Document ID: chunk:federal_register_of_legislation:C2004A05288:clause:1_55a
Version: federal_register_of_legislation:C2004A05288
Segment Type: clause
Provision Reference: sch 1 cl 55A
Character Range: 35048–36528

55A  Simplified outline

  The following is a simplified outline of this Part (when read together with related provisions of this Act):

         • The first step towards the new structure for the Australian Wheat Board will be the establishment of the following companies (the designated companies) to take over the commercial activities of the Board:

                (a) a wholly-owned subsidiary of the Board (in this Act called nominated company A);
                (b) a number of wholly-owned subsidiaries of nominated company A.

         • The main wholly-owned subsidiaries of nominated company A are in this Act called nominated company B and nominated company C.
         • Nominated company A's role includes borrowing for the purposes of on-lending to other designated companies.
         • Nominated company B's role is to conduct pooling and marketing of new season wheat.
         • Nominated company C's role includes trading in wheat and other grains.
         • The constitution of a nominated company must not be altered without the approval of the Minister.
         • A person must not be appointed as a director of a designated company without the approval of the Minister.
         • A designated company must not acquire certain securities or enter into certain joint business ventures without the approval of the Minister.
         • State laws may confer powers or functions on designated companies.

Division 2—Declaration of nominated companies