(1) Where all the tax imposed by the Wool Tax Acts in a financial year on particular shorn wool (other than carpet wool) has been received by the Commonwealth, there is payable to the Commission an amount equal to such percentage of the sale value of that shorn wool as is applicable having regard to:
(a) if paragraph (b) does not apply—the percentage of the sale value of shorn wool (other than carpet wool) subject to tax specified in the recommendation made by the Commission under section 14 in respect of that financial year; or
(b) if the Minister has notified the Commission under subsection 14 (4) that, instead of the percentage of the sale value of shorn wool (other than carpet wool) subject to tax recommended by the Commission, another percentage of that sale value was used in computing the rates of tax applicable in respect of shorn wool (other than carpet wool) under the Wool Tax Acts in respect of that financial year—that other percentage.
(2) In spite of subsection (1), where all the tax imposed by the Wool Tax Acts in the financial year commencing on 1 July 1991 on particular shorn wool (other than carpet wool) has been received by the Commonwealth, there is payable to the Commission an amount equal to such percentage of the sale value of that shorn wool as is applicable under the regulations.
(3) Money payable to the Commission under subsection (1) or (2) is payable out of the Consolidated Revenue Fund, which is appropriated accordingly.
(4) There is also payable to the Commission any money appropriated by Parliament for any purpose of the Commission.
Commission may charge for services
The Commission may charge fair and proper fees for services provided by it in the performance of its functions under paragraph 6 (g).
Administrative expenses
The Commission is liable for:
(a) the payment of the expenses, charges, obligations and liabilities incurred or undertaken by the Commission in relation to the performance of its functions or the exercise of its powers; and
(b) the payment to the Commonwealth of amounts equal to the expenses incurred by the Commonwealth in relation to the first appointment by the Minister of the members referred to in paragraph 39 (1) (e); and
(c) the payment to the Commonwealth of amounts equal to such proportion of the expenses incurred by the Commonwealth in relation to:
(i) the collection or recovery of tax imposed by a Wool Tax Act or additional tax payable under section 38 or 61 of the Administration Act; or
(ii) the administration of section 25 of this Act;
as is determined by the Minister by notice published in the Gazette, and
(d) the payment of the remuneration and allowances payable under section 68 to persons referred to in subsection 68 (1); and
(e) the payment of the remuneration and allowances payable to the Managing Director and persons employed by the Commission; and
(f) the payment of the expenses charges, obligations and liabilities incurred or undertaken in connection with the nomination under Division 2 of Part 5 of persons for appointment to the Commission.
Raising of money by Commission
(1) For the performance of its functions, the Commission may, with the approval of the Minister:
(a) borrow money otherwise than by dealing with securities; or
(b) borrow, or otherwise raise, money by dealing with securities.
(2) An approval may be given in relation to a particular transaction or a class of transaction.
(3) A borrowing or other raising of money under an approval shall be on such terms and conditions as are specified in, or consistent with, the approval.
(4) Subject to subsection (3), a borrowing or other raising of money may be made, in whole or in part, in a currency other than Australian currency.
(5) The Commission may give security over the whole or any part of its assets for:
(a) the repayment of money borrowed in accordance with this section and the payment of money (including interest) that the Commission is otherwise liable to pay in respect of those borrowings; and
(b) the payment of any money (including interest) that the Commission is liable to pay in respect of dealing with securities in accordance with this section.
(6) The Commission may not borrow or otherwise raise money except in accordance with this section.
(7) The Treasurer, or an officer authorised in writing by the Treasurer for the purpose, may, on behalf of the Commonwealth, guarantee:
(a) the repayment of money borrowed or otherwise raised, or to be borrowed or otherwise raised, in accordance with subsection (1); and
(b) the payment of interest on such money; and
(c) the payment of any amount for which the Commission is liable under a contract entered into under section 29.
(8) A reference in this section to dealing with securities includes a reference to:
(a) creating, executing, entering into, drawing, making, accepting, endorsing, issuing, discounting, selling, purchasing or re-selling securities; and
(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.
Hedging through currency contracts etc.
29. (1) The Commission may, for the purpose of the performance of its functions or the exercise of its powers in relation to a borrowing or raising, or a proposed borrowing or raising, of money by the Commission, enter into and deal with currency contracts, interest rate contracts, wool futures contracts or contracts of any other kind approved in writing by the Minister for hedging purposes at a financial market (whether at a place in or outside Australia).
(2) A contract referred to in subsection (1) is taken to be entered into or dealt with for hedging purposes if, and only if, the contract is for the purpose of minimising the risks of adverse variations in:
(a) the costs of a borrowing or raising, or a proposed borrowing or raising, of money by the Commission; or
(b) payments to or by the Commission in relation to transactions in foreign currencies.
Bank accounts
(1) The Commission may open and maintain an account or accounts with a bank or banks and must maintain at all times at least one such account.
(2) The Commission must pay all money of the Commission into an account referred to in this section.
Investment of money of Commission
Money of the Commission not immediately required for the purposes of the Commission must be invested:
(a) in securities of, or guaranteed by, the Commonwealth or a State;
(b) on deposit with a bank; or
(c) in any other way that is consistent with sound commercial practice.