Document ID: chunk:federal_register_of_legislation:C2004A04184:body:0:p2
Version: federal_register_of_legislation:C2004A04184
Segment Type: other
Provision Reference: 
Character Range: 2564–5317

any shorn wool is the amount that, under section 10 of the Administration

     Act, is the sale value of that wool for the purposes of that Act.".

Constitution

  4. Section 16 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 consists of:

       (a)     a Chairperson; and

       (b)     a government director; and

       (c)     the Managing Director of the Corporation; and

         (d)     the managing director, or any other member (other than the Chairperson), of the Australian Wool Corporation; and

       (e)     5 other directors.".

Appointment of directors

5. Section 17 of the Principal Act is amended by omitting subsection (4) and substituting the following subsections:

"(4) In spite of subsection (3), the 5 persons who are first appointed as nominated directors of the R & D Corporation in respect of the wool industry will not be persons nominated by a Selection Committee under Part 4 but, in appointing them, the Minister may consult with such persons as the Minister thinks fit.

"(4a) In appointing persons to be directors of the R & D Corporation in respect of the wool industry, the Minister must ensure that 2 directors have substantial experience in wool growing.".

Payments to R & D Corporations—general

6.     Section 30 of the Principal Act is amended by inserting in subsection (4) "(other than the R & D Corporation in respect of the wool industry)" after "Corporation".

7.     Before section 31 of the Principal Act the following section is inserted:

Payments to R & D Corporation established in respect of the wool industry

"30b. (1) Where all the tax imposed by the Wool Tax Acts in a financial year on particular shorn wool (other than carpet wool) has been received by the Commonwealth, there is payable to the R & D

Corporation in respect of the wool industry an amount equal to such percentage of the sale value of that shorn wool as is applicable having regard to:

    (a)     if paragraph (b) does not apply—the percentage of the sale value of shorn wool (other than carpet wool) subject to tax specified in the recommendation made by the last annual general meeting of the Corporation in respect of that financial year; or

    (b)     if the Minister has notified the Corporation under section 89a that, instead of the percentage of the sale value of shorn wool (other than carpet wool) subject to tax recommended by the annual general meeting, another percentage of that sale value was used in computing the rates of tax