Commonwealth Consolidated Acts

WOOL SERVICES PRIVATISATION ACT 2000 - SECT 7

                   In this Part, unless the contrary intention appears:

1936 Tax Act means the Income Tax Assessment Act 1936.

1997 Tax Act means the Income Tax Assessment Act 1997.

"ASIC" means the Australian Securities and Investments Commission.

"asset" means:

                     (a)  any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and

                     (b)  any right, power, privilege or immunity, whether actual, contingent or prospective.

"certified demerger matter" means any of the following matters that is certified under section 36:

                     (a)  the transfer by HoldCo, to a shareholder in HoldCo, of any of HoldCo's shares in a subsidiary;

                     (b)  the issue of shares by a subsidiary of HoldCo to a shareholder in HoldCo;

                     (c)  the cancellation of shares in HoldCo (whether by buy‑back, capital reduction or any other means).

"commencing time" means the beginning of the day on which this Act receives the Royal Assent.

"conversion time" means the time when Schedule 1 commences.

"Corporations Law company" means a body registered as a company under the Corporations Law.

"HoldCo" means:

                     (a)  in relation to a time before the conversion time--the Organisation; or

                     (b)  in relation to a time after the conversion time--Australian Wool Services Limited (or that company with another name).

Note:          Under Division 4, the Organisation is converted into a Corporations Law company, with the name "Australian Wool Services Limited".

"instrument" means:

                     (a)  an Act or any instrument under an Act; or

                     (b)  any other document.

"liability" means any liability, duty or obligation, whether actual, contingent or prospective.

"Organisation" means the Australian Wool Research and Promotion Organisation.

"restructuring body" means HoldCo or a subsidiary.

"restructuring period" means the period starting at the commencing time and ending 2 years after the conversion time.

"subsidiary" means a wholly-owned subsidiary (within the meaning of the Corporations Law) of HoldCo.

"wool levy" means levy or charge that:

                     (a)  is collected under the Primary Industries Levies and Charges Collection Act 1991 ; and

                     (b)  is prescribed by regulations under this Act.