behalf of the producer during the declared period is an amount equal to such proportion of the amount paid on account of wool tax by the producer on the wool so used as is applicable to the use of the wool in manufacture by virtue of regulations made for the purposes of this sub-section.

(3) The amount of the refund payable in respect of wool that is participating wool in respect of a declared period by reason that it was exported by or on behalf of the producer during the declared period is an amount equal to such proportion of the amount paid on account of wool tax by the producer on the wool as is applicable to the export of the wool by virtue of regulations made for the purposes of this sub-section.

(4) Where the producer of wool is unable to establish the price that was paid for the wool under an agreement for sale of the wool but is able to establish that the wool was of a particular quality and was sold on a particular day, or during a particular period, the Corporation may, on the basis of information held by the Corporation concerning prices paid for wool of that quality during the declared period in which the wool was sold, determine the price that shall, for the purposes of this Part, be taken to be the price paid for the wool.

(5) Where -
(a) a wool-broker has furnished one account only to a producer in respect of wool sold (whether in one lot or otherwise) by him on behalf of the producer, being wool that became participating wool in respect of a declared period by reason of its having been so sold;
(b) a registered wool-dealer has furnished one account only to a producer in respect of wool purchased (whether in one lot or otherwise) by him from the producer, being wool that became participating wool in respect of a declared period by reason of its having been so purchased;
(c) a manufacturer has furnished one account only to a producer in respect of wool purchased (whether in one lot or otherwise) by him from the producer, being wool that became participating wool in respect of a declared period by reason of its having been so purchased;
(d) a manufacturer has furnished one account only to a producer in respect of wool subjected by him to a process of manufacture, being wool that became participating wool in respect of a declared period by reason of its having been subjected by him to a process of manufacture; or
(e) an exporter has furnished one account only to a producer in respect of wool exported from Australia (whether in one lot or otherwise) by him on behalf of the producer, being wool that became participating wool in respect of a declared period by reason of its having been so exported,
a refund is not payable under this Part in respect of any of the wool to which the account relates if the refund, or the total of the refunds, that would, but for this sub-section, be payable in respect of all the wool to which the account relates is less than $25 or such other amount as is prescribed from time to time by the regulations for the purposes of this section.

(5A) Where -
(a) a wool-broker has furnished more than one account to a producer in respect of wool sold (whether in one lot or otherwise) by him on behalf of the producer, being wool that became participating wool in respect of a declared period by reason of its having been so sold;
(b) a registered wool-dealer has furnished more than one account to a producer in respect of wool purchased (whether in one lot or otherwise) by him from the producer, being wool that became participating wool in respect of a declared period by reason of its having been so purchased;
(c) a manufacturer has furnished more than one account to a producer in respect of wool purchased (whether in one lot or otherwise) by him from the producer, being wool that became participating wool in respect of a declared period by reason of its having been so purchased;
(d) a manufacturer has furnished more than one account to a producer in respect of wool subjected by him to a process of manufacture, being wool that became participating wool in respect of a declared period by reason of its having been subjected by him to a process of manufacture; or
(e) an exporter has furnished more than one account to a producer in respect of wool exported from Australia (whether in one lot or otherwise) by him on behalf of the producer, being wool that became participating wool in respect of a declared period by reason of its having been so exported,
a refund is not payable under this Part in respect of any of the wool to which any of the accounts relate if the refund, or the total of the refunds, that would, but for this sub-section, be payable in respect of all of the wool to which all of the accounts relate is less than $25 or such other amount as is prescribed from time to time by the regulations for the purposes of this sub-section.

(6) Subject to sub-sections (5) and (5A), where, but for this sub-section, the refund payable under this Part in respect of any wool that is participating wool in respect of a declared period would be less than $25 or such other amount as is prescribed from time to time by the regulations for the purposes of this section, a refund is not payable under this Part in respect of that wool.

WOOL INDUSTRY ACT 1972 - DIVISION 4
Division 4 - Method of Distribution

WOOL INDUSTRY ACT 1972 - SECT 42K
Persons by whom refunds in respect of participating wool are to be made

SECT

42K. (1) Subject to this Part, refunds that are payable in respect of wool that is participating wool in respect of a declared period shall be made by registered persons on behalf of the Corporation, or by the Corporation, in accordance with this section.

(2) Where wool has become participating wool in respect of a declared period by reason of the sale of the wool by a wool-broker on behalf of the producer, the refund payable in respect of that wool shall, subject to this section, be paid by that wool-broker on behalf of the Corporation.

(3) Where wool has become participating wool in respect of a declared period by reason of the sale of the wool by the producer to a registered wool-dealer, the refund payable in respect of that wool shall, subject to this section, be paid by the registered wool-dealer on behalf of the Corporation.

(4) Where wool has become participating wool in respect of a declared period by reason of the sale of the wool by the producer to a manufacturer, the refund payable in respect of the wool shall, subject to this section, be paid by the manufacturer on behalf of the Corporation.

(5) Where wool has become participating wool in respect of a declared period by reason of the subjecting of the wool to a process of manufacture by a manufacturer on behalf of the producer, the refund payable in respect of the wool shall, subject to this section, be paid by the manufacturer on behalf of the Corporation.

(6) Where wool has become participating wool in respect of a declared period by reason of the exportation of the wool by a registered exporter on behalf of the producer, the refund payable in respect of that wool shall, subject to this section, be payable by the registered exporter on behalf of the Corporation.

(6A) Where wool has become participating wool in respect of a declared period by virtue of an act or thing done in relation to that wool, being an act or thing of a kind described in sub-section (2), (3), (4), (5) or (6), but the person by whom, but for his having ceased to be a registered person, the refund in respect of that wool would be payable has ceased to be a registered person, the refund in respect of that wool shall, subject to this section, be payable by the registered person, if any, having, for the time being, possession or control of the records relating to that act or thing.

(7) Where -
(a) a refund in respect of participating wool would, but for this subsection, be required to be made by a person -
(i) who has been a registered person but who is no longer a
registered person; and
(ii) whose records relating to the act or thing by virtue of the
doing of which the refund would be payable by him if he had not ceased to be a registered person are not in the possession or under the control of another registered person;
(b) a refund in respect of participating wool would, but for this subsection, be required to be made by a registered person but the registered person is, for any reason, unable to make that payment; or
(c) a refund in respect of participating wool would, but for this subsection, be required to be made by a registered person but the registered person requests the Corporation to make the payment and the Corporation, on considering the number of refunds involved, is satisfied that the cost to him of making the payment would be substantially disproportionate to the amount of the refund, agrees to do so,
payment of the refund shall be made by the Corporation.

(8) Subject to sub-sections (2), (3), (4), (5), (6) and (6A), payments of refunds in respect of participating wool shall be made by the Corporation.

WOOL INDUSTRY ACT 1972 - SECT 42L
Registered persons to make refunds on behalf of Corporation

SECT

42L. (1) Where a period becomes, by virtue of section 42B, a declared period, a registered person who dealt with wool during that period shall, within one month after the date of publication of the declaration in the Gazette -
(a) furnish to the Corporation, in accordance with a form approved by the Corporation, such information and calculations in relation to the refunds becoming payable in accordance with this Part in respect of that wool as are required by the regulations to be furnished and are in his possession or under his control; and
(b) where the person is unable to furnish some or all of the information that is required by the regulations to be furnished in respect of any of that wool - furnish to the Corporation a statement, in writing, that he is unable to furnish that information and setting out particulars of the reasons why he is unable to furnish that information.

Penalty: $1,000.

(2) Where a registered person has duly furnished information and calculations to the Corporation in accordance with sub-section (1) in relation to wool, the Corporation shall, after examining that information and those calculations and making such inspection of any relevant documents and such inquiries arising out of that inspection as it thinks necessary, within 3 months after the date of publication of the declaration in the Gazette, authorize the registered person to make payments of such amounts as appear to the Corporation to be payable by that registered person or inform the registered person that it will make those payments pursuant to paragraph 42K (7) (b) or (c) or sub-section 42K (8).

(3) Without limiting the generality of sub-section (2), the power of the Corporation to make inquiries arising out of an inspection of the information and calculations furnished by a registered person in accordance with subsection (1) extends to requiring that person or another person, by notice in writing furnished to the person on whom the requirement is made, within such period after the making of the requirement as is specified in the notice -
(a) to furnish to the Corporation such further information, or such information, as the case requires, relating to the refund payable in respect of any participating wool as is specified in the notice and is in his possession or under his control; and
(b) where he is unable to furnish some or all of the information required by the notice by reason that the information is not in his possession or under his control - to furnish to the Corporation a statement, in writing, that he is unable to furnish that information and setting out particulars of the reasons why he is unable to furnish that information.

(4) A person on whom a requirement is made under sub-section (3) shall not fail to comply with the requirement.

Penalty: $1,000.

(5) In any proceedings for an offence against sub-section (1) or (4), a certificate in writing under the seal of the Corporation stating that the Corporation did not receive from a person who failed to furnish information that he was required to furnish under paragraph (1) (a) or (3) (a) a statement under paragraph (1) (b) or (3) (b), as the case requires, in relation to that failure is prima facie evidence that that information was in his possession or under his control.

(5A) Where a registered person has, whether before or after the commencement of this sub-section, acquired possession or control of the records of another person who was, but who subsequently ceased to be, a registered person relating to the acts or things done by the other person in relation to wool during a declared period, being acts or things by virtue of the doing of which the other person would, if he had not ceased to be a registered person, be taken, for the purposes of this section, to have dealt with that wool during that declared period, this section and the regulations made in pursuance of this section apply to the first-mentioned registered person -
(a) if the first-mentioned registered person acquired possession or control of the records before the date of publication of the declaration by virtue of which the declared period became a declared period - as if he were the registered person who, by virtue of the doing of those acts or things, had dealt with the wool during that declared period;
(b) if the first-mentioned registered person acquired possession or control of the records on or after the date referred to in paragraph (a) but before sub-section (1) has been complied with - as if he were the registered person who, by virtue of the doing of those acts or things, had dealt with the wool during the declared period and as if the reference to one month in sub-section (1) were a reference to one month after he acquired possession or control of the records; or
(c) if the first-mentioned registered person acquired possession or control of the records on or after the date referred to in paragraph (a) and after sub-section (1) has been complied with - as if he were the registered person who, by virtue of the doing of those acts or things, had dealt with the wool during the declared period and as if he were the registered person who had complied with sub-section (1).

(5B) Nothing in sub-section (5A) shall be taken to render a registered person liable for conviction in respect of an act or omission of another registered person in respect of an obligation imposed upon that other registered person by sub-section (1).

(6) For the purposes of this section, a registered person shall be taken to have dealt with wool if and only if -
(a) in his capacity as a wool-broker, he has sold wool;
(b) in his capacity as a registered wool-dealer, he has purchased wool from a person other than a wool-broker;
(c) in his capacity as a manufacturer, he has purchased wool from a person other than a wool-broker or a registered wool-dealer;
(d) in his capacity as a manufacturer, he has subjected wool (not being wool purchased by him) to a process of manufacture; or
(e) in his capacity as a registered exporter, he has exported wool from Australia,
and the wool so sold, purchased, subjected to a process of manufacture or exported by him was not wool on which wool tax had already been paid.

WOOL INDUSTRY ACT 1972 - SECT 42M
Payments authorized under section 42L

SECT

42M. (1) Where the Corporation authorizes a registered person who has furnished information and calculations under section 42L or who is, in pursuance of sub-section 42L (5A), to be taken, for the purposes of the application of that section, to have so furnished such information and calculations to make payments in respect of participating wool, it shall pay to the registered person such moneys as are required to enable him to make the payments so authorized.

(2) Subject to this Part, where the Corporation provides a registered person, in accordance with sub-section (1), with moneys for the purpose of enabling him to make payments in respect of participating wool -
(a) the registered person shall not make a payment out of those moneys except in accordance with an authorization by the Corporation; and
(b) the registered person shall make each payment authorized by the Corporation as soon as practicable after receipt of those moneys.

Penalty: $5,000 or imprisonment for 2 years, or both.

(3) If, for any reason, a registered person to whom moneys have been provided in accordance with sub-section (1) to make a payment authorized by the Corporation in respect of participating wool does not make the payment within 1 month after his receipt of those moneys, he shall forthwith pay to the Corporation an amount equal to the amount of the payment so authorized and inform the Corporation, in writing, of the reason why he did not make the payment.

Penalty: $5,000 or imprisonment for 2 years, or both.

(4) Where, after a payment authorized by the Corporation to be made by a registered person in respect of participating wool has been made, the cheque by which the payment is made is returned to the registered person or is not presented for payment within 12 months after it was drawn, the registered person shall forthwith pay an amount equal to the amount of the payment so authorized to the Corporation and inform the Corporation, in writing, of his reasons for so doing.

Penalty for a contravention of this sub-section: $5,000 or imprisonment for 2 years, or both.

WOOL INDUSTRY ACT 1972 - SECT 42N
Claims made upon the Corporation

SECT

42N. (1) A person who claims to be entitled to be paid an amount in respect of wool that is participating wool in respect of a declared period may, if he has not received payment of an amount equal to that amount in respect of that wool from a registered person or the Corporation within 4 months after the date of publication in the Gazette of the declaration of the period as the declared period, make a claim upon the Corporation for payment to him of the amount, or the balance of the amount, as the case requires, that he claims to be payable to him in respect of that wool.

(2) The Corporation is not required to make a payment in respect of wool that is participating wool in respect of a declared period unless -
(a) the claim for that payment is delivered to the Corporation within the period of 6 months after the date of publication in the Gazette of the period as a declared period; or
(b) the Corporation is satisfied that there is a sufficient reason why the claim was not delivered to the Corporation within that period of 6 months and a period of a year since the publication of the declaration has not expired.

(3) A claim upon the Corporation under sub-section (1) shall be made, in writing, in accordance with a form approved by the Corporation and shall contain or be accompanied by such information and evidence as are required under the regulations.

(4) The regulations may require any information that a person making a claim is required to furnish to be verified by a statutory declaration.

(5) As soon as practicable after receipt of a claim in respect of participating wool, the Corporation shall make a thorough investigation of the claim without regard to legal forms and -
(a) if it is satisfied that the claimant is entitled to a payment, or additional payment, in respect of that wool under this Part - inform the claimant, in writing, that it is satisfied that he is entitled to payment or additional payment of a specified amount under this Part in respect of that wool and furnish to the claimant a statement in writing setting out its findings on material questions of fact and the reasons for its decision, including the basis on which it has determined the specified amount; or
(b) if it is not so satisfied - inform the claimant, in writing, that it is not satisfied that he is entitled to any payment, or additional payment, under this Part in respect of that wool and furnish to the claimant a statement in writing setting out its findings on material questions of fact and the reasons for its decision.

(6) Where the Corporation makes a decision under paragraph (a) of sub-section (5) to the effect that a claimant is entitled to the payment, or additional payment, of a specified amount in respect of the wool under this Part, it shall, when informing the claimant, in writing, that it has so decided, also effect payment to the claimant of the specified amount.

(7) In investigating a claim under this section, the Corporation is not bound by rules of evidence, but shall inform itself on any relevant matters in such manner as it thinks fit.

WOOL INDUSTRY ACT 1972 - SECT 42P
Manner of payment of refund

SECT

42P. (1) Payment in respect of participating wool shall be made only by cheque and each such cheque shall be crossed specially "account payee only".

(2) Where the Corporation or a registered person makes a payment in respect of participating wool to a person, it or he shall deliver to that person a statement in writing showing the amount of the payment separate from any other amount paid to that person.

WOOL INDUSTRY ACT 1972 - SECT 42Q
Moneys paid under section 42M to be held in trust

SECT

42Q. Where moneys are paid to a registered person by the Corporation under section 42M for the purpose of enabling the person to make payments in respect of participating wool, those moneys shall be deemed to be moneys held in trust for the Corporation until applied by the person in accordance with this Part.

WOOL INDUSTRY ACT 1972 - SECT 42R
Investment of moneys received under section 42M

SECT

42R. (1) Where moneys are paid to a registered person by the Corporation under section 42M for the purpose of enabling him to make payments in respect of participating wool, he shall, until the moneys are applied by him in accordance with this Part, cause the moneys to be -
(a) held in an account with a bank as defined in sub-section (1) of section 5 of the Banking Act 1959, being an account opened and maintained only for the purposes of this Part; or
(b) invested in a prescribed manner.

(2) Interest earned on money invested by a registered person in accordance with sub-section (1) shall be paid by the registered person to the Corporation as soon as practicable after it is received.

Penalty: $5,000 or imprisonment for 2 years, or both.

WOOL INDUSTRY ACT 1972 - SECT 42S
False documents, &c.

SECT

42S. (1) A person shall not -
(a) do an act or thing for the purpose of obtaining or receiving, or causing or enabling another person to obtain or receive, a payment that is not payable to him or to that other person under this Part in respect of participating wool or that exceeds the amount payable to him or to that other person under this Part in respect of participating wool; or
(b) with intent to defraud, forge or alter a declaration in writing or other document required, intended to be used or capable of being used for the purposes of this Part.

Penalty: $2,000 or imprisonment for 12 months, or both.

(2) A person shall not -
(a) sign a declaration in writing or other document required, intended to be used or capable of being used for the purposes of this Part which, to his knowledge, contains information or a statement that is false or misleading in a material particular; or
(b) present or deliver to another person, including the Corporation, a declaration in writing or other document, whether signed by him or not, that is presented or delivered for the purposes of this Part, or is required, intended to be used or capable of being used for those purposes, being a declaration or document that, to his knowledge, contains information or a statement that is false or misleading in a material particular.

Penalty for a contravention of this sub-section: $1,000.

WOOL INDUSTRY ACT 1972 - SECT 42T
Person receiving payment to which he is not entitled

SECT

42T. (1) A person who receives, in respect of a refund in respect of participating wool, a payment that, to his knowledge, is not payable to him, or exceeds the amount payable to him, shall, as soon as practicable, inform the Corporation accordingly.

Penalty: $1,000.

(2) For the purposes of sub-section (1), a registered person shall be taken to be a person who receives a payment in respect of participating wool where he receives that payment in his capacity as producer of that wool or as the person entitled to receive that payment by virtue of the operation of section 42E, 42F, 42G or 42H but not otherwise.

WOOL INDUSTRY ACT 1972 - SECT 42U
Court may order refunds

SECT

42U. (1) Where a person is convicted of an offence against sub-section (1) of section 42S, the court may, in addition to imposing a penalty, order the person to repay to the Corporation so much of a payment in respect of participating wool as was paid to him as a result of the offence.

(2) Where a person is convicted of an offence under section 42T, the court may, in addition to imposing a penalty, order the person to repay to the Corporation the amount of the payment in respect of participating wool or the amount by which the payment in respect of participating wool exceeded the amount properly payable, as the case may be.

(3) Where a court has made an order under this section, a certificate under the hand of the clerk or other appropriate officer of the court specifying the amount ordered to be refunded and the person by whom the amount is payable may be filed in a court having civil jurisdiction to the extent of that amount and is thereupon enforceable in all respects as a final judgment of that court.

(4) For the purposes of this section, a registered person shall be taken to be a person who receives a payment in respect of participating wool where he receives that payment in his capacity as producer of that wool or as the person entitled to receive that payment by virtue of the operation of section 42E, 42F, 42G or 42H but not otherwise.

WOOL INDUSTRY ACT 1972 - SECT 42V
Overpayments

SECT

42V. Where the Corporation has made, or a registered person has, with the authority of the Corporation, made -
(a) a payment in respect of participating wool that was not payable, or was not payable to the person to whom it was paid; or
(b) a payment in respect of participating wool that exceeds the amount that was payable,
the amount of the payment, or of the excess, as the case may be, if not otherwise recovered, may be recovered by the Corporation from the person to whom it was paid, as a debt due to the Corporation, by action in a court of competent jurisdiction.

WOOL INDUSTRY ACT 1972 - DIVISION 5
Division 5 - Review of Decisions of Corporation

WOOL INDUSTRY ACT 1972 - SECT 42W
Review of decisions of Corporation

SECT

42W. Application may be made to the Administrative Appeals Tribunal for the review of a decision made by the Corporation under sub-section (5) of section 42N.

WOOL INDUSTRY ACT 1972 - DIVISION 6
Division 6 - Miscellaneous

WOOL INDUSTRY ACT 1972 - SECT 42X
Corporation to keep records of persons registered under Administration
Act

SECT

42X. (1) The Corporation shall maintain, in relation to each relevant section of the Administration Act and in relation to each State, a register of all persons who have been registered under that section in respect of that State at any time during the period commencing on 2 September 1974 and ending on the day preceding the date of commencement of this section or become so registered on or after the date of commencement of this section.

(2) Where a person who is, at any time after 1 September 1974, registered in relation to a relevant section and in relation to a State has subsequently ceased or, after the commencement of this section, ceases to be so registered, the register shall indicate the date when he so ceased.

(3) For the purpose of enabling the Corporation to keep and maintain the registers referred to in sub-section (1), the Commissioner of Taxation shall furnish to the Corporation a copy of each register kept by him in relation to registration of persons under a relevant section of the Administration Act in respect of a particular State to the extent that each such register relates to matters referred to in sub-section (1) and a copy of each alteration made after the commencement of this section to each register so kept by him.

(4) For the purpose of sub-section (1), the copy of each register kept by the Commissioner of Taxation in relation to registration of persons under a relevant section of the Administration Act in respect of a particular State, and the copy of each alteration to that register, that is furnished to the Corporation in accordance with sub-section (3) shall be deemed to be incorporated in, and to form part of, the register required to be kept by the Corporation under sub-section (1) in relation to that section and that State.

(5) A register maintained by the Corporation in accordance with this section shall not be made available for inspection by members of the public.

(6) Where a person -
(a) is or claims to be entitled to a payment in respect of participating wool; and
(b) is or claims to be unable to confirm whether a person who sold, subjected to a process of manufacture or exported that wool on his behalf or who purchased that wool from him did so in his capacity as a wool-broker, manufacturer, or exporter registered under the Administration Act or as a registered wool-dealer, as the case may be,
the first-mentioned person may make a written request of the Corporation that it inform the person whether the registers maintained by it under this section shows the person referred to in paragraph (b) to have been registered in the capacity referred to in that paragraph at the time of the transaction or activity concerned and whether the person so referred to is, at the time of the request, a registered person, and the Corporation shall, unless it has reason to doubt that the inquiry is properly made, inform the person making the inquiry of the matters inquired into.

WOOL INDUSTRY ACT 1972 - SECT 42Y
Commissioner of Taxation to keep Corporation informed of particulars of
wool tax paid

SECT

42Y. (1) The Commissioner of Taxation shall, as soon as practicable after the commencement of this section, cause the Corporation to be furnished, in relation to each financial year to which this Part applies that ended before the commencement of this section, with such information in respect of wool that was participating wool in respect of that year and wool tax as the Corporation requires and as is included in returns lodged with the Commissioner of Taxation by registered persons.

(2) The Commissioner of Taxation shall, as soon as practicable after the expiration of each financial year to which this Part applies that ends after the commencement of this section, cause the Corporation to be furnished with such information in respect of wool that was participating wool in respect of that year and wool tax as the Corporation requires and as is included in returns lodged with the Commissioner of Taxation by registered persons.

WOOL INDUSTRY ACT 1972 - SECT 42Z
Remuneration of registered persons making payments under this Part

SECT

42Z. (1) In accordance with principles approved by the Minister for the purposes of this section, the Corporation shall make payments to registered persons in respect of costs incurred by them in and in relation to the payment of refunds, in accordance with this Part, in respect of a period that has been declared under section 42B to be a declared period or incurred by them in and in relation to the intended payments of refunds, in accordance with this Part, in respect of a period that is proposed to be so declared, or to be part of a period that is proposed to be so declared.

(2) Where -
(a) a period is declared under section 42B to be a declared period; or
(b) a period is proposed to be declared under section 42B to be a declared period,
the relevant organizations shall, subject to sub-section (3), make a joint submission to the Minister concerning the principles that the Minister should approve for the purposes of this section in respect of costs incurred in respect of that period.

(3) If a relevant organization informs the Minister that the relevant organizations are unable to make a joint submission in accordance with subsection (2), the Minister may, if the Minister thinks fit, appoint a person as an arbitrator to settle the matters in dispute between the relevant organizations in relation to the principles that should be approved for the purposes of this section.

(4) An arbitrator appointed pursuant to sub-section (3) to settle matters in dispute in relation to principles that should be approved for the purposes of this section shall -
(a) have such consultations and conduct such enquiries as the arbitrator thinks necessary in order to settle the matters in dispute; and
(b) upon making a decision in relation to the matters in dispute, give to the Minister a written report setting out the principles that, in the arbitrator's opinion, the Minister should approve for the purposes of this section.

(5) The Minister, in approving principles for the purposes of this section, shall have regard to -
(a) any joint submission made to the Minister pursuant to sub-section (2);
(b) any report given to the Minister pursuant to sub-section (4); and
(c) such other matters as the Minister considers appropriate.

(6) Where there has been an arbitration in relation to principles to be approved for the purposes of this section -
(a) the Corporation shall pay the arbitrator's fees;
(b) the Wool Council of Australia shall reimburse the Corporation to the extent of an amount equal to one half of the amount of those fees; and
(c) in the principles that the Minister so approves, the Minister shall make provision for the amounts paid to registered persons under sub-section (1) to be reduced in such a manner that the sum of the amounts that, but for this paragraph, would have been payable to registered persons under sub-section (1) in accordance with the principles so approved is reduced by an amount equal to one half of the amount of those fees.

(7) In this section, "relevant organization" means -
(a) the Wool Council of Australia; and
(b) any other organization that is declared by the Minister, by notice in writing published in the Gazette, to be a relevant organization representing the interests of registered persons for the purposes of this section.

WOOL INDUSTRY ACT 1972 - SECT 42AA
Officers to observe secrecy

SECT

42AA. (1) In this section, "officer" means a person who is or has been appointed as a member of the Corporation or employed as a member of the staff of the Corporation.

(2) Subject to this section, an officer shall not, either directly or indirectly, and either while he is, or after he ceases to be, an officer, make a record of, or divulge or communicate to any person, any information that he has acquired with respect to the affairs of another person by reason of his appointment or employment as an officer or in the course of his employment as an officer except in the performance of his duties as an officer in connection with the performance by the Corporation of its functions under this Part.

(3) An officer shall not be required to produce in court a return or other document that came into his possession, or to divulge or communicate to a court a matter or thing coming under his notice, in connection with the performance by the Corporation of its functions under this Part except when it is necessary to do so for the purpose of carrying into effect the provisions of this Part.

(4) Nothing in this section prevents an officer authorized for the purpose by the Corporation from divulging or communicating any information to the Commissioner of Taxation for the purpose of administering or enforcing the Administration Act or any Wool Tax Act.

(5) The Commissioner of Taxation, and any person or employee under his control, are, in respect of any information divulged or communicated to the Commissioner under sub-section (4), entitled to rights and privileges, and subject to obligations and liabilities, under sub-sections (2) and (3) as if -
(a) the references in those sub-sections to an officer were references to the Commissioner or that person or employee;
(b) the references in those sub-sections to the performance by the Corporation of its functions under this Part were references to the administration or enforcement of the Administration Act or any Wool Tax Act; and
(c) the words "or administering or enforcing the Administration Act or any Wool Tax Act" were added at the end of sub-section (3).

Penalty: $5,000 or imprisonment for 2 years, or both.

WOOL INDUSTRY ACT 1972 - SECT 42AB
Person paying wool tax to furnish details to Corporation in relation to
each financial year

SECT

42AB. (1) The Corporation may, by notice in writing delivered to a registered person who, in the capacity of a registered person, dealt with wool during a financial year to which this Part applies that ended on or before 30 June 1979, require that person or, if that person has ceased to be a registered person but the records of the acts or things done by him in relation to wool by virtue of the doing of which he is to be taken to have dealt with that wool are in the possession or under the control of another person who is a registered person, require that other person -
(a) to furnish to the Corporation, in accordance with a form approved by the Corporation, a return setting out such information in respect of all wool dealt with by the first-mentioned registered person as a registered person during that financial year as is required by the regulations to be furnished and is in his possession or under his control; and
(b) where the person is unable to furnish some or all of the information that is required by the regulations to be furnished in respect of any of that wool - to furnish to the Corporation a statement, in writing, that he is unable to furnish that information and setting out particulars of the reasons why he is unable to furnish that information.

(2) A person shall not fail to comply with a requirement made on him under sub-section (1).

Penalty: $1,000.

(3) A registered person who, in the capacity of a registered person has dealt with wool during a financial year to which this Part applies that ends after 30 June 1979, shall, within the period of one month, or such longer period as the Corporation allows, after the expiration of that financial year -
(a) furnish to the Corporation a return, in accordance with a form approved by the Corporation, setting out such information in respect of all wool dealt with by him as a registered person during that financial year as is required by the regulations to be furnished and is in his possession or under his control; and
(b) where the person is unable to furnish some or all of the information that is required by the regulations to be furnished in respect of any of that wool - furnish to the Corporation a statement, in writing, that he is unable to furnish that information and setting out particulars of the reasons why he is unable to furnish that information.

Penalty: $1,000.

(3A) Where a registered person has, whether before or after the commencement of this sub-section, acquired possession or control of the records of another person who was, but who subsequently ceased to be, a registered person, relating to the acts or things done by the other person in relation to wool during a financial year to which this Part applies that ended or ends after 30 June 1979, being acts or things by virtue of the doing of which the other person would, if he had not ceased to be a registered person, be taken to have dealt with that wool in his capacity as a registered person during that year, sub-section (3) and the regulations made in pursuance of that sub-section apply to the first-mentioned registered person -
(a) if the first-mentioned registered person acquired possession or control of the records before the end of that year - as if he were the registered person who, by virtue of the doing of those acts or things, had dealt with the wool in the capacity of a registered person during that year;
(b) if the first-mentioned registered person acquired possession or control of the records after the end of that year but before sub-section (3) has been complied with in respect of that year - as if he were the registered person who, by virtue of the doing of those acts or things, had dealt with the wool in the capacity of a registered person during that year and as if the reference to one month in sub-section (3) were a reference to one month after he acquired possession or control of the records; or
(c) if the first-mentioned registered person acquired possession or control of the records after the expiration of that year and after sub-section (3) has been complied with in respect of that year - as if he were the registered person who, by virtue of the doing of those acts or things, had dealt with the wool in the capacity of a registered person during that year and as if he were the registered person who had complied with sub-section (3).

(3B) Nothing in sub-section (3A) shall be taken to render a registered person liable for conviction in respect of an act or omission of another registered person in respect of an obligation imposed upon that other registered person by sub-section (3).

(4) In any proceedings for an offence against sub-section (2) or (3) a certificate in writing under the seal of the Corporation stating that the Corporation did not receive from a person who failed to furnish information that he was required to furnish under paragraph (1) (a) or (3) (a) a statement under paragraph (1) (b) or (3) (b), as the case requires, in relation to that failure is prima facie evidence that that information was in his possession or under his control.

(5) For the purposes of this section, a registered person shall be taken to have dealt with wool if and only if -
(a) in his capacity as a wool-broker, he has sold wool;
(b) in his capacity as a registered wool-dealer, he has purchased wool from a person other than a wool-broker;
(c) in his capacity as a manufacturer, he has purchased wool from a person other than a wool-broker or a registered wool-dealer;
(d) in his capacity as a manufacturer, he has subjected wool (not being wool purchased by him) to a process of manufacture; or
(e) in his capacity as a registered exporter, he has exported wool from Australia,
and the wool so sold, purchased, subjected to a process of manufacture or exported by him was not wool on which wool tax had already been paid.

WOOL INDUSTRY ACT 1972 - SECT 42AC
Registered person to account to Corporation

SECT

42AC. (1) A registered person shall account to the Corporation, in the manner and at the times required by the Corporation by notice in writing, in respect of moneys provided by the Corporation for the purpose of payments in respect of participating wool.

(2) A registered person shall, if required by the Corporation by notice in writing to do so, submit his books and accounts relating to the performance of his functions in effecting payments in respect of participating wool on behalf of the Corporation to the Corporation for audit by the Corporation.

Penalty: $1,000.

WOOL INDUSTRY ACT 1972 - SECT 42AD
Access to premises

SECT

42AD. (1) An authorized person may, with the consent of the occupier of any premises, enter the premises for the purpose of exercising the functions of an authorized person under this section.

(2) Where an authorized person has reasonable ground to believe that there are on any premises books, documents or papers relating to the sale or purchase of wool, the subjecting of wool to a process of manufacture or the export of wool or to other matters relevant to the operation or administration of this Part, the authorized person may make application to a Magistrate for a warrant authorizing the authorized person to enter the premises for the purpose of exercising the functions of an authorized person under this section.

(3) If, on an application under sub-section (2), the Magistrate is satisfied by information on oath -
(a) that there is reasonable ground to believe that there are on the premises to which the application relates any books, documents or papers relating to the sale or purchase of wool, the subjecting of wool to a process of manufacture or the export of wool or to other matters relevant to the operation or administration of this Part; and
(b) that the issue of the warrant is reasonably required for the purposes of this Part,
the Magistrate may grant a warrant authorizing the authorized person, with such assistance as he thinks necessary, to enter the premises, during such hours of the day or night as the warrant specifies or, if the warrant so specifies, at any time, if necessary by force, for the purpose of exercising the functions of an authorized person under this section.

(4) Where an authorized person has entered premises in pursuance of sub-section (1) or in pursuance of a warrant granted under sub-section (3), he may exercise the functions of an authorized person under this section.

(5) The functions of an authorized person under this section are to search for, inspect, take extracts from and make copies of any books, documents or papers relating to the sale or purchase of wool, the subjecting of wool to a process of manufacture or the export of wool or to other matters relevant to the operation or administration of this Part.

(6) In this section "authorized person" means -
(a) a person appointed by the Minister, by instrument in writing, to be an authorized person for the purposes of this section; or
(b) a person included in a class of persons appointed by the Minister, by instrument in writing, to be authorized persons for the purposes of this section.

WOOL INDUSTRY ACT 1972 - SECT 42AE
Arrangements with States and Northern Territory

SECT

42AE. (1) The Governor-General may arrange with the Governor of a State for the performance by all or any of the persons who from time to time hold office as Magistrates in that State of the functions of a Magistrate under section 42AD.

(2) The Governor-General may make arrangements with the Administrator of the Northern Territory for the performance by all or any of the persons who from time to time hold office as Magistrates in that Territory of the functions of a Magistrate under section 42AD.

(3) Where an arrangement under sub-section (1) or (2) is in force, a person to whom the arrangement applies who holds an office specified in the arrangement is required to perform the functions of a Magistrate for the purposes of section 42AD.

WOOL INDUSTRY ACT 1972 - SECT 42AF
Offences

SECT

42AF. (1) Subject to this section, an offence against this Part, other than an offence against a provision referred to in sub-section (2) shall be prosecuted summarily.

(2) Subject to sub-section (3), an offence against sub-section (2), (3) or (4) of section 42M, sub-section (1) or (2) of section 42R or against section 42AA shall be prosecuted on indictment.

(3) Where a person is charged with an offence against a provision referred to in sub-section (2), a court of summary jurisdiction may, with the consent of the defendant and of the prosecutor and if the court is satisfied that it is appropriate to do so, determine the charge summarily.

(4) Where, in accordance with sub-section (1), a court of summary jurisdiction convicts a person of an offence against a provision referred to in sub-section (2), the penalty that the court may impose is a fine not exceeding $2,000 or imprisonment for a period not exceeding 1 year, or both.

WOOL INDUSTRY ACT 1972 - SECT 42AG
Destruction of records

SECT

42AG. (1) This section applies to any person who is, or has been at any time after the commencement of this section, a registered person.

(2) Notwithstanding anything to the contrary contained in any other law, a person to whom this section applies shall not -
(a) destroy a relevant record otherwise than with the consent of the Corporation; or
(b) part with the possession or control of a relevant record otherwise than in accordance with the instructions of the Corporation.

(3) For the purposes of sub-section (2), a relevant record is any book, document, paper or other record that is in the possession or control of a person to whom this section applies and that relates to -
(a) wool that is participating wool in respect of a financial year and in relation to which a refund under this Part has become or may, at some future time, become payable by that person on behalf of the Corporation or by the Corporation; or
(b) the payment of moneys (including the payment of moneys under this Part) in connection with any such wool.

Penalty: $1,000.

WOOL INDUSTRY ACT 1972 - SECT 42AH
Persons who become registered persons again after ceasing to be
registered persons

SECT

42AH. Where a person who is a registered person ceases to be a registered person but subsequently becomes a registered person again, the provisions of this Part apply to him as if, when he again becomes a registered person, he were a registered person other than the first-mentioned registered person.

WOOL INDUSTRY ACT 1972 - PART IV
PART IV - WOOL USE PROMOTION

WOOL INDUSTRY ACT 1972 - SECT 43
Functions and powers of Corporation in relation to wool promotion

SECT

43. (1) It is a function of the Corporation to promote the use of wool and wool products in Australia and other countries.

(2) Without limiting the generality of sub-section (4) of section 20, the Corporation has power to use such means as it thinks fit for the purpose of promoting the use of wool and wool products, including -
(a) the use of publicity;
(b) the encouraging of research in connexion with the production or use of wool; and
(c) the encouraging of the improvement of production of wool in Australia.

WOOL INDUSTRY ACT 1972 - PART V
PART V - WOOL RESEARCH AND DEVELOPMENT

WOOL INDUSTRY ACT 1972 - DIVISION 1
Division 1 - Preliminary

WOOL INDUSTRY ACT 1972 - SECT 44
Interpretation

SECT

44. In this Part, unless the contrary intention appears -
"Chairperson" means the Chairperson of the Research Council;
"member of the Research Council" means a member of the Research Council and includes the Chairperson.

WOOL INDUSTRY ACT 1972 - SECT 45
Object of Part

SECT

45. The object of this Part is to make provision in relation to the funding and administration of wool research and development with a view to -
(a) identifying more precisely areas of wool research and development that are relevant to the needs of the wool industry;
(b) improving the efficiency and effectiveness of wool research and development;
(c) encouraging the more effective use of the resources and skills of the community in general, and the scientific community in particular, in wool research and development; and
(d) improving accountability for expenditure on wool research and development activities.

WOOL INDUSTRY ACT 1972 - DIVISION 2
Division 2 - Functions and powers of the Corporation in relation to
wool
research and development

WOOL INDUSTRY ACT 1972 - SECT 46
Functions of Corporation in relation to wool research and development

SECT

46. (1) The functions of the Corporation in relation to wool research and development are -
(a) to consider recommendations made by the Research Council, pursuant to section 62, for the funding of particular wool research and development activities;
(b) where it approves any such recommendation - to implement that recommendation;
(c) to monitor, and to make reports to the Minister and to the Wool Council of Australia concerning, the operations of the Corporation and the Research Council in relation to wool research and development;
(d) to ensure that sufficient resources (including personnel) are available to the Research Council to enable the Research Council to perform its functions effectively;
(e) to carry out such duties, and to exercise such powers, as are conferred on it by or under this Part; and
(f) to do anything incidental or conducive to the performance of any of the functions referred to in paragraphs (a), (b), (c), (d) or (e).

(2) Nothing in sub-section (1) shall be read as limiting, by implication, any power that the Corporation would have, apart from that sub-section, to undertake wool research and development activities.

WOOL INDUSTRY ACT 1972 - SECT 47
Manner in which Corporation to exercise its powers

SECT

47. To the extent that it is practicable to do so, the Corporation shall endeavour to ensure that the exercise at any time of its powers in relation to wool research and development is consistent with, and designed to give effect to, the provisions of any wool research and development plan, and of any annual operational plan, in force at that time.

WOOL INDUSTRY ACT 1972 - SECT 48
Agreements relating to wool research and development, &c.

SECT

48. (1) Without limiting the generality of sub-section 20 (4), the Corporation may enter into an agreement with another person, an authority or an organization for the purposes of, or for purposes in connection with, the funding by the Corporation of an approved research and development activity.

(2) Without limiting the generality of sub-section (1), an agreement made by the Corporation with a person, authority or organization under that sub-section in relation to moneys that are to be provided by the Corporation out of the Fund may -
(a) provide for -
(i) the moneys provided under the agreement and any property
acquired with those moneys or with moneys that include those moneys, to be used only for the purposes specified in the agreement; and
(ii) the payment by the person, authority or organization to the
Corporation of an amount equal to the whole, or such part as the Corporation determines, of the moneys provided under the agreement if any of the moneys provided under the agreement or any of the property referred to in sub-paragraph (i) are used for a purpose not specified in the agreement;
(b) provide for the payment by the person, authority or organization to the Corporation for the purposes of the Fund, of an amount equal to the whole, or such part as the Corporation determines, of any net income derived by the person, authority or organization from -
(i) property acquired with moneys provided under the agreement
or with moneys that include those moneys; or
(ii) interests in, rights to apply for patents in respect of, or
patents for, inventions made, or any other property acquired, in the course of carrying out a wool research and development activity to which the agreement relates or doing any other act or thing with those moneys or with moneys that include those moneys;
(c) provide for the assignment by the person, authority or organization to the Corporation of any property of the kind referred to in subparagraph (b) (i) or of any interests, rights, patents or other property of a kind referred to in sub-paragraph (b) (ii); and
(d) provide for the payment by the person, authority or organization to the Corporation for the purposes of the Fund in the event of the disposal, otherwise than to the Corporation, of any property of a kind referred to in paragraph (b), of an amount equal to the whole, or such part as the Corporation determines -
(i) in the case of a disposal by way of sale or assignment for
value - of the net proceeds of the sale or assignment; and
(ii) in any other case - of the value of the property as determined
by the Corporation.

WOOL INDUSTRY ACT 1972 - SECT 49
Corporation may participate in joint ventures

SECT

49. (1) Without limiting the generality of sub-section 20 (4), the Corporation may enter into an agreement with another person, an authority or an organization to undertake a joint venture.

(2) A joint venture referred to in sub-section (1) shall be undertaken for a purpose that is, or for purposes that are, consistent with the objectives set out in the wool research and development plan in force at the time when the agreement to undertake the joint venture is entered into.

(3) Without limiting the generality of the matters that may be dealt with in an agreement entered into in respect of a joint venture, such an agreement shall specify -
(a) the objectives of the joint venture;
(b) the expected duration of the joint venture;
(c) the nature and extent of the contribution to be made by the Corporation towards the joint venture; and
(d) the basis for the distribution of profits or other benefits derived from the joint venture.

WOOL INDUSTRY ACT 1972 - DIVISION 3
Division 3 - Establishment and functions of the Wool Research and
Development Council

WOOL INDUSTRY ACT 1972 - SECT 50
Establishment of Wool Research and Development Council

SECT

50. There is established by this section a council by the name of the Wool Research and Development Council.

WOOL INDUSTRY ACT 1972 - SECT 51
Functions of Research Council

SECT

51. The functions of the Research Council are -
(a) to investigate and evaluate the needs of the wool industry in relation to wool research and development;
(b) to develop wool research and development plans in accordance with section 55 and annual operational plans in accordance with section 60;
(c) to make recommendations to the Corporation in accordance with section 62 in relation to funding of particular wool research and development activities;
(d) to ensure that wool research and development activities referred to in an annual operational plan are carried out in a co-ordinated and efficient manner;
(e) to monitor, and to report to the Corporation concerning, approved research and development activities;
(f) to carry out such duties, and to exercise such powers, as are conferred on it by or under this Act or any other Act; and
(g) to do anything incidental or conducive to the performance of any of the functions referred to in paragraphs (a), (b), (c), (d), (e) and (f).

WOOL INDUSTRY ACT 1972 - DIVISION 4
Division 4 - Wool Research and Development Fund

WOOL INDUSTRY ACT 1972 - SECT 52
Establishment of Wool Research and Development Fund

SECT

52. (1) There is established by this section a fund to be known as the Wool Research and Development Fund.

(2) The Fund shall be vested in, and shall be maintained by, the Corporation.

WOOL INDUSTRY ACT 1972 - SECT 53
Moneys to be paid into Fund

SECT

53. (1) There shall be paid to the Corporation for the purposes of the Fund -
(a) where all the tax imposed on particular shorn wool by a Wool Tax Act has been received by the Commonwealth - an amount equal to a prescribed percentage of the sale value of that shorn wool; and
(b) subject to sub-sections (2) and (3), amounts equal to one half of the amounts from time to time paid out of the Fund in accordance with section 54.

(2) The sum of the amounts that are paid, by virtue of paragraph (1) (b), to the Corporation shall not exceed the sum of the amounts that are paid into the Fund by virtue of paragraph (1) (a).

(3) Where the sum (in this sub-section referred to as the "tax amount") of the amounts that are paid, by virtue of paragraph (1) (a), to the Corporation in a financial year exceeds an amount (in this sub-section referred to as the "relevant amount") equal to 0.5% of the amount that is determined by the Minister, in accordance with a method specified in the regulations, to be the gross value of the wool produced in Australia in that financial year, then, for the purposes of sub-section (2), the sum of the amounts that are paid, by virtue of paragraph (1) (a), to the Corporation shall be taken to be reduced by the difference between the tax amount and the relevant amount.

(4) The Corporation shall pay into the Fund -
(a) the net income derived by the Corporation from any property assigned to the Corporation pursuant to an agreement that the Corporation has entered into under section 48, or that the Corporation is, by virtue of section 29 of the Wool Industry Amendment Act 1986, deemed to have entered into, and, if any such property is disposed of by the Corporation -
(i) in the case of a disposal by way of sale or assignment for
value - the net proceeds of the sale or assignment; and
(ii) in any other case - an amount equal to the value of the
property as determined by the Corporation;
(b) moneys paid to the Corporation for the purposes of the Fund;
(c) moneys received by the Corporation from the sale of, or by way of income from, property acquired or produced, or in respect of work paid for, with moneys paid out of the Fund; and
(d) interest or other income from the investment of moneys standing to the credit of the Fund.

(5) Regulations prescribing a percentage for the purposes of paragraph (1) (a) shall not be such that the sum of -
(a) the percentage prescribed for the purposes of that paragraph;
(b) the percentage prescribed for the purposes of sub-section 83 (1); and
(c) the percentage prescribed for the purposes of sub-section 84A (1),
that apply in relation to the sale value of particular shorn wool is not equal to the percentage specified in the rate of tax imposed by a Wool Tax Act that is the rate of tax that applied to that wool.

(6) For the purposes of this section, the sale value of any shorn wool is the amount that, by virtue of section 10 of the Wool Tax (Administration) Act 1964, is the sale value of that wool for the purposes of that Act.

(7) Before making regulations prescribing a percentage for the purposes of paragraph (1) (a), the Governor-General shall take into consideration any recommendations with respect to that percentage made to the Minister by the Wool Council of Australia.

(8) Amounts payable to the Corporation by virtue of sub-section (1) are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.

WOOL INDUSTRY ACT 1972 - SECT 54
Application of Fund

SECT

54. (1) Amounts standing to the credit of the Fund may be applied for the following purposes and for no other purposes:

(a) the funding of approved research and development activities;
(b) the payment or discharge of the expenses, charges, obligations and liabilities incurred or undertaken by the Corporation in or in connection with the performance of its functions, or the exercise of its powers, in relation to wool research and development;
(c) the payment or discharge of the expenses, charges, obligations and liabilities incurred or undertaken in or in connection with the performance by the Research Council of its functions, or the exercise of its powers;
(d) the payment of remuneration and allowances of persons to whom section 70 applies;
(e) the payment to the Commonwealth of amounts in respect of the expenses (including payment of remuneration and allowances) incurred by the Selection Committee in the performance of its functions pursuant to sub-section 63 (5);
(f) the payment of moneys for the purpose of investing the moneys in accordance with section 36; and
(g) the making of any other payment that the Corporation is authorized or required to make under this Part.

(2) A reference in sub-section (1) to an obligation or liability includes a reference to an obligation or liability to pay salary or other remuneration or allowances.

WOOL INDUSTRY ACT 1972 - DIVISION 5
Division 5 - Research and development plans, annual operational plans
and approval of research and development activities for funding

WOOL INDUSTRY ACT 1972 - SECT 55
Research Council to develop research and development plans

SECT

55. (1) The Research Council shall develop, and prepare in written form, for each successive period determined in accordance with sub-section (4), for the purpose of the more effective performance by the Corporation and by the Research Council of their respective functions in relation to wool research and development, a research and development plan defining what, in the opinion of the Research Council, should be the principal objectives of the Corporation and of the Research Council during that period in relation to wool research and development and giving a broad outline of the strategies that should, in the opinion of the Research Council, be pursued by the Corporation and by the Research Council in achieving those objectives.

(2) A research and development plan prepared in accordance with this section shall, in addition to the matters referred to in sub-section (1), contain -
(a) an assessment, for the period to which the research and development plan relates, of the economic outlook for the wool industry; and
(b) an evaluation of the research and development needs of the wool industry in relation to the period to which the research and development plan relates.

(3) A research and development plan shall not be prepared by the Research Council until the Research Council has consulted the Wool Council of Australia and any other Department or other agency that the Research Council considers appropriate and has had regard to the views expressed as a result of those consultations.

(4) The first research and development plan prepared in accordance with this section shall be expressed to relate to a period, being a period of more than 4 years but not more than 5 years, commencing on a day occurring within 12 months after the commencement of this sub-section and ending on a 30 June, and each subsequent research and development plan shall be expressed to relate to the period of 5 years commencing at the end of the period to which the immediately preceding research and development plan relates.

(5) The Corporation may, by notice in writing to the Research Council, specify a day as the submission day for the purposes of this sub-section in relation to a period determined in accordance with sub-section (4) and, where the Corporation gives such a notice, the Research Council shall prepare the research and development plan for that period not later than the submission day so specified and the Chairperson shall deliver the plan so prepared to the Corporation not later than the submission day so specified.

WOOL INDUSTRY ACT 1972 - SECT 56
Agreement to research and development plans

SECT

56. (1) Where the Chairperson has, under section 55, delivered a research and development plan to the Corporation, the Corporation shall, not less than 3 months, or such lesser period as the Minister, in special circumstances, allows, before the intended day of commencement of the period to which the plan relates, submit the plan to the Minister for the Minister's agreement.

(2) The Corporation may, when submitting a research and development plan to the Minister in accordance with sub-section (1), submit to the Minister its own written comments concerning the plan.

(3) A research and development plan shall not come into force until -
(a) the day on which it is agreed to by the Minister; or
(b) the day of commencement of the period to which it relates,
whichever is the later.

(4) Where a research and development plan is submitted to the Minister in accordance with sub-section (1) and the Minister is of the opinion that, in the interests of the wool industry, or of a particular sector of the wool industry, the plan should be revised in some respect, the Minister may, by notice in writing to the Corporation, request that the Research Council revise the plan appropriately.

(5) A request made under sub-section (4) shall include a statement setting out the Minister's reasons for making the request.

(6) Where the Corporation receives a request under sub-section (4), it shall transmit the request to the Research Council.

(7) Where, under sub-section (6), the Research Council receives a request to revise a research and development plan, the Research Council shall consider the request and shall make such revision of the plan as it considers appropriate.

(8) This Division applies to a research and development plan as revised by the Research Council in accordance with sub-section (7) as if it were a research and development plan prepared in accordance with section 55.

WOOL INDUSTRY ACT 1972 - SECT 57
Variation of research and development plans

SECT

57. (1) The Research Council may vary a research and development plan with the agreement of the Minister given in accordance with this section.

(2) As soon as practicable after the 30 June next following the day on which a research and development plan comes into force, and as soon as practicable after each subsequent 30 June occurring before the day of expiration of the plan, the Research Council shall review the plan and consider whether a variation of the plan is necessary.

(3) At any time other than the times referred to in sub-section (2), the Research Council may, whether or not a particular research and development plan has come into force, review the plan and consider whether a variation of the plan is necessary.

(4) Where the Research Council considers that a variation of a research and development plan is necessary, the Research Council shall prepare proposals, in writing, for the variation.

(5) A statement of proposals prepared under sub-section (4) shall include a statement setting out the Research Council's reasons for making the proposals.

(6) The Chairperson shall deliver to the Corporation a statement of proposals prepared by the Research Council in accordance with sub-section (4) and the Corporation -
(a) shall submit the statement of proposals to the Minister for the Minister's agreement;
(b) may at the same time submit to the Minister its own written comments concerning the proposals; and
(c) shall ensure that the Minister is provided with such other information concerning the proposals as the Minister requests.

(7) After considering -
(a) a statement of proposals submitted under sub-section (6);
(b) the written comments (if any) submitted by the Corporation concerning the proposals; and
(c) such other information (if any) concerning the proposals as has been provided by the Corporation at the Minister's request,
the Minister may agree to or reject the proposed variation or make such other variation to the plan as the Minister thinks fit.

WOOL INDUSTRY ACT 1972 - SECT 58
Variation of research and development plans at request of Minister

SECT

58. (1) The Research Council may vary a research and development plan, whether or not it has come into force, if the Minister has -
(a) by notice in writing given to the Corporation, requested that the Research Council vary the plan; and
(b) agreed to proposals for the variation of the plan submitted to the Minister in accordance with this section.

(2) A request by the Minister for a variation of a research and development plan shall include a statement setting out the Minister's reasons for making the request.

(3) Where the Corporation receives a request of the kind referred to in paragraph (1) (a), it shall transmit the request to the Research Council.

(4) Where, under sub-section (3), the Research Council receives a request to vary a research and development plan, the Research Council shall consider the request and shall prepare proposals, in writing, for such variations of the plan as it considers to be appropriate.

(5) A statement of proposals prepared under sub-section (4) shall include a statement setting out the Research Council's reasons for making the proposals.

(6) The Chairperson shall deliver to the Corporation a statement of proposals prepared by the Research Council in accordance with sub-section (4), and the Corporation -
(a) shall submit each such statement of proposals to the Minister for the Minister's agreement; and
(b) may at the same time submit to the Minister its own written comments concerning the proposals.

(7) After considering -
(a) a statement of proposals submitted under sub-section (6); and
(b) the written comments (if any) of the Corporation concerning the proposals,
the Minister may agree to or reject the proposed variation.

WOOL INDUSTRY ACT 1972 - SECT 59
Date of commencement of research and development plans as varied

SECT

59. Where a variation of a research and development plan is agreed to by the Minister, in accordance with section 57 or 58, after the plan has come into force, the plan as so varied shall continue in force, on and after the day on which the proposal is so agreed to, as if the Minister had originally agreed to the plan as so varied.

WOOL INDUSTRY ACT 1972 - SECT 60
Research Council to develop annual operational plans

SECT

60. (1) The Research Council shall develop, and prepare in written form, for each successive period determined in accordance with sub-section (3), an annual operational plan that describes the particular kinds of wool research and development activities (if any) that the Research Council recommends, subject to its examination of specific proposals in that respect, that the Corporation fund, in whole or in part during that period, for the purpose of giving effect to the research and development plan that relates, or the intended research and development plan that will relate, to a period that includes, or will include, that first-mentioned period.

(2) An annual operational plan prepared in accordance with sub-section (1) shall, in relation to each kind of wool research and development activity (if any) that is described in the plan, contain an estimate of the maximum financial contribution that, in the opinion of the Research Council, the Corporation should make in respect of activities of that kind during the period to which the plan relates.

(3) The first annual operational plan prepared in accordance with subsection (1) shall be expressed to relate to the period commencing on the day of commencement of the period to which the first research and development plan relates and ending on the first 30 June after that day and each subsequent annual operational plan shall be expressed to relate to the period of one year commencing at the end of the period to which the immediately preceding annual operational plan relates.

(4) The Corporation may, by notice in writing to the Research Council, specify a day as the submission day for the purposes of this sub-section in relation to a period determined in accordance with sub-section (3) and, where the Corporation gives such a notice, the Research Council shall prepare the annual operational plan for that period not later than the submission day so specified and the Chairperson shall deliver the plan so prepared to the Corporation not later than the submission day so specified.

WOOL INDUSTRY ACT 1972 - SECT 61
Agreement to annual operation plans

SECT

61. (1) Where the Chairperson has, under section 60, delivered an annual operational plan prepared in accordance with that section to the Corporation, the Corporation shall, not less than 2 months, or such lesser period as the Minister, in special circumstances, allows, before the intended day of commencement of the period to which the plan relates, submit the plan to the Minister for the Minister's agreement.

(2) The Corporation may, when submitting an annual operational plan to the Minister in accordance with sub-section (1), submit to the Minister its own written comments concerning the plan.

(3) An annual operational plan shall not come into force until -
(a) the day on which it is agreed to by the Minister; or
(b) the day of commencement of the period to which it relates, whichever is the later.

(4) Where an annual operational plan is submitted to the Minister in accordance with sub-section (1) and the Minister is of the opinion that the plan is inconsistent with the provisions of the research and development plan that relates, or the intended research and development plan that will relate, to a period that includes or will include the period to which the annual operational plan will relate, the Minister may, by notice in writing given to the Corporation, request that the Research Council revise the annual operational plan appropriately.

(5) A request made under sub-section (4) shall include a statement setting out the Minister's reasons for making the request.

(6) Where the Corporation receives a request made under sub-section (4), it shall transmit the request to the Research Council.

(7) Where, under sub-section (6), the Research Council receives a request to revise an annual operational plan, the Research Council shall consider the request and shall make such revision of the plan as it considers appropriate.

(8) This Division applies to an annual operational plan as revised by the Research Council in accordance with sub-section (7) as if it were an annual operational plan prepared in accordance with section 60.

(9) Where, if a proposed variation of a research and development plan were to be agreed to by the Minister, an annual operational plan, being an annual operational plan that relates to a period that is included in the period to which the research and development plan relates, would not be consistent with the provisions of the research and development plan, the Research Council shall, at the time of submitting to the Corporation for the Minister's agreement the variation of the research and development plan, also submit to the Corporation for the Minister's agreement a proposal, in writing, for such variation of the annual operational plan as it considers to be appropriate.

(10) The Minister shall agree to an annual operational plan, or a revised annual operational plan, submitted to the Minister under sub-section (1), or to a proposal for a variation of such a plan submitted under sub-section (9), unless the Minister is of the opinion that it is inconsistent with the provisions of the research and development plan that relates, or the intended research and development plan that will relate, to a period that includes or will include the period to which the annual operational plan, the revised annual operational plan, or the annual operational plan as so varied, relates.

(11) Where a variation of an annual operational plan is agreed to by the Minister in accordance with sub-section (10) after the plan has come into force, the plan as so varied shall continue in force on and after the day on which the variation is so agreed to as if the Minister had originally agreed to the plan as so varied.

WOOL INDUSTRY ACT 1972 - SECT 62
Approval for funding of particular wool research and development
activities

SECT

62. (1) The Research Council may recommend to the Corporation that, during the period during which a particular annual operational plan is in force, the Corporation fund a particular wool research and development activity that -
(a) is a wool research and development activity of the kind recommended for funding in that annual operational plan; and
(b) is not a wool research and development activity to be undertaken by the Corporation.

(2) A recommendation by the Research Council under sub-section (1) in relation to a particular wool research and development activity shall -
(a) set out the nature of that activity;
(b) contain an estimate of the likely duration of that activity;
(c) contain an estimate of the total amounts (if any) of the financial contributions that have, since commencement of this Part, been made, or that, in the opinion of the Research Council, should in the future be made, by the Corporation in respect of that activity; and
(d) contain an estimate of the total amount of the contribution that, in the opinion of the Research Council, should be made by the Corporation in respect of that activity during the period to which the plan relates.

(3) The Corporation may approve or reject a recommendation made under sub-section (1) for the funding of a particular wool research and development activity.

WOOL INDUSTRY ACT 1972 - DIVISION 6
Division 6 - Constitution and meetings of Wool Research and
Development Council

WOOL INDUSTRY ACT 1972 - SECT 63
Constitution of Research Council

SECT

63. (1) The Research Council shall consist of 9 members, namely -
(a) a Chairperson appointed in accordance with sub-section (3);
(b) 4 members appointed in accordance with sub-section (4); and
(c) 4 members appointed in accordance with sub-section (5).

(2) The members of the Research Council shall be appointed by the Minister.

(3) The Corporation shall, upon being required to do so by the Minister, nominate at least 2 persons as the persons from whom the Minister should, in the opinion of the Corporation, appoint the Chairperson and the Chairperson shall be appointed from persons so nominated.

(4) Where there is a vacancy in an office of a member referred to in paragraph (1) (b), the Corporation may nominate a member of the Corporation or another person for appointment to the office and the Minister shall appoint the person so nominated to that office.

(5) The members of the Research Council referred to in paragraph (1) (c) shall be appointed from persons nominated by the Selection Committee.

(6) Part V of the Rural Industries Research Act 1985 applies, by force of this sub-section, in relation to the Research Council as if -
(a) the Research Council were a Research Council within the meaning of that Act;
(b) wool and wool products were the kinds of goods in respect of which the Research Council is established;
(c) the Wool Council of Australia were the relevant industry organization, within the meaning of that Act, in relation to wool and wool products; and
(d) references in that Part to the nomination of a person for appointment as a member of a Research Council were references to the nomination of a person for appointment to an office of member of the Research Council referred to in paragraph (1) (c) of this section.

(7) All members of the Research Council shall hold office as part-time members.

(8) A member of the Research Council holds office, subject to this Division, for such period, not exceeding 3 years, as is specified in the instrument of appointment of the member, but is eligible for re-appointment.

(9) A person who has attained the age of 65 years shall not be appointed as a member of the Research Council and a person shall not be appointed as a member of the Research Council for a period that extends beyond the day on which the person will attain the age of 65 years.

(10) A member of the Research Council holds office on such terms and conditions (if any) in respect of matters not provided for by this Act as are determined, in writing, by the Minister.

(11) The performance of a function or the exercise of a power by the Research Council is not affected by reason only of there being a vacancy or vacancies in the membership of the Research Council.

(12) The Chairperson may be referred to as the Chairman or the Chairwoman, as the case requires.

WOOL INDUSTRY ACT 1972 - SECT 64
Acting Chairperson

SECT

64. (1) The Minister may appoint a person to act as Chairperson -
(a) during a vacancy in the office of Chairperson whether or not an appointment has previously been made to the office; or
(b) during any period, or during all periods, when the Chairperson is absent from Australia, or is, for any other reason, unable to perform the functions of the office of Chairperson,
but a person appointed to act during a vacancy shall not continue so to act after the end of the period of 12 months commencing on the day on which the vacancy occurred.

(2) An appointment of a person under sub-section (1) may be expressed to have effect only in such circumstances as are specified in the instrument of appointment.

(3) The Minister may -
(a) determine the terms and conditions of appointment, including remuneration and allowances, of a person acting as Chairperson; and
(b) terminate such an appointment at any time.

(4) Where a person is acting as Chairperson in accordance with paragraph (1) (b) and the office of Chairperson becomes vacant while that person is so acting, then, subject to sub-section (2), that person may continue so to act until the Minister otherwise directs, the vacancy is filled or a period of 12 months commencing on the day on which the vacancy occurred ends, whichever first happens.

(5) The appointment of a person to act as Chairperson ceases to have effect if the person resigns the appointment by writing signed by the person and delivered to the Minister.

(6) While a person is acting as Chairperson, the person has, and may exercise, all the powers, and shall perform all the functions, of the Chairperson under this Act.

(7) The validity of anything done by, or in relation to, a person purporting to act as Chairperson under sub-section (1) shall not be called in question on the ground that the occasion for the person's appointment had not arisen, that there is a defect or irregularity in or in connection with the person's appointment, that the appointment had ceased to have effect or that the occasion for the person to act had not arisen or had ceased.

WOOL INDUSTRY ACT 1972 - SECT 65
Leave of absence

SECT

65. (1) The Minister may grant leave of absence to the Chairperson upon such terms and conditions as the Minister thinks fit.

(2) The Chairperson may grant leave of absence to another member of the Research Council upon such terms and conditions as the Chairperson thinks fit.

WOOL INDUSTRY ACT 1972 - SECT 66
Removal and resignation of members of Research Council

SECT

66. (1) The Minister may terminate the appointment of a member of the Research Council for misbehaviour or physical or mental incapacity.

(2) The Minister shall terminate the appointment of a member of the Research Council if the member -
(a) becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with the member's creditors or makes an assignment of the member's remuneration for their benefit;
(b) fails, without reasonable excuse, to comply with the member's obligations under section 67;
(c) being the Chairperson, is absent, except with the leave of the Minister, from 3 consecutive meetings of the Research Council; or
(d) being a member other than the Chairperson, is absent, without the leave of the Chairperson, from 3 consecutive meetings of the Research Council.

(3) Where -
(a) a person who is a member of the Corporation is appointed as a member of the Research Council referred to in paragraph 63 (1) (b); and
(b) that person ceases to be a member of the Corporation,
the Minister shall, if the Corporation so requests, terminate the appointment of that person as a member of the Research Council.

(4) A member of the Research Council may resign from office by writing signed by the member and delivered to the Minister.

WOOL INDUSTRY ACT 1972 - SECT 67
Disclosure of interests of members of Research Council

SECT

67. (1) A member of the Research Council who has a direct or indirect pecuniary interest in a matter being considered or about to be considered by the Research Council, being an interest that could conflict with the proper performance of that member's functions in relation to the consideration of the matter, shall, as soon as practicable after the relevant facts have come to the knowledge of that member, disclose the nature of that interest at a meeting of the Research Council.

(2) A disclosure under sub-section (1) at a meeting of the Research Council shall be recorded in the minutes of the meeting.

WOOL INDUSTRY ACT 1972 - SECT 68
Meetings of Research Council

SECT

68. (1) The Chairperson may convene such meetings of the Research Council as the Chairperson considers necessary for the performance of its functions.

(2) Meetings of the Research Council shall be held at such places and at such times as the Chairperson determines.

(3) The Chairperson shall preside at all meetings of the Research Council at which the Chairperson is present.

(4) If, at a meeting of the Research Council, the Chairperson is not present, the members of the Research Council who are present shall elect one of their number to preside at the meeting.

(5) At a meeting of the Research Council -
(a) 5 members of the Research Council constitute a quorum;
(b) all questions shall be decided by a majority of votes of the members of the Research Council present and voting; and
(c) the person presiding has a deliberative vote and, in the event of an equality of votes, also has a casting vote.

(6) The Research Council shall keep a record of its proceedings.

WOOL INDUSTRY ACT 1972 - SECT 69
Sub-committees of Research Council

SECT

69. (1) The Research Council may appoint a sub-committee to assist the Research Council in relation to the performance of its functions.

(2) A sub-committee appointed under this section shall consist of such persons, whether members of the Research Council or not, as the Research Council, by resolution, determines.

WOOL INDUSTRY ACT 1972 - SECT 70
Remuneration and allowances

SECT

70. (1) This section applies to the following persons:

(a) members of the Research Council;
(b) members of a sub-committee established by the Research Council under section 69.

(2) A person to whom this section applies shall be paid such remuneration and such allowances as are determined by the Remuneration Tribunal but, if no determination of that remuneration by the Remuneration Tribunal is in operation, the person shall be paid such remuneration as is prescribed.

(3) A person to whom this section applies shall be paid such other allowances as are prescribed.

(4) This section has effect subject to the Remuneration Tribunals Act 1973, other than sub-sections 7 (9) and (13) of that Act.

WOOL INDUSTRY ACT 1972 - DIVISION 7
Division 7 - Accountability

WOOL INDUSTRY ACT 1972 - SECT 71
Annual report of Research Council

SECT

71. (1) The Research Council shall, as soon as practicable after 30 June in each year, prepare a report of its activities during the year that ended on that 30 June.

(2) A report prepared by the Research Council under sub-section (1) shall include an assessment of the extent to which the operations of the Research Council during the year to which the report relates -
(a) have contributed to the objectives set out in the research and development plan that relates to a period that includes that year; and
(b) have given effect to the annual operational plan in respect of that year.

(3) Where the Research Council has prepared a report under sub-section (1), the Chairperson shall deliver the report to the Corporation, and the Corporation -
(a) shall submit the report to the Minister; and
(b) may when so submitting the report, submit to the Minister its own written comments concerning the report.

WOOL INDUSTRY ACT 1972 - SECT 72
Accountability to wool industry

SECT

72. (1) The Chairperson shall, as soon as practicable after an annual report of the Research Council is submitted to the Minister, make arrangements with the Wool Council of Australia to attend a meeting of the Wool Council of Australia for the purpose of enabling its members -
(a) to consider the annual report;
(b) to receive an address by the Chairperson with respect to the activities of the Research Council in the period to which the annual report relates and with respect to the intended activities of the Research Council in the year next following the end of that period; and
(c) to question the Chairperson concerning any aspect of the Research Council's activities during the period to which the annual report relates and any aspect of the intended activities of the Research Council.

(2) A meeting arranged under sub-section (1) may be held concurrently with discussions between the Wool Council of Australia and the members of the Corporation under section 91.

WOOL INDUSTRY ACT 1972 - PART VII
PART VII - WOOL STORES

WOOL INDUSTRY ACT 1972 - SECT 74
Application of Part

SECT

74. This Part applies to land and buildings -
(a) to which, immediately before the commencement of this Act, Part V of the Wool Industry Act 1962-1971 applied; or
(b) in or in respect of which the Corporation has property or rights by reason of the exercise of its powers under section 78 of this Act.

WOOL INDUSTRY ACT 1972 - SECT 75
Corporation to manage and control wool stores

SECT

75. It is a function of the Corporation to manage, control and maintain land and buildings to which this Part applies.

WOOL INDUSTRY ACT 1972 - SECT 76
Restrictions on transfer, &c.

SECT

76. (1) Except as provided by the next succeeding sub-section, the Corporation shall not, without the approval in writing of the Minister, dispose of or charge, in whole or in part, the property or rights of the Corporation in or in respect of any land or building to which this Part applies.

(2) The approval of the Minister is not required to the grant by the Corporation of -
(a) a periodic tenancy or lease of which the recurrent period does not exceed such period as is from time to time fixed by the Minister; or
(b) a tenancy or lease, other than a periodic tenancy or lease, for a term which, together with the period (if any) for which the tenant or lessee is entitled to renew the tenancy or lease, does not exceed such period as is from time to time fixed by the Minister.

(3) Where the Minister is satisfied that the retention by the Corporation of land or a building to which this Part applies is not necessary to the maintenance by the Corporation of a minimum wool storage capacity, the Minister may, by writing under his hand, direct the Corporation to dispose of, in such manner and on such terms and conditions as are specified in the instrument of direction, the property or rights of the Corporation in or in respect of the land or building and to apply the proceeds of the disposal in such manner as is so specified, being a manner of application of the proceeds that will, in the opinion of the Minister, benefit the wool industry, and, where such a direction is given, the Corporation shall comply with the direction.

WOOL INDUSTRY ACT 1972 - SECT 77
Commonwealth may re-aquire wool stores in event of war, &c.

SECT

77. (1) Where -
(a) a state of war exists or, in the opinion of the Minister, danger of war exists; and
(b) the Commonwealth requires any land or building to which this Part applies for defence purposes,
the Minister may, by notice published in the Gazette, direct that the property, rights and liabilities of the Corporation in and in respect of the land or building shall be vested in and imposed on the Commonwealth and, upon the publication of the notice -
(c) the property, rights and liabilities of the Corporation become vested in and imposed on the Commonwealth; and
(d) a person holding property or rights under the Corporation in relation to that land or building shall be deemed to hold the same property or rights under the Commonwealth.

(2) Where a notice has been published under the last preceding subsection in relation to any land or building, a reference to the Corporation, to the Australian Wool Board or to the Australian Wool Bureau in a contract, agreement or instrument to which the Corporation was a party, being a contract, agreement or instrument that -
(a) is subsisting at the date of publication of the notice; and
(b) relates to that land or building,
shall, in relation to matters arising on or after the date of publication of the notice, be read as a reference to the Commonwealth.

(3) Compensation is not payable to the Corporation in respect of the acquisition of property or rights of the Corporation in pursuance of this section.

WOOL INDUSTRY ACT 1972 - SECT 78
Acquisition by Corporation of further property and rights in wool stores

SECT

78. The Corporation may, with the approval in writing of the Minister -
(a) acquire, by agreement, further property or rights in or in respect of any land or building to which this Part applies;
(b) acquire, by agreement, property or rights in or in respect of a building suitable for use as, or in connexion with, a wool store and in or in respect of land upon which the building is erected or which is used in connexion with the building;
(c) acquire, by agreement, property or rights in or in respect of land for the purpose of erecting on the land a building suitable for use as, or in connexion with, a wool store; and
(d) erect a building suitable for use as, or in connexion with, a wool store on land in or in respect of which the Corporation has property or rights.

WOOL INDUSTRY ACT 1972 - SECT 79
Powers of Corporation in relation to buildings

SECT

79. (1) Subject to the next succeeding sub-section and to the obligations and liabilities of the Corporation under a lease, licence or other agreement, the powers of the Corporation in relation to the function of the Corporation referred to in section 75 extend to -
(a) effecting improvements to buildings; and
(b) removing or demolishing buildings.

(2) The power of the Corporation to remove or demolish a building shall not be exercised except with the consent in writing of the Minister.

WOOL INDUSTRY ACT 1972 - SECT 80
Insurance, and keeping in repair, of wool stores

SECT

80. (1) The Corporation shall, to the satisfaction of the Minister, insure and keep insured its property and rights in and in respect of a building to which this Part applies.

(2) The Corporation shall keep the buildings to which this Part applies in a state of repair that is satisfactory to the Minister.

WOOL INDUSTRY ACT 1972 - SECT 81
Corporation to keep separate accounts in relation to wool stores

SECT

81. The Corporation shall keep separate accounts of its transactions and affairs in relation to land and buildings to which this Part applies.

WOOL INDUSTRY ACT 1972 - SECT 82
Compensation in certain cases

SECT

82. (1) Where -
(a) sub-section (2) of section 4 operates to vest in the Corporation property or rights that, immediately before the commencement of this Act, were vested in the Australian Wool Board by virtue of the Wool Industry Act 1962-1971, being property or rights in land or buildings to which, immediately before the commencement of this Part, Part V of the Wool Industry Act 1962-1971 applied; or
(b) section 77 of this Act operates to vest in the Commonwealth property or rights that were vested in the Corporation,
being property or rights that the Board or the Corporation, as the case may be, could not have transferred or assigned without the approval or consent of some person, and that person suffers loss by reason of that vesting, that person is entitled to be paid by the Commonwealth such compensation as is determined by agreement between the Commonwealth and that person or, in the absence of agreement, by action brought by that person against the Commonwealth in a court of competent jurisdiction.

(2) The Corporation shall reimburse the Commonwealth amounts paid by the Commonwealth by way of compensation under this section (including amounts paid in respect of costs) in relation to property or rights referred to in paragraph (a) of the last preceding sub-section.

WOOL INDUSTRY ACT 1972 - PART VIII
PART VIII - MISCELLANEOUS

WOOL INDUSTRY ACT 1972 - SECT 83
Payments to Corporation

SECT

83. (1) Where all the tax imposed on particular shorn wool by a Wool Tax Act has been received by the Commonwealth, there is payable to the Corporation an amount equal to a prescribed percentage of the sale value of that shorn wool.

(2) Regulations prescribing a percentage for the purposes of sub-section (1) shall not be such that the sum of -
(a) the percentage prescribed for the purposes of that sub-section;
(b) the percentage prescribed for the purposes of paragraph 53 (1) (a); and
(c) the percentage prescribed for the purposes of sub-section 84A (1), that apply in relation to the sale value of particular shorn wool is not equal to the percentage specified in the rate of tax imposed by a Wool Tax Act that is the rate of tax that applied to that wool.

(3) For the purposes of this section, the sale value of any shorn wool is the amount that, by virtue of section 10 of the Wool Tax (Administration) Act 1964, is the sale value of that wool for the purposes of that Act.

(4) Before making regulations prescribing a percentage for the purposes of sub-section (1), the Governor-General shall take into consideration any recommendations with respect to that percentage made to the Minister by the Wool Council of Australia.

WOOL INDUSTRY ACT 1972 - SECT 84
Additional payments to Corporation

SECT

84. In addition to moneys payable to the Corporation under section 83, there are payable to the Corporation such moneys as are appropriated by the Parliament for payment to the Corporation for the purpose of meeting expenditure of the Corporation in pursuance of this Act (other than expenditure under section 31 or in respect of the purchase of wool).

WOOL INDUSTRY ACT 1972 - SECT 84A
Payment to Corporation in respect of market support

SECT

84A. (1) Where all the tax imposed on particular shorn wool by a Wool Tax Act has been received by the Commonwealth, there is payable to the Corporation an amount equal to a prescribed percentage of the sale value of that shorn wool.

(2) An amount payable to the Corporation under sub-section (1) is -
(a) payable in addition to money payable to the Corporation under the preceding provisions of this Part; and
(b) payable in accordance with determinations of the Minister as to the times of payments of amounts under that sub-section.

(3) A percentage that is prescribed for the purposes of sub-section (1) shall not -
(a) exceed 5%; or
(b) be less than 4%.

(4) Regulations prescribing a percentage for the purposes of sub-section (1) shall not be such that the sum of -
(a) the percentage prescribed for the purposes of that sub-section;
(b) the percentage prescribed for the purposes of paragraph 53 (1) (a); and
(c) the percentage prescribed for the purposes of sub-section 83 (1),
that apply in relation to the sale value of particular shorn wool is not equal to the percentage specified in the rate of tax imposed by a Wool Tax Act that is the rate of tax that applied to that wool.

(5) For the purposes of this section, the sale value of any shorn wool is the amount that, by virtue of section 10 of the Wool Tax (Administration) Act 1964, is the sale value of that wool for the purposes of that Act.

(6) Before making regulations prescribing a percentage for the purposes of sub-section (1), the Governor-General shall take into consideration any recommendations with respect to that percentage made to the Minister by the Wool Council of Australia.

WOOL INDUSTRY ACT 1972 - SECT 84C
Appropriation

SECT

84C. Moneys payable to the Corporation under section 83 or section 84A are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.

WOOL INDUSTRY ACT 1972 - SECT 85
Audit

SECT

85. (1) The Auditor-General shall inspect and audit the accounts and records of financial transactions of the Corporation and records relating to assets of, or in the custody of, the Corporation, and shall forthwith draw the attention of the Minister to any irregularity disclosed by the inspection and audit that is, in the opinion of the Auditor-General, of sufficient importance to justify his so doing.

(2) The Auditor-General may, in his discretion, dispense with all or any part of the detailed inspection and audit of any accounts or records referred to in the last preceding sub-section.

(3) The Auditor-General shall, at least once in each year, report to the Minister the results of the inspection and audit carried out under sub-section (1).

(4) The Auditor-General or an officer authorized by him is entitled at all reasonable times to full and free access to all accounts, records, documents and papers of the Corporation relating directly or indirectly to the receipt or payment of moneys by the Corporation or to the acquisition, receipt, custody or disposal of assets by the Corporation.

(5) The Auditor-General or an officer authorized by him may make copies of, or take extracts from, any such accounts, records, documents or papers.

(6) The Auditor-General or an officer authorized by him may require any person to furnish him with such information in the possession of the person or to which the person has access as the Auditor-General or authorized officer considers necessary for the purposes of the functions of the Auditor-General under this Act, and the person shall comply with the requirements.

(7) A person who contravenes the last preceding sub-section is guilty of an offence punishable, upon conviction, by a fine not exceeding Two hundred dollars.

WOOL INDUSTRY ACT 1972 - SECT 87
Liability to taxation

SECT

87. (1) The Corporation is subject to taxation (other than income tax) under the laws of Australia.

(1A) Subject to sub-sections (1B), (2) and (3), the Corporation is not subject to taxation under a law of a State or Territory.

(1B) The regulations may provide that sub-section (1A) does not apply in relation to taxation under a specified law of a State or Territory.

(2) Subject to the next succeeding sub-section, stamp duty under the law of a State or Territory is payable by the Corporation in respect of transactions entered into by, and instruments and documents executed by or on behalf of, the Corporation.

(3) Stamp duty under the law of a State or Territory is not payable in respect of a transaction, instrument or document relating to -
(a) the vesting in the Corporation by sub-section (2) of section 4 of any rights, property or assets; or
(b) the acquisition by the Corporation under section 78 of property or rights in or in respect of any land or building.

WOOL INDUSTRY ACT 1972 - SECT 88
Corporation may provide Council with clerical assistance

SECT

88. The Corporation may, for the purpose of providing the Wool Council of Australia with clerical assistance, make members of the staff of the Corporation available to the Council at such times as the Corporation determines.

WOOL INDUSTRY ACT 1972 - SECT 89
Members of Parliament not to be paid remuneration under this Act

SECT

89. Where a member, or a deputy of a member, of the Corporation, or a member of a committee established under this Act, is also a member of, or is a candidate for election to, the Parliament of the Commonwealth or of a State, he shall not be paid any remuneration or allowances provided for by this Act, but shall be reimbursed such expenses as he reasonably incurs as a member, or as the deputy of a member, of the Corporation or as a member of the committee, as the case may be.

WOOL INDUSTRY ACT 1972 - SECT 90
Reports

SECT

90. (1) The Corporation shall, as soon as practicable after each thirtieth day of June, prepare and furnish to the Minister a report of its operations during the year ended on that date, together with financial statements in respect of that year in such form as the Minister for Finance approves.

(1A) Without limiting the generality of the matters to be included in a report of the Corporation under sub-section (1) in respect of a year, such a report shall include -
(a) a report of the Corporation's activities under Part V, and of the operation of Part V, in respect of that year; and
(b) a copy of the report prepared by the Research Council pursuant to section 71 in respect of that year.

(2) Before furnishing the financial statements to the Minister, the Corporation shall submit them to the Auditor-General, who shall report to the Minister -
(a) whether the statements are based on proper accounts and records;
(b) whether the statements are in agreement with the accounts and records and show fairly the financial transactions and the state of the affairs of the Corporation;
(c) whether the receipt, expenditure and investment of moneys, and the acquisition and disposal of assets, by the Corporation during the year have been in accordance with this Act; and
(d) as to such other matters arising out of the statements as the Auditor-General considers should be reported to the Minister.

(3) The Minister shall cause the report and financial statements, together with the report of the Auditor-General, to be laid before each House of the Parliament within fifteen sitting days of that House after their receipt by the Minister.

(4) The first report and financial statements to be prepared and furnished to the Minister by the Corporation under this section shall relate to the period commencing on the date of commencement of this Act and ending on 30th June, 1973.

(7) A report under sub-section (1) shall refer to any directions given by the Minister under sub-section (2) of section 20A in the year to which the report relates.

WOOL INDUSTRY ACT 1972 - SECT 91
Corporation to hold annual discussions with Council

SECT

91. The Corporation shall, as soon as practicable after a report furnished to the Minister by the Corporation under the last preceding section has been laid before both Houses of the Parliament, afford the Wool Council of Australia an opportunity of conferring with the members of the Corporation for the purpose of discussing the activities of the Corporation.

WOOL INDUSTRY ACT 1972 - SECT 92
Regulations

SECT

92. (1) The Governor-General may make regulations, not inconsistent with this Act, 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 and for prescribing penalties not exceeding Five hundred dollars for offences against the regulations.

(2) In particular, without limiting the generality of sub-section (1), the regulations may make provision for and in relation to -
(a) the registration and inspection of sampling sites for the purposes of sub-section (2) of section 116 of the Commonwealth Functions (Statutes Review) Act 1981; and
(b) the fees payable in respect of the registration and inspection of sampling sites in accordance with the regulations.