Commonwealth Numbered Acts

WOOL MARKETING (TEMPORARY PROVISIONS) AMENDMENT ACT 1991 No. 22 of 1991 - SECT 4

4. The Principal Act is amended by adding at the end the following Part:
                      "PART X - TEMPORARY PROVISIONS


"Division 1 - Introductory Definitions

"138. In this Part:
`borrowing' includes raising money by dealing in securities, within the
meaning of section 53. This Part overrides the rest of this Act

"139. This Part has effect in spite of anything to the contrary in the rest of
this Act.

"Division 2 - Wool Industry Supplementary Payments Scheme Guidelines for
payments to wool producers

"140. The Minister may, by notice in the Gazette, issue guidelines for and in
relation to the making of supplementary payments to wool producers in respect
of wool described in the guidelines. Corporation must make payments to wool
producers

"141. (1) During the period beginning on the commencement of this Part and
ending on a day to be fixed by Proclamation, the Corporation must make
payments to wool producers in accordance with guidelines in force under
section 140.

"(2) The payments are to be made out of money standing to the credit of the
Market Fund (whatever the source of that money).

"(3) This section does not prevent money standing to the credit of the Market
Fund from being used for any other purpose authorised by this Act and
consistent with this Part. Appropriation for Market Fund

"142. (1) The Minister may authorise the payment by the Commonwealth into the
Market Fund, as assistance for the purposes of section 141, of amounts not
exceeding in the aggregate $300,000,000.

"(2) The Consolidated Revenue Fund is appropriated for the purpose of
subsection (1).

"(3) The Corporation must keep accounts, in accordance with guidelines in
force under section 140, in relation to money paid into the Market Fund under
this section. Suspension of reserve price scheme

"143. During the period beginning on the commencement of this Part and ending
on a day to be fixed by Proclamation, the Corporation must not operate the
reserve price scheme and, in particular:

   (a)  must not exercise its powers under Divisions 1 and 2 of Part IV to buy
        wool; and

   (b)  must not exercise its powers under such other provisions of Divisions
        1 and 2 of Part IV as are prescribed.
                     "Division 3 - Debt Reduction
Debt reduction guidelines

"144. The Minister may, by notice in writing to the Corporation, issue
guidelines for and in relation to reducing the indebtedness of the Corporation
that has arisen, or arises, from borrowing money. Borrowing by Corporation

"145. (1) While guidelines are in force under section 144, then, in spite of
section 53, the Corporation must borrow money, and discharge its obligations
in relation to borrowings, in accordance with those guidelines and not
otherwise.

"(2) Subsection (1) does not override any agreement entered into by the
Corporation before the commencement of this Part. Disposing of wool stocks

"146. While guidelines are in force under section 144, the Corporation must
sell, charge or otherwise dispose of its stocks of wool or wool products in
accordance with those guidelines and not otherwise.
                     "Division 4 - Miscellaneous
Special powers of Minister

"147. (1) This section applies if, in the opinion of the Minister:

   (a)  the Corporation is unable to form a quorum at meetings because of
        vacancies in its membership or because directors do not attend at
        meetings; or

   (b)  the Corporation is not effectively exercising its powers, or
        performing its functions or duties, under this Act.

"(2) The Minister may, by notice in the Gazette:

   (a)  remove the directors from office and:

   (i)  appoint a person to be the Corporation Chairperson on a full-time or
        part-time basis; and

   (ii) appoint:

                (A)  6 other persons to be directors on a part-time basis; or

                (B)  a person to be the Managing Director on a full-time basis
                     and 5 other persons to be directors on a part-time basis;
                     or

   (b)  appoint an Administrator to manage the affairs of the Corporation.

"(3) Section 20 does not apply to appointments of directors under this
section.

"(4) During the appointment of directors under this section:

   (a)  the Corporation consists of the directors; and

   (b)  sections 38, 39 and 40 have no effect; and

   (c)  the affairs of the Corporation, to the extent determined by the
        Corporation, are to be managed by the Corporation Chairperson.

"(5) During the appointment of an Administrator:

   (a)  the Administrator has all the powers, and is to perform all the
        functions and duties, of the Corporation; and

   (b)  the powers, functions and duties of any directors holding office are
        suspended.

"(6) A person appointed under this section holds office at the Minister's
pleasure and is to be paid such remuneration and allowances as are determined
by the Minister.

"(7) This section ceases to have effect on 1 July 1992 or, if an earlier date
is fixed by Proclamation, on that earlier date. Regulations

"148. (1) The Governor-General may make regulations, not inconsistent with
this Part:

   (a)  prescribing all matters that are required or permitted by this Part to
        be prescribed; or

   (b)  that are necessary or convenient to be prescribed for giving effect to
        this Part.

"(2) Without limiting the generality of subsection (1), the regulations may:

   (a)  make transitional and consequential provisions arising out of:

   (i)  the enactment of this Part; and

   (ii) the end of the period referred to in section 141 or 143; and

   (b)  amend any provision of this Act other than this Part.

"(3) Regulations made under this section have effect in spite of anything to
the contrary in regulations made under section 127.".