Commonwealth Numbered Regulations

1993 No. 245 WHEAT INDUSTRY FUND REGULATIONS (AMENDMENT) - REG 7

7.1 Add at the end: Repayment of equity - bankruptcy or death of equity holder

"14. (1) If an equity holder who is an individual is declared bankrupt, the
trustee of the equity holder's estate may apply to the Board for payment of
the equity to the estate.

"(2) If an equity holder dies, the executor of the equity holder's will, or
the administrator of the equity holder's estate, may apply to the Board for
payment of the equity to the estate.

"(3) An application must:

   (a)  be in writing signed by the applicant; and

   (b)  give the name and address of the equity holder; and

   (c)  give the equity holder's Wheat Industry Fund number; and

   (d)  include a certified copy of the sequestration order or the death
        certificate, as the case requires; and

   (e)  indicate whether option A or option B is chosen; and

   (f)  include documentary evidence of the appointment of the applicant as
        trustee, or as executor or administrator, as the case requires. Time
        limit for applications

"15. (1) If an equity holder becomes bankrupt or dies on or after the
commencement of this regulation, an application for payment of the equity may
only be made within 3 years after the bankruptcy or death occurred.

"(2) If an equity holder became bankrupt or died before the commencement of
this regulation, an application for payment of the equity may only be made
within 3 years after its commencement.

"(3) An application for the payment of equity to the estate of a holder of
equity who has been declared bankrupt may only be made while the equity holder
remains bankrupt. Payment of the amount of equity

"16. (1) If, after considering an application for the payment of equity, the
Board is satisfied that the applicant is the trustee, or the executor or
administrator, of the equity holder, as the case requires, then the Board must
pay the applicant the amount of the equity minus an amount by way of
reimbursement for the administrative costs reasonably incurred by the Board in
dealing with the application.

"(2) Despite subregulation (1), the Board is not required to pay an amount
under that subsection if, as a result of the payment, the Board would be
unable to comply with the Annual Business Plan developed under regulation 5
for the WIF financial year in which the payment would be made.

"(3) Application under the Administrative Appeals Tribunal Act 1975 may be
made to the Administrative Appeals Tribunal for a review of a decision of the
Board not to pay an amount under subregulation (1). Calculation of amount
payable

"17. (1) If an applicant chooses option A then, when determining the amount of
the equity for the purposes of subregulation 16 (1), the Board must:

   (a)  take account of any registered equity held by the equity holder at the
        end of the day on which the application was received by the Board; and

   (b)  take account of any transfer of equity to or from the equity holder on
        or before that day; and

   (c)  take account of any payments made to the equity holder under
        regulation 10 on or before that day.

"(2) If an applicant chooses option B then, for the purposes of subregulation
16 (1), the amount of the equity is the amount determined in relation to the
equity holder under regulation 8 at the end of the WIF financial year in which
the application for payment of the equity was received by the Board. Repayment
of uncredited levy

"18. If, after making a payment of equity under regulation 16, the Board
receives and allocates to the equity holder levy that was not taken into
account when determining the amount of the payment, then the Board must pay to
the applicant an additional amount equal to the amount of the levy. When must
the equity payment be made?

"19. (1) If the Board decides to make a payment of equity under subregulation
16 (1), and the applicant chooses option A, the payment must be made within 30
days after the Board receives the application.

"(2) If the Board decides to make a payment of equity under subregulation 16
(1), and the applicant chooses option B, the payment must be made as soon as
practicable after an amount is determined under regulation 8 in relation to
the equity holder at the end of the WIF financial year in which the
application for payment was received by the Board.

"(3) If the Board pays an additional amount under regulation 18, the payment
must be made within 30 days after the levy was received and allocated to the
equity holder by the Board.".