Commonwealth Numbered Acts

WOOL INTERNATIONAL PRIVATISATION ACT 1999 NO. 40, 1999 - SCHEDULE 2--Amendments

Wool International Act 1993

1 Title

Repeal the title, substitute:

-An Act to provide for units of equity in respect of contributions made to WoolStock Australia Limited through payments of wool tax, and for related purposes 2 Section 2

Repeal the section.

3 Section 3

Repeal the section, substitute:

SECT 3 Objects The main object of this Act is to provide for units of equity in respect of contributions made to WoolStock Australia Limited through payments of wool tax.

4 Section 4

Repeal the section, substitute:

SECT 4 Definitions Administration Act means the Wool Tax (Administration) Act 1964 .

carpet wool has the same meaning as in the Administration Act.

conversion time means the time when Wool International is taken to be registered as a company under Part 5B.1 of the Corporations Law, in accordance with section 14 of the Wool International Privatisation Act 1999 .

former Commission means WoolStock Australia Limited, as it existed immediately before the repeal of the Australian Wool Realisation Commission Act 1991 .

putative equity holder means:

(a) an individual:

(i) who died, and whose estate was distributed, before 1 September 1997; and

(ii) who would have been a registered equity holder on that day if he or she had not died; or

(b) a company that:

(i) was wound up before 1 September 1997; and

(ii) but for the winding up, would have been a registered equity holder on that day.

registered holder , in relation to a unit of equity in WoolStock Australia Limited, means the registered equity holder that is the holder of the unit.

register of equity holders means the register referred to in section 22B.

repealed Act means the Australian Wool Realisation Commission Act 1991 .

sale value , in relation to shorn wool, means the amount that is the sale value of the wool for the purposes of section 10 of the Administration Act.

shorn wool means wool that:

(a) has been obtained by shearing; and

(b) has not been subject to any process other than scouring or carbonising.

surplus money has the meaning given by section 22P.

TrusteeCo means the company nominated under section 9 of the Wool International Privatisation Act 1999 .

unclaimed units means units of equity that are taken to be registered in the name of TrusteeCo by operation of subsection 10(3) of the Wool International Privatisation Act 1999 .

WoolStock Australia Limited means:

(a) in relation to a time before the conversion time--the body corporate referred to in section 7 of this Act (as in force immediately before the conversion time); and

(b) in relation to a time after the conversion time--that body as continued in existence by registration under the Corporations Law as mentioned in section 14 of the Wool International Privatisation Act 1999 .

Note: WoolStock Australia Limited has previously had the following names: "Wool International", "Australian Wool Realisation Commission" and "Australian Wool Corporation".

Wool Tax Act means the Wool Tax Act (No. 1) 1964 , the Wool Tax Act (No. 2) 1964 , the Wool Tax Act (No. 3) 1964 , the Wool Tax Act (No. 4) 1964 or the Wool Tax Act (No. 5) 1964 .

5 Sections 5, 5A and 6

Repeal the sections.

6 Parts 2, 3 and 4

Repeal the Parts.

7 Section 22A

Omit "Wool International", substitute "WoolStock Australia Limited".

8 Subsection 22B(1)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

Note: The heading to section 22B is altered by omitting " Wool International " and substituting " WoolStock Australia Limited ".

Repeal the sections.

10 Section 22F

Omit "Wool International", substitute "WoolStock Australia Limited".

Note: The heading to section 22F is altered by omitting " Wool International " and substituting " WoolStock Australia Limited ".

Repeal the section, substitute:

SECT 22G Share of distribution For each distribution, a registered equity holder is entitled to receive, for each unit of equity, an amount worked out using the formula:

Note: The amount of a distribution is determined under subsection 22P(3).

Omit "the Chief Executive", substitute "TrusteeCo".

13 Subsection 22H(1)

Omit "Wool International", substitute "WoolStock Australia Limited".

14 Subsection 22H(2)

Omit "the Chief Executive" (wherever occurring), substitute "TrusteeCo".

15 Subsection 22H(2)

Omit "Wool International", substitute "WoolStock Australia Limited".

16 After subsection 22H(2)

Insert:

(2A) If the register is amended so that:

(a) it shows the correct name of the person who is entitled to be registered in respect of any unclaimed units; and

(b) it no longer shows those units as being "unclaimed entitlements";

17 After subsection 22H(3)

Insert:

(3A) Units of equity cannot be transferred unless, at the same time, the transferor transfers to the transferee a number of shares in WoolStock Australia Limited that is equal to the number of units transferred.

18 Subsection 22H(5)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

19 Subsection 22H(6)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

20 Subsection 22H(7)

Omit "Wool International", substitute "WoolStock Australia Limited".

21 Subsection 22I(1)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

22 Subsection 22I(2)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

23 Subsection 22I(3)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

24 Subsection 22I(4)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

25 Subsection 22I(5)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

26 Subsection 22J(1)

Omit "Wool International", substitute "WoolStock Australia Limited".

27 Subsection 22J(1)

Omit "the Chief Executive", substitute "TrusteeCo".

28 Subsection 22J(2)

Omit "Wool International", substitute "WoolStock Australia Limited".

29 Subsection 22J(3)

Omit "Wool International", substitute "WoolStock Australia Limited".

30 Subsection 22J(4)

Omit "Wool International", substitute "WoolStock Australia Limited".

31 Subsection 22J(5)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

32 Subsection 22J(6)

Omit "Wool International", substitute "WoolStock Australia Limited".

33 Subsection 22J(7)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

34 Paragraph 22K(a)

Omit "Wool International", substitute "WoolStock Australia Limited".

35 Section 22K (note)

Omit "Wool International", substitute "WoolStock Australia Limited".

36 After section 22K

Insert:

SECT 22KA Registered equity holders--status as members of WoolStock Australia Limited For the purposes of the Corporations Law, a person is not to be treated as being a member of WoolStock Australia Limited merely because the person is a registered equity holder.

SECT 22KB Nature of claims of registered equity holders For the purposes of the Corporations Law:

(a) for each distribution under Part 4B of this Act, WoolStock Australia Limited incurs a debt at the end of the operative day for the distribution; and

(b) in a winding up of WoolStock Australia Limited:

(i) the claims of registered equity holders are admissible to proof against WoolStock Australia Limited; and

(ii) those claims rank behind the debts and claims of all other unsecured creditors.

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

38 Subsection 22M(1)

Omit "Wool International", substitute "WoolStock Australia Limited".

39 After section 22M

Insert:

SECT 22MA Unclaimed units of equity Section 1343 of the Corporations Law has effect in relation to units of equity shown in the register of equity holders in the same way as that section applies in relation to securities shown in an appropriate register of a company.

40 Part 4B (heading)

Repeal the heading, substitute:

Part 4B--Distribution of surplus money of WoolStock Australia Limited among registered equity holders 41 Section 22N

Omit "Wool International", substitute "WoolStock Australia Limited".

42 Sections 22O, 22P and 22Q

Repeal the sections, substitute:

SECT 22P Distribution of surplus money by WoolStock Australia Limited (1) The surplus money of WoolStock Australia Limited consists of any money of WoolStock Australia Limited that, in the opinion of WoolStock Australia Limited, is not required to be set aside for payment or application by WoolStock Australia Limited (other than for payment of distributions under this Part).

(2) WoolStock Australia Limited must distribute its surplus money by way of:

(a) one or more interim distributions; and

(b) a final distribution, to be made as soon as practicable after the end of the financial year in which the last stockpile wool is disposed of.

(4) WoolStock Australia Limited must determine an operative day for each distribution. For the purposes of this Act, the amount of the distribution becomes available at the end of the operative day.

Note: The distribution is paid to the persons who are registered equity holders when the amount becomes available. See section 22F.

(a) the amount of the distribution; and

(b) the operative day for the distribution.

(7) At the end of one month after the final distribution, all units of equity are cancelled by force of this subsection.

43 Subsection 22R(1)

Omit "Wool International", substitute "WoolStock Australia Limited".

44 Subsection 22R(2)

Repeal the subsection, substitute:

(2) The money is to be distributed as soon as practicable after the operative day determined under section 22P.

45 Subsection 22R(3)

Omit "Wool International", substitute "WoolStock Australia Limited".

46 Subsection 22R(4)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

47 Subsection 22R(5)

Repeal the subsection.

48 Subsection 22S(1)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

49 Subsection 22S(2)

Omit "Wool International" (wherever occurring), substitute "WoolStock Australia Limited".

50 Part 4C (heading)

Repeal the heading, substitute:

Part 4C--Units of equity held by TrusteeCo 51 Section 22T

Repeal the section, substitute:

SECT 22T Object of Part This Part sets out how TrusteeCo is to deal with the units of equity in WoolStock Australia Limited that are held by TrusteeCo.

52 Sections 22U and 22V

Repeal the sections, substitute:

SECT 22U Dealings by TrusteeCo with units of equity held in respect of putative equity holders (1) Units of equity held by TrusteeCo in respect of putative equity holders are held by it on trust until they have been transferred to the persons ascertained under this section.

(2) Subject to this section, TrusteeCo must, in respect of each lot of units of equity held by it, determine in writing:

(a) the persons to whom those units are to be transferred; and

(b) the number of units that each of those persons is entitled to receive.

Note: For the transfer of those units see section 22H.

(a) if there are former creditors of the individual whose claims were not fully satisfied from the individual's estate:

(i) to those creditors; and

(ii) if the number of units held by TrusteeCo in respect of the individual exceeds the number of units that need to be transferred to those creditors in satisfaction of their claims--to the beneficiaries of the individual's estate; or

(b) if paragraph (a) does not apply--to the beneficiaries of the individual's estate.

(a) if there are former creditors of the company whose claims were not fully satisfied from the assets of the company at the time of its winding up:

(i) to those creditors; and

(ii) if the number of units held by TrusteeCo in respect of the company exceeds the number of units that need to be transferred to those creditors in satisfaction of their claims--to the former shareholders of the company; or

(b) if paragraph (a) does not apply--to the former shareholders of the company.

53 Part 4D (heading)

Repeal the heading, substitute:

Part 4D--Distribution of money paid to TrusteeCo 54 Section 22W

Omit "the Chief Executive is to deal with the money that he or she", substitute "TrusteeCo is to deal with the money that it".

55 Section 22X

Omit "The Chief Executive holds any money ( trust money ) paid to him or her", substitute "TrusteeCo holds any money ( trust money ) paid to it".

56 Section 22Y

Omit "The Chief Executive", substitute "TrusteeCo".

57 Section 22Y

Omit "Wool International", substitute "WoolStock Australia Limited".

58 Section 22Z

Repeal the section, substitute:

SECT 22Z To whom money must be paid If:

(a) money has been paid to TrusteeCo under Part 4B in respect of the units of equity held by TrusteeCo; and

(b) any or all of those units are subsequently transferred to a person under subsection 22H(2) or (2A);

59 Section 22ZA

Repeal the section, substitute:

SECT 22ZA Balance of money to be paid to WoolStock Australia Limited If, one month after the final distribution under Part 4B, there is a balance of trust money standing to the credit of TrusteeCo, then TrusteeCo must pay that balance to WoolStock Australia Limited.

60 Parts 4E, 5 and 6

Repeal the Parts.

61 Subsection 43(2)

Omit "Wool International", substitute "WoolStock Australia Limited".

Note: The heading to section 43 is altered by omitting " Wool International " and substituting " WoolStock Australia Limited ".

Omit "Wool International", substitute "WoolStock Australia Limited".

63 Subsection 44(2)

Omit "Wool International", substitute "WoolStock Australia Limited".

64 Section 46

Omit "Wool International", substitute "WoolStock Australia Limited".

65 Sections 47, 48, 49 and 50

Repeal the sections.

66 Section 52

Repeal the section, substitute:

SECT 52 Commonwealth entitled to deduct expenses of collecting wool tax An amount payable by the Commonwealth under section 43 or 44 (the tax payment ) is to be reduced by an amount that the Minister determines to be the expenses incurred by the Commonwealth in connection with the collection and recovery of the tax payment.

67 Sections 53, 54, 55 and 58

Repeal the sections.

68 Subsection 59(1)

Omit "Wool International", substitute "WoolStock Australia Limited".

69 Subsection 59(2)

Omit "Wool International", substitute "WoolStock Australia Limited".

70 Subsection 59(3)

Omit "Wool International", substitute "WoolStock Australia Limited".

71 Sections 60, 61, 62, 63, 64, 65, 66, 66A and 67

Repeal the sections.

72 Section 73

Repeal the section.

73 Section 74

Repeal the section.

Wool Tax (Administration) Act 1964

74 Paragraph 8(4)(a)

Repeal the paragraph.

[ Minister's second reading speech made in--

House of Representatives on 30 March 1999

Senate on 13 May 1999 ]

(76/99)