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Australian Wool Realisation Commission Act 1991
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Turn the raw legal text into a practical explanation grounded in Australian Wool Realisation Commission Act 1991.
PART 2—ESTABLISHMENT, FUNCTIONS AND POWERS OF THE AUSTRALIAN WOOL REALISATION COMMISSION
(2) The Commission:
(a) is a body corporate with perpetual succession; and
(b) has a common seal; and
(c) may acquire, hold and dispose of real and personal property; and
(d) may sue and be sued in its corporate name.
(3) All courts, judges and persons acting judicially must take judicial notice of the imprint of the seal of the Commission appearing on a document and must presume that the document was duly sealed.
Objects of Commission
(a) to dispose of the wool stockpile and other assets of the Commission; and
(b) to manage and repay its debts;
in the manner that will best serve the interests of the nation generally and the interests of the Australian woolgrowers in particular.
Functions of Commission
(a) to devise and implement a plan for the proper management and disposal of the wool stockpile; and
(b) to devise and implement a program for the management and payment of the accumulated debt; and
(c) to operate the Stockpile Fund in accordance with Division 1 of Part 3;
(d) to manage, control and maintain:
(i) the wool stores properties; and
(ii) all other assets owned by the Commission on 1 July 1991; and
(e) to sell or otherwise dispose of, as would best serve the purposes of the debt repayment program, any of the assets of the Commission that are not required for the proper performance of the functions of the Commission; and
(f) to sell or otherwise dispose of all outstanding assets of the
Commission when the wool stockpile has been disposed of and the accumulated debt repaid; and
(g) to make recommendations to the Minister regarding the percentage of wool tax collected that should be allocated to the repayment of the accumulated debt; and
(h) to provide, as required, management, personnel, legal and other services to:
(i) the Corporation; and
(ii) the Wool Research and Development Corporation; and
(j) any function conferred on the Commission by:
(i) any other provision of this Act; or
(ii) any other Act;
General powers
Powers relating to disposal of wool stockpile
(a) when any wool from the stockpile may be sold; and
(b) the terms and conditions subject to which it is sold; and
(c) the manner in which it is offered for sale.
(2) In making any decision under subsection (1), the Commission must have regard to:
(a) the prevailing conditions in the international wool market; and
(b) the schedule of repayments established for the purpose of the debt repayment program.
Assessment and revision of plan for disposal of stockpile
Schedule for repayment of accumulated debt
(a) must provide for the accumulated debt to be repaid within a period not exceeding 7 years commencing on 1 July 1991; and
(b) to that effect must provide for a schedule of repayments in accordance with the guidelines issued by the Minister under section 18.
Assessment and revision of debt repayment program
Management of wool stores properties
(2) The Commission may:
(a) alter any wool stores properties; and
(b) demolish uneconomical wool stores properties.
(3) The Commission may not acquire any new land or building for the purpose of storing wool.
(4) The Commission may rent or lease any space or area in or on a wool stores property that is not immediately needed for the proper storing of the wool stockpile.
Shares held by subsidiary company
(a) Australian Wool Corporation Holdings Pty Ltd (the subsidiary company wholly owned by the Commission on 1 July 1991) to sell or otherwise dispose of any shares that that company holds in any other company; and
(b) the proceeds of the shares to be distributed back to the Commission whether:
(i) on a winding up of the subsidiary company; or
(ii) by way of a return of capital; or
(iii) by any other lawful means.
Recommendation relating to rate of tax etc.
(2) The recommendation must be to the effect that:
(a) an amount equal to a specified percentage of the sale value of shorn wool (other than carpet wool) subject to tax be paid by the Commonwealth to the Commission during the next financial year for the purposes of the debt repayment program; and
(b) accordingly a specified rate of tax (expressed as a percentage of the sale value of shorn wool (other than carpet wool) subject to tax and being the percentage recommended under paragraph
(a)) be taken into account in computing the rate of tax that is to be prescribed in respect of shorn wool (other than carpet wool) for the purposes of the application of each of the Wool Tax Acts during the next financial year.
(3) The Commission must inform the Minister of the views expressed by the Wool Council when consulted for the purposes of subsection (1).
(4) Where a percentage of the sale value of shorn wool (other than carpet wool) subject to tax, other than the percentage specified in the recommendation of the Commission, was used in computing the rates of tax, prescribed in respect of shorn wool (other than carpet wool) for the purposes of each of the Wool Tax Acts, the Minister must give written notice of that fact to the Commission, specifying the percentage that was so used.
Consultation
(2) Arrangements entered into by the Commission in relation to a consultation with a person or body may include the Commission’s agreeing, subject to any guidelines issued by the Minister under subsection (3), to meet the expenses reasonably incurred in relation to the consultation by the person or body.
(3) The Minister may, in writing, issue guidelines to the Commission in relation to the payment of expenses to persons or bodies for the purposes of this section.
Committees
(2) A committee consists of such persons (whether members of the Commission or not) as the Commission from time to time appoints.
(3) The Commission may give to a committee such directions as it thinks fit, including:
(a) directions as to the manner in which the committee is to carry out its functions; and
(b) directions with respect to the procedure to be followed in relation to meetings of the committee, including directions with respect to:
(i) the convening of meetings of the committee; and
(ii) the number of members of the committee to constitute a quorum; and
(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.
Delegation
Performance of functions etc. subject to guidelines
(2) The Minister may, after consultation with the Treasurer and the Minister for Finance, by notice in the Gazette, issue guidelines for the purposes of subsection (1).
(3) Without limiting the powers of the Minister under subsection (2), the guidelines issued by the Minister must specify the minimum payment in reduction of the accumulated debt that is to be made by the Commission in each financial year during the currency of the debt repayment program.