(a) cause proper accounts and records of its transactions and affairs to be kept in accordance with the accounting principles generally applied in commercial practice; and
(b) do all things necessary to ensure that:
(i) all payments by it are correctly made and properly authorised; and
(ii) adequate control is maintained over the assets of, or in the custody of, the Commission and over the incurring of liabilities by the Commission.
Minister may give directions in exceptional circumstances
66. (1) Subject to subsection (2), the Minister may give directions in writing to the Commission concerning the performance of its functions and the exercise of its powers, and the Commission must comply with those directions.
(2) The Minister may not give a direction to the Commission unless:
(a) the Minister is satisfied that, because of the existence of exceptional circumstances, it is necessary to give the direction to the Commission in order to ensure that the performance of the functions, or the exercise of the powers, of the Commission does not conflict with major government policies; and
(b) the Minister has given to the Commission a written notice stating that the Minister is considering giving the direction; and
(c) the Minister has given to the Chairperson an adequate opportunity to discuss with the Minister the need for the proposed direction.
(3) Subject to subsection (4), where the Minister gives a direction to the Commission:
(a) the Minister must:
(i) cause a written notice setting out particulars of the direction to be published in the Gazette as soon as practicable after giving the direction; and
(ii) cause a copy of that notice to be laid before each House of the Parliament within 15 sitting days of that House after the publication of the notice in the Gazette, and
(b) the annual report for the year in which the direction was given must include:
(i) particulars of the direction; and
(ii) particulars of the impact of that direction on the operations of the Commission.
(4) Subject (3) does not apply in relation to a particular direction if:
(a) the Minister, on the recommendation of the Commission, determines, in writing, that compliance with the subsection would, or would be likely to, prejudice the commercial activities of the Commission; or
(b) the Minister determines, in writing, that compliance with the subsection is undesirable because compliance would, or would be likely to, be prejudicial to the national interest of Australia.
Liability to taxation
(1) The Commission is subject to taxation (other than income tax) under the laws of the Commonwealth.
(2) Subject to subsections (3) and (4), the Commission is not subject to taxation under a law of a State or Territory.
(3) The regulations may provide that subsection (2) does not apply in relation to taxation under a specified law of a State or Territory.
(4) Stamp duty under the law of a State or a Territory is payable by the Commission in respect of transactions entered into by, and instruments and documents executed by or on behalf of, the Commission.
(5) Subsection (4) does not apply in relation to any transfer of assets under regulations made under section 83.
Remuneration and allowances
(1) This section applies to the following persons:
(a) members appointed by the Minister;
(b) members of committees established under section 16;
(c) members of Selection Committees.
(2) A person to whom this section applies is to be paid such remuneration as is determined by the Remuneration Tribunal but, if no determination of that remuneration by the Remuneration Tribunal is in operation, the person is to be paid such remuneration as is prescribed.
(3) A person referred to in paragraph (1) (a) or (b) is to be paid such allowances as the Commission determines.
(4) A person referred to in paragraph (1) (c) is to be paid such allowances as are prescribed.
(5) This section has effect subject to the Remuneration Tribunals Act 1973.
Annual report
(1) The Commission shall, as soon as practicable after the end of each financial year, prepare and give to the Minister a report of its operations during that financial year, together with financial statements for that year in such form as the Minister for Finance approves.
(2) Without limiting the generality of the matters to be included in an annual report in respect of a financial year, an annual report must include such particulars (if any) as are prescribed.
(3) Before submitting financial statements to the Minister under subsection (1), the Commission must submit them to the Auditor-General, who must report to the Minister:
(a) whether, in the auditor’s opinion, the statements are based on proper accounts and records; and
(b) whether the statements are in agreement with the accounts and records and, in the auditor’s opinion, show fairly the financial transactions and the state of the affairs of the Commission; and
(c) whether, in the auditor’s opinion, the receipt, expenditure and investment of moneys, and the acquisition and disposal of assets, by the Commission 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 considers should be reported to the Minister.
(4) The Minister must cause the annual report and the financial statements, together with the report of the Auditor-General, to be laid before each House of the Parliament within 15 sitting days of that House after their receipt by the Minister.
Report to meeting of Wool Council
Where an annual report has been laid before each House of the Parliament under subsection 69 (4), the Chairperson must, at a half-yearly meeting of the Wool Council occurring not more than 12 months after the end of the financial year to which the annual report relates:
(a) present the annual report to that meeting; and
(b) report to the meeting on the operations of the Commission; and
(c) make himself or herself available to answer questions arising out of the reports referred to in paragraphs (a) and (b).
Conduct of directors, servants and agents
(1) Where it is necessary to establish, for the purposes of this Act or the regulations, the state of mind of a body corporate in relation to particular conduct, it is sufficient to show:
(a) that the conduct was engaged in by a director, servant or agent of the body corporate within the scope of his or her actual or apparent authority; and
(b) that the director, servant or agent had the state of mind.
(2) Any conduct engaged in on behalf of a body corporate by:
(a) a director, servant or agent of the body corporate within the scope of his or her actual or apparent authority; or
(b) any other person at the direction or with the consent or agreement (whether express or implied) of a director, servant or agent of the body corporate, where the giving of the direction, consent or agreement is within the scope of the actual or apparent authority of the director, servant or agent;
is taken, for the purposes of this Act and the regulations, to have been engaged in also by the body corporate.
(3) Where it is necessary to establish, for the purposes of this Act or the regulations, the state of mind of a person other than a body corporate in relation to particular conduct, it is sufficient to show:
(a) that the conduct was engaged in by a servant or agent of the person within the scope of his or her actual or apparent authority; and
(b) that the servant or agent had the state of mind.
(4) Any conduct engaged in on behalf of a person other than a body corporate by:
(a) a servant or agent of the person within the scope of his or her actual or apparent authority; or
(b) any other person at the direction or with the consent or agreement (whether express or implied) of a servant or agent of the first-mentioned person, where the giving of the direction, consent or agreement is within the scope of the actual or apparent authority of the servant or agent;
is taken, for the purposes of this Act and the regulations, to have been engaged in also by the first-mentioned persons.
(5) A reference in subsection (1) or (3) to the state of mind of a person includes a reference to:
(a) the knowledge, intention, opinion, belief or purpose of the person; and
(b) the person’s reasons for the intention, opinion, belief or purpose.
Regulations
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 $2,000 for offences against the regulations.
Cessation of operation of Act
Unless sooner repealed, this Act ceases to have effect:
(a) if paragraph (b) does not apply—at the end of the day on which the Commission settles its last outstanding liability after:
(i) disposing of the wool stockpile; and
(ii) disposing of all assets of the Commission; and
(iii) repaying the accumulated debt; or
(b) if there is any money standing to the credit of the Stockpile Fund to be distributed under section 21—at the end of the day on which the Commission completes the distribution of that money.