Australian Wool Realisation Commission Act 1991
Part 9REPEAL AND TRANSITIONAL
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PART 9—REPEAL AND TRANSITIONAL
Repeal
- The Wool Marketing Act 1987 is repealed.
Appointed directors
- A person who held an office of appointed director immediately before 1 July 1991 does not hold office as an appointed member on and after that day unless the person is appointed under this Act.
Committees
- The Committees that were immediately before 1 July 1991 in existence under section 9 of the repealed Act continue in existence as if they have been established under section 16 of this Act.
Selection Committee
- If an Australian Industry Selection Committee established under section 29 of the repealed Act was in existence immediately before 1 July 1991, that committee ceases to exist on that day.
Transfer to Wool Research and Development Corporation of money standing to credit of Research Fund
- (1) As soon as practicable after the commencement of this Act, the Commission must pay to the Wool Research and Development Corporation an amount equal to the amount standing, immediately before 1 July 1991, to the credit of the Research Fund maintained under Division 4 of Part VI of the repealed Act.
(2) The Wool Research and Development Corporation is liable for any payment, being a payment of the kind that under the repealed Act was to be made out of the Research Fund, for which the Commission:
(a) was liable immediately before 1 July 1991; or
(b) would have been liable if a claim for the payment had been made before that day.
Transfer to Australian Wool Corporation of money standing to credit of Promotion Reserve etc.
- (1) As soon as practicable after the commencement of this Act, the Commission must:
(a) cease to operate the separate account maintained by the Commission under the name Promotion Reserve; and
(b) pay to the Corporation an amount equal to the amount standing to the credit of that account immediately before 1 July 1991.
(2) As soon as practicable after the commencement of this Act, the Commission must:
(a) cease to operate the separate account maintained by the Commission under the name General Reserve; and
(b) pay to the Corporation an amount equal to the amount standing to the credit of that account immediately before 1 July 1991.
(3) The Corporation is liable for any payment, being a payment of a kind that would have been made out of the account referred to in subsection (1) or the account referred to in subsection (2) if it had been made by the Commission before 1 July 1991, for which the Commission: