1Wheat Industry Stabilization (Refund of Charge) Act 1950

WHEAT INDUSTRY STABILIZATION (REFUND OF CHARGE).

No. 50 of 1950.

An Act to provide for the Payment, through the Australian Wheat Board, to Growers of Wheat of a certain Season of certain Moneys in the Wheat Prices Stabilization Fund.

[Assented to 14th December, 1950.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Wheat Industry Stabilization (Refund of Charge) Act 1950.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Definitions.

3. In this Act—

“the Board” means the Australian Wheat Board constituted by the Wheat Industry Stabilization Act 1948;

“the Fund” means the Wheat Prices Stabilization Fund established by the Wheat Industry Stabilization Act 1948.

Payments to the Board out of the Fund.

4. There shall be paid to the Board out of the Fund—

(a) an amount equal to the moneys in the Fund representing charge under the Wheat Export Charge Acts 1946 and the Wheat Export Charge Act 1948 collected in respect of wheat harvested in the year which commenced on the first day of October, One thousand nine hundred and forty-seven; and

(b) an amount equal to the moneys in the Fund representing interest, up to the date of the payment to the Board of the amount specified in the preceding paragraph, from the investment of the moneys referred to in that paragraph.

Disposal of moneys by the Board.

5. The Board shall apply all moneys received by it in pursuance of this Act as if they were the proceeds of the sale by the Board of wheat harvested in the year which commenced on the first day of October, One thousand nine hundred and forty-seven, and acquired by the Commonwealth under the National Security (Wheat Acquisition) Regulations.