5Agreements for sale of wool

5.—(1.) For the purposes of this Act but subject to the next succeeding sub-section, a sale of wool shall be deemed to have taken place at the time when the agreement for the sale was made.

(2.) Where, before the date of commencement of this Act, an agreement to sell wool has been made before the shearing of the wool, the sale shall be deemed to have taken place on the first day of the prescribed period if—

(a) under the terms of the agreement, payment was not to be made, or was not to be completed, before the delivery of the wool under the agreement; and

(b) the wool is delivered under the agreement, and payment is made or completed, in the prescribed period.