Document ID: chunk:federal_register_of_legislation:C2004A04065:front:0:p11
Version: federal_register_of_legislation:C2004A04065
Segment Type: other
Provision Reference: 
Character Range: 26451–28496

39. Section 31 of the Principal Act is repealed and the following section is substituted:

Contracts

"31. (1) The Authority must not enter into any contract involving the payment or receipt of an amount exceeding $500,000.

  "(2) Subsection (1) does not apply if:

     (a) the Minister has approved of the Authority entering into the contract; or

     (b) the contract relates to the investment of money not immediately required for the purposes of the Authority:

       (i) in securities of, or guaranteed by, the Commonwealth; or

       (ii) on deposit with an approved bank; or

      (iii) in any other manner approved by the Treasurer.

  "(3) For the purposes of subsection (2):

'approved bank', in relation to the Authority, means a bank as defined in subsection 5 (1) of the Banking Act 1959 or another bank declared by the Treasurer or a person authorised by the Treasurer to give approvals under this subsection to be an approved bank in relation to the Authority.".

PART 9—AMENDMENT OF THE WHEAT INDUSTRY FUND
LEVY COLLECTION ACT 1989

Principal Act

40. In this Part, "Principal Act" means the Wheat Industry Fund Levy Collection Act 19898.

Payment of levy

41. Section 5 of the Principal Act is amended by omitting subsection (1) and substituting the following subsections:

"(1) Subject to subsections (2) and (3) and to the regulations, levy imposed on wheat because the wheat has been delivered by the grower to another person is due for payment at the end of 28 days, or such longer period as is prescribed, immediately following the end of the quarter in which the wheat was delivered.

"(1a) Subject to subsections (2) and (3) and to the regulations, levy imposed on wheat because the wheat has been processed by or for the grower is due for payment at the end of 28 days, or such longer period as is prescribed, immediately following the end of the quarter in which the processed wheat was delivered by the grower or was used by the grower for a commercial purpose.".

PART 10—AMENDMENTS OF THE WHEAT MARKETING ACT