WHEAT INDUSTRY FUND REGULATIONS 1990 NO. 28 WHEAT INDUSTRY FUND REGULATIONS 1990 NO. 28 - TABLE OF PROVISIONS 1. Citation 2. Interpretation 3. Payments into the Fund 4. Use of Fund money 5. Annual Business Plan 6. Management of Fund 7. Guarantees by Treasurer 8. Equity in Fund 9. Issue of statements by Board 10. Payments to equity holders 11. Certificates of equity 12. Transfer of certificates of equity 13. Register of holders of equity 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 1 Citation 1. These Regulations may be cited as the Wheat Industry Fund Regulations. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 2 Interpretation 2. In these Regulations, unless the contrary intention appears: "certificate of equity" means a certificate issued by the Board under regulation 11; "levy" means levy paid to the Board under section 86 of the Act; "Register" means the Register kept under regulation 13; "the Act" means the Wheat Marketing Act 1989. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 3 Payments into the Fund 3. (1) The following money is to be credited to the Fund: (a) money received by the Board in connection with an activity in which the money of the Fund is used, whether by way of security or otherwise; (b) if money is received by the Board as the result of the sale of assets of the Board obtained through the use of money of the Fund-an amount equal to the profit made by the Board on the sale of the assets. (2) If money of the Fund is used with other money in connection with an activity, the amount of money to be credited to the Fund is the amount that bears to the total amount received by the Board in connection with the activity the same proportion as the amount of Fund money used in connection with the activity bears to the total amount of money used in connection with the activity. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 4 Use of Fund money 4. (1) The Board must not use money of the Fund for a purpose set out in paragraph 82 (1) (a), (b) or (c) of the Act without the approval of the Grains Council. (2) The use of Fund money in accordance with subsection 82 (1) of the Act extends to use of the money: (a) by way of investment; and (b) by way of guarantees and other forms of security given by the Board in connection with a purpose referred to in that section or approved by the Minister under that section. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 5 Annual Business Plan 5. (1) The Board is to develop an Annual Business Plan for each season in consultation with the Grains Council. (2) The plan may deal with the following matters: (a) proposed uses of the Fund; and (b) financial support arrangements for activities of the Board on account of the Fund; and (c) the size of the Fund; and (d) the circumstances in which payments are to be made to holders of equity under regulation 10. (3) The Board is to seek the Grain Council's approval of the Plan. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 6 Management of Fund 6. (1) The Fund is to be managed by the Board. (2) The Board is to manage the Fund in accordance with sound commercial practice. (3) In managing the Fund, the Board is to have regard to the Annual Business Plan as approved by the Grains Council. (4) If money of the Fund is used by way of a loan, the money is to be paid into the Fund as soon as practicable after the loan is repaid to the Board. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 7 Guarantees by Treasurer 7. (1) If the Board borrows money for the purposes of activities involving the use of money of the Fund: (a) the Treasurer may: (i) on behalf of the Commonwealth, enter into a contract that guarantees the repayment of money borrowed and interest on that money; or (ii) determine that the Commonwealth guarantees the repayment of money borrowed and interest on that money; and (b) the principal guaranteed at any time is not to exceed $100,000,000; and (c) each guarantee is to be such that: (i) it relates to borrowings that are to be repaid no later than 30 June 1994; or (ii) if it relates to borrowings that are to be repaid later than 30 June 1994, the guarantee applies only to amounts that become due and payable no later than that date and to obligations arising from those amounts. (2) If the Treasurer makes a determination under subparagraph (1) (a) (ii), repayment of the money and interest is guaranteed by force of this subregulation. (3) The Treasurer may, in writing, delegate his powers under this regulation to an officer of the Department of the Treasury. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 8 Equity in Fund 8. (1) The Board must determine the equity in the Fund, as at 30 June in each year, of: (a) each person who has paid levy in the previous season; and (b) each person who is registered as the holder of equity. (2) In determining a person's equity in the Fund, the Board must take account of: (a) the total amount of levy paid by the person; and (b) the earnings of the Fund; and (c) the value of the Fund's assets as at that 30 June; and (d) any other matter that the Board determines is appropriate. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 9 Issue of statements by Board 9. (1) The Board must issue a statement, as soon as practicable after 30 June in each year, to each person who: (a) has paid levy in the previous season; or (b) is registered as the holder of equity. (2) The statement must include: (a) the person's name; and (b) the amount of levy paid by the person in respect of the season; and (c) the person's equity in the Fund. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 10 Payments to equity holders 10. (1) The Board may from time to time determine that payments are to be made to persons who: (a) are shown in the Register as holders of equity; or (b) are registered as holders of certificates of equity. (2) Before making a determination, the Board must consult the Grains Council. (3) Where the Board makes a determination, the Board must make payments in accordance with the determination. (4) The Board must not make a determination unless to do so is in accordance with sound commercial practice. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 11 Certificates of equity 11. (1) The Board must, on being requested by a holder of equity in the Fund, issue a certificate of equity to the person. (2) The Board may, from time to time, issue certificates of equity to holders of equity in the Fund. (3) The certificate must state: (a) the person's total equity in the Fund or, where the person so r equests, the proportion of the person's equity requested by the person; and (b) the date of issue of the certificate; and (c) that the statement of the amount of equity represented by the certificate is effective only until the 30 June after the date of issue of the certificate. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 12 Transfer of certificates of equity 12. (1) A certificate of equity is transferable. (2) If a certificate of equity is transferred, the transferee is to tell the Board, within 28 days: (a) the name and address of the previous holder; and (b) the name and address of the transferee; and (c) the date of transfer. (3) The transferee must send to the Board, within 28 days of the date of transfer: (a) the certificate; and (b) a form of transfer of the certificate, signed by the transferor and the transferee. (4) Where part only of the equity represented by a certificate is transferred, the Board must not register the transfer until the Board has been told in writing by the transferor of the transfer and the amount of the equity transferred. (5) Subject to subregulation (4), the Board must enter details of the transfer in the Register. 1990 No. 28 WHEAT INDUSTRY FUND REGULATIONS - REG 13 Register of holders of equity 13. (1) The Board must keep a Register of holders of equity. (2) The Register must state: (a) the name and address of each holder of equity; and (b) the amount of levy (if any) paid by the holder in respect of the last season; and (c) the amount of the holder's equity in the Fund; and (d) if a certificate of equity has been issued to the holder-the number of the certificate; and (e) if the Board is told of the transfer of a certificate of equity-the name and address of the new holder and the date of transfer. - NOTES 1990 No. 28*1* WHEAT INDUSTRY FUND REGULATIONS *1* Notified in the Commonwealth of Australia Gazette on 13 February 1990.