Commonwealth act

Wool Marketing (Loan) Act (No. 2) 1974

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

153 of 1974

Collection

act

Plain English Summary

1/10 complexity

This Act increases the amount of money the Australian Wool Corporation can access in loans from $150 million to $350 million.

What it does:

Raises the limit on government loans to the Australian Wool Corporation (the body that marketed Australian wool)
Raises the corresponding limit on how much the Corporation is allowed to borrow

Who it affects:

Australian wool growers who relied on the Corporation for price stabilization and marketing support
The Australian Wool Corporation itself, giving it more financial capacity to support the wool industry during market downturns

Why it matters: This change provided additional financial backing to help stabilize wool prices and support farmers during what was likely a period of market volatility in the 1970s.

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Current sections

Direct links to the current provisions in Wool Marketing (Loan) Act (No. 2) 1974.

Wool Marketing (Loan) Act (No. 2) 1974

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WOOL MARKETING (LOAN) ACT (No. 2) 1974

No. 153 of 1974

An Act to amend the Wool Marketing (Loan) Act 1974.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title and citation.

(1) This Act may be cited as the Wool Marketing (Loan) Act (No. 2) 1974.

(2) The Wool Marketing (Loan) Act 1974 is in this Act referred to as the Principal Act.

(3) The Principal Act, as amended by this Act, may be cited as the Wool Marketing (Loan) Acts 1974.

Commencement.

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

Loans to Australian Wool Corporation,

3. Section 4 of the Principal Act is amended by omitting from sub-section (1) the figures “$150,000,000” and substituting the figures “$350,000,000”.

Authority to borrow.

4. Section 6 of the Principal Act is amended by omitting the figures “$150,000,000” and substituting the figures “$350,000,000”.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.