Commonwealth Consolidated Acts

WOOL INTERNATIONAL PRIVATISATION ACT 1999 - SECT 19

(1)

This section applies to shares that are held by TrusteeCo and were taken to be issued to TrusteeCo:

(a)

under paragraph 16(1)(d) in respect of units ( unclaimed units ) shown in the register as "unclaimed entitlements"; or

(b)

under paragraph 16(1)(e) in respect of other units ( wrong-name units ).

(2)

TrusteeCo holds the shares on trust until they are transferred in accordance with subsection (6).

(3)

TrusteeCo holds on trust any dividends that it receives in respect of the shares.

(4)

Section 22Y of the Wool International Act applies in relation to the dividends in the same way as it applies in relation to distributions received by TrusteeCo in respect of units.

Note: Section 22Y of the Wool International Act allows TrusteeCo to invest, and requires income from investment to be paid to WoolStock Australia Limited.

(5)

If, at the finalisation time, TrusteeCo holds any shares that are not required to be transferred in accordance with subsection (6), then:

(a)

TrusteeCo must pay to WoolStock Australia Limited the amount of any dividends that TrusteeCo has received in respect of those shares; and

(b)

those shares are cancelled at the finalisation time, by force of this subsection.

(6)

If the register is amended before the finalisation time so that:

(a)

in the case of unclaimed units—the register shows the correct name of the person who is entitled to be registered in respect of the units and no longer shows the units as "unclaimed entitlements"; or

(b)

in the case of wrong-name units—the register shows the correct name of the person who is entitled to be registered in respect of the units;

then TrusteeCo must:

(c)

transfer the shares to that person; and

(d)

pay to that person the amount of any dividends received by TrusteeCo in respect of the shares.