Document ID: chunk:federal_register_of_legislation:C2004A04065:section:1989:p1
Version: federal_register_of_legislation:C2004A04065
Segment Type: section
Provision Reference: s 1989 (pt 1/5)
Character Range: 28497–31151

1989

Principal Act

42. In this Part, "Principal Act" means the Wheat Marketing Act 19899.

43. (1) Section 83 of the Principal Act is repealed and the following section is substituted:

Management of the Fund

"83. Subject to any provisions of the regulations referred to in subsection 94 (3), the Board must manage the Fund in each financial year according to the business plan for that year approved by the Grains Council.".

(2) The annual business plan for the Wheat Industry Fund for the financial year that commenced on 1 July 1990 approved by the Grains Council for the purposes of regulation 6 of the Wheat Industry Fund Regulations made on 7 February 1990 has effect in relation to that financial year as if it were the business plan for that financial year approved for the purposes of section 83 of the Principal Act, as amended by this Act.

Interpretation

44. Section 84 of the Principal Act is amended by omitting the definition of "Research Fund".

Determination of apportionment of wheat industry fund levy

45. Section 85 of the Principal Act is amended by omitting from subsection (3) "paid into the Research Fund" and substituting "the research component of the levy in relation to that season".

Repeal

  46. Section 87 of the Principal Act is repealed.

Regulations

47. (1) Section 94 of the Principal Act is amended by adding at the end the following subsections:

"(3) Without limiting subsection (1), the regulations may make provision regarding:

     (a) the preparation and approval of business plans for the purposes of section 83; and

     (b) the conditions subject to which money of the Wheat Industry Fund may be used by the Board; and

  (c) the replacement in the Fund of money used by the Board; and

     (d) the giving by the Treasurer of guarantees in relation to borrowings made by the Board for the purposes of activities involving the use of money of the Fund; and

     (e) the making of payments to wheat growers out of, or in relation to, money of the Fund; and

     (f) the issue to wheatgrowers of certificates of equity in the Fund; and

     (g) the rights of the holder of a certificate of equity, including rights relating to the transfer of the certificate; and

     (h) the manner in which accounting records relating to the Fund are to be kept by the Board.

"(4) Regulations relating to a matter referred to in subsection (3) may not be made except after consideration by the Minister of a report by the Grains Council made after consultation with the Board.".

(2) Regulations made before the commencement of this Part for the purposes of subsection 83 (2) of the Principal Act have effect,