Document ID: chunk:federal_register_of_legislation:C2004A04184:body:0:p4
Version: federal_register_of_legislation:C2004A04184
Segment Type: other
Provision Reference: 
Character Range: 7455–10172

& D Corporation in respect of the wool industry.

"(2) This Division applies also to an R & D Corporation other than the R & D Corporation in respect of the wool industry if:

  (a)     a levy is attached to the Corporation; and

    (b)     the regulations declare that this Division applies to the Corporation.".

List of levy payers etc.

  9. Section 57 of the Principal Act is amended:

    (a)     by inserting in subsection (1) "other than the R & D Corporation in respect of the wool industry" after "Corporation" (first occurring);

  (b)    by inserting after subsection (1) the following subsection:

     "(1a) The register of wool-tax payers prepared by the Australian Wool Corporation under section 40 of the Australian Wool Corporation Act 1991 for the purposes of general meetings to be held under Part 6 of that Act in a financial year is taken to be, for the purposes of this Division, a register of wool-tax payers prepared in respect of that financial year by the R & D Corporation in respect of the wool industry.".

R & D Corporation to convene annual general meetings

  10. Section 58 of the Principal Act is amended:

    (a)     by inserting in subsection (1) "other than the R & D Corporation in respect of the wool industry" after "Corporation" (first occurring);

  (b)    by inserting after subsection (1) the following subsection:

     "(1a) The R & D Corporation in respect of the wool industry must cause an annual general meeting to be held in each financial year at a time and place determined by the Corporation.".

Purpose of annual general meeting

  11. Section 60 of the Principal Act is amended:

    (a) by inserting in paragraph (d) "subject to subsection (2)" before "to debate";

(b) by adding at the end the following subsections:

  "(2) The motions that may be debated and voted upon at a annual general meeting of the R & D Corporation in respect of the wool industry are the following:

      (a)     any motion relating to a matter within the Corporation's responsibilities;

      (b)     any motion relating to a recommendation referred to in subsection (3) that is to be made to the Minister in relation to the rates of tax to be prescribed for the purposes of each of the Wool Tax Acts;

      (c)     any motion of no confidence in the Chairperson or in the Corporation.

   "(3) For the purposes of paragraph (2) (b), the recommendations are:

    (a) a recommendation that:

           (i) an amount equal to a specified percentage of the sale value of shorn wool (other than carpet wool) subject to tax be paid by the Commonwealth to the Corporation during the next financial year for research and the other purposes of the Corporation; and

           (ii)