Commonwealth Numbered Acts

WOOL INTERNATIONAL AMENDMENT ACT 1996 No. 62 of 1996 - SCHEDULE 1

Schedule 1 - Amendment of the Wool International Act 1993 1 Subsection 3(1)
Omit "long-term". 2 Paragraph 3(1)(a) Omit all the words after "in a manner
that", substitute "maximises the net return to the Australian wool growing
industry from the sale of stockpile wool and fresh wool; and". 3 Paragraph
3(1)(b) Repeal the paragraph, substitute:

   (b)  adopting measures for the progressive reduction of the accumulated
        debt and aiming to have it eliminated by 31 December 1998; and 4
        Paragraph 8(1)(a) Repeal the paragraph, substitute:

   (a)  to dispose, in accordance with the disposal schedule, of the stockpile
        wool in a manner that maximises the net return to the Australian wool
        growing industry from the sale of stockpile wool and fresh wool; 5
        Paragraph 8(1)(d) Repeal the paragraph, substitute:

   (d)  to prepare and implement a strategy for the management of the
        accumulated debt with the aim of repaying it by 31 December 1998; 6
        Section 18 (definition of disposal period) Repeal the definition. 7
        Section 19 Repeal the section. 8 Section 20 Repeal the section,
        substitute: 20 Disposal schedule from 1 January 1997

(1) Wool International must dispose of all stockpile wool, in accordance with
this section, by 31 December 2000.

(2) Subject to subsection (4), Wool International's power to dispose of
stockpile wool is to be exercised so that in each quarter the wool stockpile
must be reduced by not less than the minimum quantity for the quarter but not
more than 350,000 bales.

(3) For the purposes of subsection (2), the minimum quantity is:

   (a)  for the quarters beginning on 1 January and 1 April 1997 - 135,000
        bales; and

   (b)  for a quarter beginning on or after 1 July 1997 - 90,000 bales.

(4) If, in a quarter, the remaining quantity of stockpile wool is less than
the minimum quantity, subsection (2) is satisfied if all or any part of the
wool stockpile is disposed of in that quarter.

(5) Only the following transactions are to count as reducing the wool
stockpile for the purposes of subsections (2) and (4) in a particular quarter:

   (a)  sales made during the quarter under contracts requiring immediate
        delivery;

   (b)  sales made under forward contracts requiring delivery to be made
        during the quarter;

   (c)  transactions of a kind prescribed by the regulations for the purposes
        of this subsection. 9 Subsections 21(1) and (2) Repeal the
        subsections. 10 Subsection 21(3) Omit "a disposal period referred to
        in paragraph (b) of the definition of 'disposal period' in section
        18", substitute "a quarter". 11 Subsection 21(3) Omit "the period"
        (wherever occurring), substitute "the quarter". 12 Subsection 21(4)
        Omit "subsection (1) or (3)", substitute "this section". 13 Subsection
        22(1) Repeal the subsection. 14 Subsection 22(3) Omit "subsection (1)
        or (2)", substitute "this section".

[Minister's second reading speech made in - House of Representatives on 30
October 1996 Senate on 7 November 1996]