Commonwealth Numbered Acts

AUSTRALIAN WOOL REALISATION COMMISSION ACT 1991 No. 107 of 1991 - SECT 79

79. (1) As soon as practicable after the commencement of this Act, the
Commission must:

   (a)  cease to operate the separate account maintained by the Commission
        under the name Promotion Reserve; and

   (b)  pay to the Corporation an amount equal to the amount standing to the
        credit of that account immediately before 1 July 1991.

(2) As soon as practicable after the commencement of this Act, the Commission
must:

   (a)  cease to operate the separate account maintained by the Commission
        under the name General Reserve; and

   (b)  pay to the Corporation an amount equal to the amount standing to the
        credit of that account immediately before 1 July 1991.

(3) The Corporation is liable for any payment, being a payment of a kind that
would have been made out of the account referred to in subsection (1) or the
account referred to in subsection (2) if it had been made by the Commission
before 1 July 1991, for which the Commission:

   (a)  was liable immediately before that day; or

   (b)  would have been liable if a claim for the payment had been made before
        that day.