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Wheat Marketing Legislation Amendment Bill 1998

1996-97-98

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

(As read a third time)

 

 

 

 

 

 

 

 

 

Wheat Marketing Legislation Amendment Bill 1998

 

No.      , 1998

 

 

 

 

A Bill for an Act to amend legislation relating to wheat marketing, and for related purposes

   

   



Contents

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

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

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

4............ Definitions..........................................................................................

5............ Amendment of constitutions of nominated companies......................

6............ Cancellation of old shares in nominated company A.........................

7............ Issue of B Class shares to holders of Fund units...............................

8............ Payment to nominated company A in respect of final levy payments...................

9............ Continuation of Commonwealth underwriting of borrowings...........

10.......... Cessation of mobility rights...............................................................

11.......... Regulations.........................................................................................

Schedule 1—Amendments                                                                                                 

Wheat Marketing Act 1989                                                                                       

Wheat Marketing Amendment Act 1997                                                              

 



This Bill originated in the House of Representatives; and, having this day passed, is now ready for presentation to the Senate for its concurrence.

                         I. C. HARRIS

           Clerk of the House of Representatives

House of Representatives

1 June 1998

 

 

A Bill for an Act to amend legislation relating to wheat marketing, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Wheat Marketing Legislation Amendment Act 1998 .

2   Commencement

             (1)  Subject to this section, this Act commences on the 28th day after the day on which it receives the Royal Assent.

             (2)  The amendments of the Wheat Marketing Act 1989 commence on 1 July 1999.

             (3)  The repeal of section 18 of the Wheat Marketing Amendment Act 1997 commences on 1 July 1999.

3   Schedule(s )

                   Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4   Definitions

                   In this Act, unless the contrary intention appears:

Board means the Australian Wheat Board.

constitution , in relation to a company, has the same meaning as in the Corporations Law.

Fund unit means a unit of equity in the Wheat Industry Fund that is held by a person (other than the Board) under regulations made under the Wheat Marketing Act 1989 .

nominated company means nominated company A, nominated company B or nominated company C.

nominated company A has the same meaning as in the Wheat Marketing Act 1989 , as in force immediately before the commencement of this section.

nominated company B has the same meaning as in the Wheat Marketing Act 1989 , as in force immediately before the commencement of this section.

nominated company C has the same meaning as in the Wheat Marketing Act 1989 , as in force immediately before the commencement of this section.

transfer time means the beginning of 1 July 1999.

5   Amendment of constitutions of nominated companies

             (1)  Not later than 31 March 1999, the Minister must make a written determination that amends the constitutions of the nominated companies.

             (2)  The determination takes effect according to its terms.

             (3)  After the transfer time, the determination cannot be revoked or amended.

             (4)  The fact that the constitution of a nominated company has been amended under this section does not prevent the later amendment of the constitution in accordance with the Corporations Law.

6   Cancellation of old shares in nominated company A

             (1)  Immediately before the transfer time, all shares in nominated company A are cancelled, by force of this section.

             (2)  Notice of the cancellation does not have to be given to the company’s creditors.

             (3)  The company’s creditors are not entitled to object to the cancellation.

             (4)  The cancellation does not have to be confirmed by a court.

             (5)  This section has effect despite anything in the Corporations Law.

7   Issue of B Class shares to holders of Fund units

             (1)  At the transfer time:

                     (a)  B Class shares in nominated company A are taken to be issued to the persons who held Fund units immediately before the transfer time, at the rate of one B Class share in respect of each Fund unit; and

                     (b)  those Fund units are extinguished.

Note:          B Class shares are provided for in the constitution of nominated company A.

             (2)  Each person to whom shares are issued under subsection (1) becomes a member of nominated company A, and is taken to have consented to be a member of the company.

             (3)  If shares are issued according to this section, a court is not to make an order reversing the issue of the shares.

             (4)  Nothing in this section prevents the issue of additional B Class shares in accordance with the constitution of nominated company A.

8   Payment to nominated company A in respect of final levy payments

             (1)  If an amount would have become payable to the Board after the transfer time, and before the cutoff time, under section 86 of the Wheat Marketing Act 1989 (if the amendments made by this Act had not been made), then the amount is payable instead to nominated company A.

             (2)  The Consolidated Revenue Fund is appropriated for the purposes of payments under subsection (1).

             (3)  In this section:

cutoff time means a time prescribed by the regulations for the purposes of this section.

9   Continuation of Commonwealth underwriting of borrowings

             (1)  Nominated company A may continue to borrow money after the transfer time under section 77A of the Wheat Marketing Act 1989 as if that section, and any related provisions, had not been repealed.

             (2)  Section 78 of the Wheat Marketing Act 1989 , and any related provisions, continue to have effect after the transfer time in relation to the following borrowings as if those provisions had not been repealed:

                     (a)  money borrowed by nominated company A before the transfer time under section 77A of the Wheat Marketing Act 1989 ; and

                     (b)  money borrowed by nominated company A after the transfer time under 77A of the Wheat Marketing Act 1989 (as having effect after the transfer time because of subsection (1) of this section).

10   Cessation of mobility rights

             (1)  This section is enacted for the avoidance of doubt.

             (2)  If Division 2 or 3 of Part IV of the Public Service Act 1922 applies to an employee of a nominated company immediately before the transfer time, then that Division ceases to apply to the employee at the transfer time.

             (3)  If Division 4 of Part IV of the Public Service Act 1922 applies to an employee of a nominated company immediately before the transfer time, then:

                     (a)  the Officers’ Rights Declaration Act 1928 ; and

                     (b)  Division 4 of Part IV of the Public Service Act 1922 ;

cease to apply to the employee at the transfer time.

             (4)  If subsection (2) or (3) would have caused the termination of a person’s return rights at a particular time after the commencement of this section if the Public Service Act 1922 had not been repealed, then section 6 or 7 of the Public Employment (Consequential and Transitional) Amendment Act 1998 does not apply to the person after that time.

             (5)  The reference in subsection (4) to the termination of a person’s return rights is a reference to any of the following ceasing to apply to the person:

                     (a)  Division 2, 3 or 4 of Part IV of the Public Service Act 1922 ;

                     (b)  the Officers’ Rights Declaration Act 1928 .

11   Regulations

             (1)  The Governor-General may make regulations prescribing matters:

                     (a)  required or permitted by this Act to be prescribed; or

                     (b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.

             (2)  In particular, regulations may be made for matters of a transitional or saving nature arising from the amendments made by this Act.

             (3)  Without limiting subsection (2), regulations may be made for the following matters of a transitional or saving nature arising from the amendments made by this Act:

                     (a)  the operation of the Privacy Act 1988 or the Freedom of Information Act 1982 ;

                     (b)  the rights and entitlements of persons who are, or have been, employees of the Board or of a nominated company;

                     (c)  the taxation liabilities of the Board, a nominated company or any other person.