Div 1The Stockpile Fund

Division 1—The Stockpile Fund

Stockpile Fund

19. The Fund operated under Division 3 of Part III of the repealed Act with the name Market Support Fund continues in existence by force of this section but is to be called the Stockpile Fund.

Dealings with Stockpile Fund

20. (1) There is to be credited to the Stockpile Fund:

(a) amounts paid to the Commission under section 24; and

(b) amounts paid to the Commission under section 25; and

(c) money received by the Commission from the sale of wool from the wool stockpile; and

(d) money received by the Commission from the sale of its assets; and

(e) income derived from investments made in accordance with paragraph (2) (b); and

(f) income received as rent by the Commission or otherwise derived from the management of its assets; and

(g) income received as fees by the Commission under section 26.

(2) Money credited to the Stockpile Fund under subsection (1):

(a) may be used by the Commission:

(i) in the payment of amounts payable under section 23; or

(ii) in the payment of amounts payable under section 27; or

(iii) in the payment of amounts under the debt repayment program; or

(iv) in the payment of amounts payable under section 80; or

(b) may be invested in accordance with section 31.

Balance remaining to the credit of the Stockpile Fund

21. If, after the Commission has:

(a) disposed of the wool stockpile; and

(b) disposed of all the assets of the Commission; and

(c) repaid the accumulated debt; and

(d) settled all outstanding liabilities of the Commission;

there is any money standing to the credit of the Stockpile Fund, the Commission must distribute the money either to the contributing levy payers or to the benefit of Australian woolgrowers generally, as the Minister determines after consultation with the Wool Council and other representatives of the wool industry.