Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
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Wool International Regulations 1993
Statutory Rules 1993 No. 336 as amended
made under the
Wool International Act 1993
Contents
Page
Part 1 Preliminary
1 Name of regulations [see Note 1]
2 Interpretation
Part 2 Entitlement to share in money of WoolStock Australia Limited
Division 1 Definitions
3 Definitions
Division 2 Register of equity holders
4 Certificates not to detract from definitive nature of register
5 Register to be kept by computer
6 Entries in the register
7 Change of name or address
8 Correcting and updating the register
Division 3 Transfer of units
9 Documents to be given with notice of transfer
10 Entering transfer in register
11 Adjusting particulars of transferor in register
12 New unit certificates on transfer
13 Unregisterable transfers
Division 4 Death etc of unit holder
14 Documents to be given with application on death of sole unit holder or holder in common
15 Notice to WoolStock Australia Limited of death of joint unit holder
16 Documents to be given with application on bankruptcy of unit holder
17 Documents to be given with application on winding up of unit holder
18 Entering particulars in register
19 New unit certificates on death etc of unit holder
20 Unregisterable applications
Division 5 Registration of charges
21 Meaning of beneficiary
22 Application to have charge recorded in register
23 Entering particulars of charge in register
24 Unit certificates on registration of charge
25 Unregisterable charges
26 Notice of intention to make distribution
Division 6 Miscellaneous
27 Order of registration
28 Person giving documents to WoolStock Australia Limited
29 Proof of signatures — witnessing, etc
30 Verifying copies
31 Replacement certificates
32 Unclaimed money
33 AAT review of decisions
Part 3 Miscellaneous
34 Payments to WoolStock Australia Limited — prescribed percentage
35 References in documents to renumbered provisions
Notes
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Part 1 Preliminary
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1 Name of regulations [see Note 1]
These regulations are the Wool International Regulations 1993.
2 Interpretation
In these Regulations, unless the contrary intention appears:
Act means the Wool International Act 1993.
Privatisation Act means the Wool International Privatisation Act 1999.
wool-tax payer means a person who pays wool tax.
Note The following terms used in these regulations are defined in s 4 of the Act:
Note: registered equity holder
Note: registered holder
Note: register of equity holders
Note: WoolStock Australia Limited
Note: wool tax.
Part 2 Entitlement to share in money of WoolStock Australia Limited
Division 1 Definitions
3 Definitions
In this Part:
register means the register of equity holders.
stamp duty compliance certificate, for a transfer or charge, means a certificate in a form approved by WoolStock Australia Limited certifying that the transfer or charge document has been stamped in accordance with the Stamps Act 1958 of Victoria.
unit certificate means a certificate given by WoolStock Australia Limited stating that the person named in the certificate is the registered holder of the number of units of equity stated in the certificate on the date of the certificate, and includes a certificate to that effect given before 15 December 1997, but does not include a certificate given under section 22M of the Act.
unit of equity means a unit of equity in WoolStock Australia Limited.
Division 2 Register of equity holders
4 Certificates not to detract from definitive nature of register
Nothing in these Regulations about a unit certificate detracts from the conclusiveness of the register.
5 Register to be kept by computer
(1) For subsection 22B (2) of the Act, the register is to be kept by use of a computer.
(2) However, the register is taken to include any entry made by WoolStock Australia Limited under Part 4A of the Act before the commencement of these Regulations whether or not that record is kept on a computer.
6 Entries in the register
The register must contain, for each entry made in it, the date and time when the entry was made.
7 Change of name or address
A registered equity holder must give WoolStock Australia Limited written notice of any change of his or her name or address as soon as practicable.
8 Correcting and updating the register
(1) Subject to section 11 of the Privatisation Act, if WoolStock Australia Limited becomes aware that subregulation (2) applies to an entry in the register, WoolStock Australia Limited must correct the entry as soon as practicable after the change.
Note Section 11 of the Privatisation Act provides that the number of units of equity shown in the register immediately before the commencing time for that Act is taken to be correct.
(2) This subregulation applies to an entry in the register if:
(a) the entry is inaccurate because of:
(i) a mistake, omission or false entry in the register; or
(ii) a change in circumstances; and
(b) WoolStock Australia Limited is satisfied that the entry can be corrected.
Division 3 Transfer of units
9 Documents to be given with notice of transfer
(1) For paragraph 22H (5) (b) of the Act, a notice of transfer of units of equity must be signed by or for the registered equity holder.
(2) The documents that must be given to WoolStock Australia Limited with the notice are:
(a) a stamp duty compliance certificate for the transfer document; and
(b) the unit certificate for the units held by the transferor; and
(c) if the units are recorded as the subject of a charge in the register — a notice of discharge of the charge in a form approved by WoolStock Australia Limited; and
(d) the documents required by the constitution of WoolStock Australia Limited for a transfer of shares in WoolStock Australia Limited.
(3) If, in a particular case, WoolStock Australia Limited needs more information about a transfer, WoolStock Australia Limited may ask the person who gave the notice, in writing, to give WoolStock Australia Limited the necessary information, and may require the information to be given in a specified way or form.
10 Entering transfer in register
(1) For subsection 22H (6) and paragraph 22H (6) (a) of the Act, on receiving a notice of transfer WoolStock Australia Limited must:
(a) record on the notice and any documents given with the notice the date and time when the notice was received; and
(b) if the application complies with subsection 22H (5) of the Act — enter in the register the particulars mentioned in paragraph 22H (6) (a) of the Act as soon as practicable.
(2) If the notice is received by post before midday on any day, the notice is taken to have been received at 11am on that day.
(3) If the notice is received by post after midday on any day, the notice is taken to have been received at 3pm on that day.
11 Adjusting particulars of transferor in register
(1) For subsection 22H (6) and paragraph 22H (6) (b) of the Act, WoolStock Australia Limited must make the necessary adjustments to the particulars entered in the register in respect of the transferor, in accordance with subregulation (2), as soon as practicable.
(2) After being so adjusted, the register must show:
(a) the number of units of equity transferred by the transferor; and
(b) the date when the transfer takes effect; and
(c) the number of units of equity that will be held by the transferor after the transfer takes effect.
12 New unit certificates on transfer
As soon as practicable after the necessary adjustments have been made under regulation 10, WoolStock Australia Limited must:
(a) cancel the unit certificate given with the notice of transfer; and
(b) if the transferor remains the registered holder of any units of equity to which that certificate relates — give the transferor a unit certificate for those units; and
(c) give the transferee a unit certificate for the units transferred.
13 Unregisterable transfers
If a notice does not comply with subsection 22H (5) of the Act, WoolStock Australia Limited must return the notice and any accompanying documents to the person who gave the documents to WoolStock Australia Limited as soon as practicable with a statement:
(a) explaining why the notice does not comply with the subsection; and
(b) asking the person to give WoolStock Australia Limited the notice and accompanying documents in the appropriate form.
Division 4 Death etc of unit holder
14 Documents to be given with application on death of sole unit holder or holder in common
(1) For subsection 22I (1) and paragraph 22I (4) (b) of the Act, if the sole registered holder, or a registered holder in common with another person, of units of equity dies, the documents that must be given to WoolStock Australia Limited with an application are:
(a) if the applicant is the personal representative of the deceased person — the documents mentioned in subregulation (2); or
(b) if the applicant is the beneficiary of any of those units:
(i) the documents mentioned in subregulation (2) (unless WoolStock Australia Limited has already been given those documents); and
(ii) unless WoolStock Australia Limited waives the requirement that it be given a copy of a grant of probate or letter of administration under subregulation (4) — a transfer document in a form approved by WoolStock Australia Limited (signed by the personal representative of the deceased person and the applicant).
(2) The documents are:
(a) either:
(i) a copy of the grant of probate of the will of, or letters of administration of the estate of, the deceased person; or
(ii) if WoolStock Australia Limited waives the requirement that it be given that copy under subregulation (4) — a copy of a death certificate for the person; and
(b) the unit certificate for the units.
(3) If, in a particular case, WoolStock Australia Limited needs more information in relation to an application, WoolStock Australia Limited may ask the person who gave the application, in writing, to give WoolStock Australia Limited the necessary information, and may require the information to be given in a specified way or form.
(4) WoolStock Australia Limited may waive the requirement that it be given a copy of a grant of probate or letters of administration if:
(a) the deceased person is the registered holder of less than 1000 units of equity in WoolStock Australia Limited; and
(b) it would be unreasonable in the circumstances to require one.
15 Notice to WoolStock Australia Limited of death of joint unit holder
(1) If a joint registered holder of any units of equity dies, a survivor may give written notice to WoolStock Australia Limited of the death with:
(a) a copy of a death certificate for the deceased person; and
(b) the unit certificate for the units; and
(c) a statutory declaration by the survivor to the effect that:
(i) the deceased person is the same person as the joint registered holder named in the register; and
(ii) to the best of the survivor’s knowledge, the units were held by the deceased person and the survivor as joint holders rather than as holders in common; and
(d) a statutory declaration by the personal representative (if any) of the deceased to the effect that:
(i) to the best of the personal representative’s knowledge the units were held jointly; or
(ii) the personal representative abandons any claim to any share in the units.
(2) If, in a particular case, WoolStock Australia Limited needs more information about a notice, WoolStock Australia Limited may ask the person who gave the notice, in writing, to give WoolStock Australia Limited the necessary information, and may require the information to be given in a specified way or form.
16 Documents to be given with application on bankruptcy of unit holder
(1) For subsection 22I (2) and paragraph 22I (4) (b) of the Act, if the registered holder of units of equity becomes bankrupt, the documents that the trustee of the bankrupt’s estate must give to WoolStock Australia Limited with an application are:
(a) either:
(i) a copy of the sequestration order made against the bankrupt’s estate under the Bankruptcy Act 1966; or
(ii) the documents mentioned in subregulation (2); and
(b) the unit certificate for the units (unless WoolStock Australia Limited waives the requirement that it be given the certificate, under subregulation (4)).
(2) If, in a particular case, WoolStock Australia Limited needs more information about an application, WoolStock Australia Limited may ask the person who gave the application, in writing, to give WoolStock Australia Limited the necessary information, and may require the information to be given in a specified way or form.
(3) For subparagraph (1) (a) (ii), the documents are:
(a) the debtor’s petition presented by the bankrupt and accepted by the Registrar under subsection 55 (3) of the Bankruptcy Act 1966; and
(b) an extract from the National Personal Insolvency Index showing that the applicant has been appointed to be the trustee of the bankrupt’s estate.
(4) WoolStock Australia Limited may waive the requirement that it be given the certificate mentioned in paragraph (1) (b) if it would be unreasonable in the circumstances to require one.
(5) In this regulation, the registered holder of units of equity includes a person who is the joint registered holder of a unit of equity.
17 Documents to be given with application on winding up of unit holder
(1) For subsection 22I (3) and paragraph 22I (4) (b) of the Act, if a company that is the registered holder of units of equity is wound up, the documents that the liquidator of the company must give to WoolStock Australia Limited with an application are:
(a) either:
(i) a copy of the winding up order made against the company under the Corporations Law; or
(ii) a copy of the notice of the resolution for voluntary winding up published in the Gazette; and
(b) the unit certificate for the units (unless WoolStock Australia Limited waives the requirement that it be given the certificate under subregulation (4)).
(2) If, in a particular case, WoolStock Australia Limited needs more information about an application, WoolStock Australia Limited may ask the person who gave the application, in writing, to give WoolStock Australia Limited the necessary information, and may require the information to be given in a specified way or form.
(3) In this regulation, the registered holder of units of equity includes a person who is the joint registered holder of a unit of equity.
(4) WoolStock Australia Limited may waive the requirement that it be given the certificate mentioned in paragraph (1) (b) if it would be unreasonable in the circumstances to require one.
18 Entering particulars in register
(1) On receiving an application made under section 22I of the Act, WoolStock Australia LimitedWool International must:
(a) record on the application and any documents given with the application the date and time when the application was received; and
(b) if the application complies with subsection 22I (4) of the Act — as soon as practicable:
(i) enter in the register the particulars mentioned in subparagraphs 22I (5) (a) (i) and (ii) of the Act; and
(ii) remove the particulars mentioned in paragraph 22I (5) (b) of the Act.
(2) On receiving a notice mentioned in regulation 15, WoolStock Australia Limited must:
(a) record on the notice and any documents given with the notice the date and time when the notice was received; and
(b) if the notice complies with regulation 15 — as soon as practicable:
(i) remove the particulars relevant to the previous joint holder of the units from the register; and
(ii) make the necessary adjustments to the particulars entered in the register for the survivor or survivors.
(3) If the application, or notice, is received by post before midday on any day, the application or notice is taken to have been received at 11am on that day.
(4) If the application, or notice, is received by post after midday on any day, the application or notice is taken to have been received at 3pm on that day.
19 New unit certificates on death etc of unit holder
As soon as practicable after WoolStock Australia Limited has complied with subregulation 18 (1) or (2), WoolStock Australia Limited must:
(a) cancel the unit certificate for the units given with the application; and
(b) give the applicant or the survivor a unit certificate for the units that are the subject of the application.
20 Unregisterable applications
(1) Subregulation (2) applies if:
(a) an application does not comply with subsection 22I (4) of the Act; or
(b) a notice does not comply with regulation 15.
(2) WoolStock Australia Limited must return the application or notice and any accompanying documents to the person who gave those documents to WoolStock Australia Limited as soon as practicable with a statement:
(a) explaining why:
(ii) the application does not comply with subsection 22I (4) of the Act; or
(ii) the notice does not comply with regulation 15; and
(b) asking the person to reapply or give WoolStock Australia Limited the notice and accompanying documents in the appropriate form.
Division 5 Registration of charges
21 Meaning of beneficiary
In this Division:
beneficiary has the same meaning as in section 22J of the Act.
22 Application to have charge recorded in register
For subsection 22J (3) of the Act, an application must:
(a) be in a form approved by WoolStock Australia Limited (signed by the registered equity holder and the beneficiary); and
(b) be given to WoolStock Australia Limited with:
(i) the unit certificate for the unit held by the registered holder; and
(ii) a stamp duty compliance certificate for the charge; and
(iii) if the registered holder of the unit has authorised WoolStock Australia Limited to make payments under subsection 22R (4) of the Act — that authority.
23 Entering particulars of charge in register
(1) For subsection 22J (4) of the Act, as soon as practicable after an application has been received, WoolStock Australia Limited must:
(a) record on the application and any documents given with the application the date and time when the application was received; and
(b) if regulation 22 has been complied with — enter in the register the particulars of the charge as soon as practicable.
(2) If the application is received by post before midday on any day, the application is taken to have been received at 11am on that day.
(3) If the application is received by post after midday on any day, the application is taken to have been received at 3pm on that day.
24 Unit certificates on registration of charge
As soon as practicable after the particulars have been entered, WoolStock Australia Limited must:
(a) if all of the units of equity held by the registered equity holder are the subject of the charge — give the beneficiary the unit certificate for the units given with the application; and
(b) if any units of equity held by the holder are not the subject of the charge:
(i) cancel the unit certificate given with the application; and
(ii) give the holder a unit certificate for those units; and
(iii) give the beneficiary a unit certificate for the units that are the subject of the charge.
25 Unregisterable charges
If an application for registration of a charge does not comply with regulation 22, WoolStock Australia Limited must return the application and any accompanying documents to the person who gave those documents to WoolStock Australia Limited as soon as practicable with a statement:
(a) explaining why the application does not comply with the regulation; and
(b) asking the person to reapply.
26 Notice of intention to make distribution
(1) Subregulation (2) applies if the registered holder of units of equity that are the subject of a charge has authorised WoolStock Australia Limited to make payments under subsection 22R (4) of the Act.
(2) At least 28 days before WoolStock Australia Limited intends to make a determination under subsection 22P (3) of the Act, WoolStock Australia Limited must give to the beneficiary under the charge of the units:
(a) written notice of its intention to make the determination; and
(b) a written request that the beneficiary give WoolStock Australia Limited a written statement of the amount (if any) that will be secured by the charge on the day when the amount determined under subsection 22P (3) of the Act becomes available for distribution.
Note The amount becomes available for distribution at the end of a day (the operative day) determined by WoolStock Australia Limited under subs 22P (4) of the Act.
(3) The statement must be given to WoolStock Australia Limited within 14 days after receiving the notice from WoolStock Australia Limited.
Division 6 Miscellaneous
27 Order of registration
WoolStock Australia Limited must enter, adjust or remove particulars mentioned in regulations 10, 11, 18 and 23 in accordance with those regulations in the order in which the documents relating to the particulars are received by WoolStock Australia Limited.
28 Person giving documents to WoolStock Australia Limited
A person who gives WoolStock Australia Limited a notice under subsection 22H (5) of the Act or an application under subsection 22I (4) or 22J (3) of the Act must also give WoolStock Australia Limited the person’s name and a postal address.
29 Proof of signatures — witnessing, etc
(1) A document (other than a notice of transfer) to be signed by an individual for these Regulations may be signed for the person by another person to whom he or she has given written authority to do so.
(2) An individual’s signature on a document must be witnessed by another individual who must also write his or her name and address on the document.
(3) If an individual signs a document for another individual:
(a) the individual who signs must show the witness a copy of the written authority to do so; and
(b) the witness must note on the document that he or she has seen the authority.
30 Verifying copies
A copy of a document that is required under these Regulations to be given to WoolStock Australia Limited must be verified as an accurate copy of the document by a legal practitioner, bank manager, justice of the peace, police officer or a member of the Australian Society of Certified Practising Accountants or the Institute of Chartered Accountants in Australia.
31 Replacement certificates
(1) If a unit certificate for units of equity is lost or destroyed, the registered equity holder or a beneficiary under a charge of the units may apply to WoolStock Australia Limited for a replacement certificate.
(2) An application must:
(a) be in a form approved by WoolStock Australia Limited (signed by the applicant); and
(b) be given to WoolStock Australia Limited with:
(i) a written statement of the kind mentioned in subregulation (3); and
(ii) if the applicant is not the registered holder of the units — any documents establishing the applicant’s interest in the units; and
(iii) the written consent of any other person with an interest in the units to WoolStock Australia Limited giving the applicant a replacement certificate; and
(iv) a written undertaking that if the certificate is found or received by the applicant it will be returned to WoolStock Australia Limited.
(3) The written statement must include:
(a) a statement that the certificate has been lost or destroyed and not otherwise disposed of; and
(b) if lost — a statement that reasonable efforts have been made to find the certificate; and
(c) details of the applicant’s interest in the units.
(4) If the application satisfies subregulation (2), WoolStock Australia Limited must give the applicant a replacement certificate after 21 days, but not later than 28 days, after the application is received.
32 Unclaimed money
(1) Subregulation (2) applies if WoolStock Australia Limited has an amount available for distribution under Part 4B of the Act to:
(a) a wool-tax payer mentioned in subsection 22C (1) of the Act in force before the commencement of these regulations whose name is not known to WoolStock Australia Limited; or
(b) a person whose address is not known; or
(c) a beneficiary under a charge to whom a request for a statement has been given under subregulation 26 (2) and who has not complied with the request in accordance with subregulations 26 (2) and (3).
(2) The unclaimed amount must be paid into an account to be kept by WoolStock Australia Limited called the Unclaimed Money Fund.
(3) If WoolStock Australia Limited is satisfied that a person is entitled to an amount that is in the Unclaimed Money Fund, WoolStock Australia Limited must pay the amount to the person from the Fund.
(4) An amount payable to a person from the Unclaimed Money Fund does not include an amount of interest on the amount paid into the Fund.
33 AAT review of decisions
A person may apply to the Administrative Appeals Tribunal, under the Administrative Appeals Tribunal Act 1975, for review of a decision by WoolStock Australia Limited:
(a) to refuse to waive the requirement for a copy of a grant of probate or letters of administration, under subregulation 14 (4); or
(b) to refuse to waive the requirement for a unit certificate, under subregulation 16 (4) or 2O (4); or
(c) to refuse to pay the person an amount from the Unclaimed Money Fund.
Part 3 Miscellaneous
Do not delete : Division placeholder
34 Payments to WoolStock Australia Limited — prescribed percentage
For the purposes of paragraph 43 (4) (b) of the Act, the percentage prescribed for a financial year commencing on or after 1 July 1996 is 0%.
35 References in documents to renumbered provisions
A reference in a document to a provision of these regulations by the number it had immediately before the commencement of this regulation is a reference to the provision by its number after renumbering.
Notes to the Wool International Regulations 1993
Note 1
Note: The Wool International Regulations 1993 (in force under the Wool International Act 1993) as shown in this consolidation comprise Statutory Rules 1993 No. 336 amended as indicated in the Tables below.
Note: Table of Statutory Rules
Year andnumber
Date of notificationin Gazette
Date ofcommencement
Application, saving ortransitional provisions
1993 No. 336
10 Dec 1993
10 Dec 1993
1994 No. 43
11 Mar 1994
R. 4: 1 Dec 1993Remainder: 11 Mar 1994
—
1994 No. 89
7 Apr 1994
7 Apr 1994
—
1996 No. 143
5 July 1996
28 June 1996 (see r. 1)
—
1997 No. 78
14 Apr 1997
14 Apr 1997
—
1997 No. 356
15 Dec 1997
15 Dec 1997
—
1999 No. 129
30 June 1999
Schedule 2: (a)Remainder: 1 July 1999 (Gazette 1999,No. S250 )
—
Note: (a) Regulation 2 (2) of the Wool International Amendment Regulations 1999 (No. 1) provides as follows:
Note: (2) Schedule 2 commences immediately after Schedule 1 commences.
Note: Table showing new Regulation numbers of the Wool International Regulations 1993 after renumbering by the Wool International Amendment Regulations 1999 (No. 1) (1999 No. 129).
Note This Table does not form part of the Wool International Regulations 1993 and is printed for convenience of reference only.
Oldnumber
Newnumber
Part 1
Part 1
Regulation
Regulation
1
1
2
2
Part 2
Part 2
Division 1
Division 1
Regulation
Regulation
2A
3
Division 2
Division 2
Regulation
Regulation
2B
4
2C
5
2D
6
2E
7
2F
8
Division 3
Division 3
Regulation
Regulation
2G
9
2H
10
2I
11
2J
12
2K
13
Division 4
Division 4
Regulation
Regulation
2L
14
2M
15
2N
16
2O
17
2P
18
2Q
19
2R
20
Division 5
Division 5
Regulation
Regulation
2S
21
2T
22
2U
23
2V
24
2W
25
2X
26
Division 6
Division 6
Regulation
Regulation
2Y
27
2Z
28
2ZA
29
2ZB
30
Regulation
Regulation
2ZC
31
2ZD
32
2ZE
33
Part 3
Part 3
Regulation
Regulation
4A
34
4B
35
Section 1 - Wool International Regulations - Wool International Regulations | Zoe