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Wool Services Privatisation Bill 2000

 

 

 

 

Wool Services Privatisation Act 2000

 

No.      , 2000



 

 

 

 

Wool Services Privatisation Act 2000

 

No.      , 2000

 

 

 

 

An Act to privatise the Australian Wool Research and Promotion Organisation, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                                1

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 2

4............ Crown to be bound............................................................................. 2

5............ External Territories............................................................................. 2

6............ Extraterritorial operation.................................................................... 2

Part 2—Privatisation of the Organisation (HoldCo)                                            3

Division 1—Interpretation                                                                                          3

7............ Definitions.......................................................................................... 3

Division 2—Application for registration under the Corporations Law   5

8............ Application for registration................................................................ 5

Division 3—Transfer of assets etc. before the conversion time            6

9............ Declaration can only be made before conversion time........................ 6

10.......... Transfer of assets............................................................................... 6

11.......... Transfer of contractual rights and obligations.................................... 7

12.......... Transfer of liabilities........................................................................... 8

13.......... Registration of land transfers.............................................................. 8

14.......... Certificates in relation to assets other than land................................. 9

15.......... Other transfer methods still available............................................... 10

Division 4—Registration of HoldCo as a Corporations Law company    11

16.......... Registration as a company under the Corporations Law................. 11

17.......... Share capital...................................................................................... 11

18.......... Operation of the Corporations Law after conversion time.............. 11

19.......... Accounting records........................................................................... 12

Division 5—Shares in HoldCo                                                                                13

20.......... List of Eligible Woolgrowers............................................................ 13

21.......... Issue of shares to eligible woolgrowers............................................ 13

22.......... Incorrectly issued shares.................................................................. 14

23.......... Cancellation of shares in HoldCo..................................................... 14

Division 6—Taxation                                                                                                   15

24.......... Exemption from stamp duty etc....................................................... 15

25.......... Share capital...................................................................................... 16

26.......... No assessable income from issue of HoldCo shares......................... 16

27.......... No assessable income to arise from transfers between restructuring bodies           16

28.......... Certified demerger matters not to result in CGT event or assessable income         17

29.......... CGT cost base for share acquisitions............................................... 18

Division 7—Commonwealth funding for research body                            19

30.......... Declaration of research body............................................................ 19

31.......... Funding contract with research body............................................... 19

32.......... Setting the rate of wool levy............................................................. 21

Division 8—Miscellaneous                                                                                       23

33.......... HoldCo not to be a Commonwealth authority etc........................... 23

34.......... Operation of Archives Act............................................................... 23

35.......... Compensation for acquisition of property....................................... 23

36.......... Certification by Minister that matters relate to restructuring.......... 24

37.......... Certificates, declarations etc. taken to be authentic etc.................... 24

38.......... Delegation......................................................................................... 24

39.......... Regulations....................................................................................... 25

Schedule 1—Amendments and repeals                                                                     26

Part 1—Amendments and repeals                                                                             26

Australian Wool Research and Promotion Organisation Act 1993                 26

Equal Employment Opportunity (Commonwealth Authorities) Act 1987       26

Primary Industries Levies and Charges Collection Act 1991                            26

Wool Tax Act (No. 1) 1964                                                                                       27

Wool Tax Act (No. 2) 1964                                                                                       27

Wool Tax Act (No. 3) 1964                                                                                       27

Wool Tax Act (No. 4) 1964                                                                                       27

Wool Tax Act (No. 5) 1964                                                                                       27

Part 2—Transitional and savings                                                                                29

 



Wool Services Privatisation Act 2000

No.      , 2000

 

 

 

An Act to privatise the Australian Wool Research and Promotion Organisation, and for related purposes

The Parliament of Australia enacts:





 

I hereby certify that this Bill originated in the House of Representatives and has been finally passed by the Senate and the House of Representatives.

 

 

 

Clerk of the House of Representatives

 

In the name of Her Majesty , I assent to this Act.

 

 

 

Governor-General

December 2000

 

(154/00)