Commonwealth Consolidated Acts

WOOL INTERNATIONAL PRIVATISATION ACT 1999 - SECT 9

(1)

Before the conversion time, the Minister must nominate a company ( TrusteeCo ) for the purposes of this section. The nomination must be in writing.

(2)

TrusteeCo must be a company whose shares are all held by Wool International.

(3)

After the conversion time, a reference in any instrument to the Chief Executive is to be treated as a reference to TrusteeCo, except where:

(a)

the reference relates to matters occurring before the conversion time; or

(b)

the context requires that the reference should continue to be treated as a reference to the Chief Executive.

(4)

TrusteeCo must ensure that there is in force at all times between the conversion time and the finalisation time a deed under which:

(a)

TrusteeCo authorises an authorised trustee corporation to exercise all rights, privileges and benefits vested in TrusteeCo by or under this Act or the Wool International Act; and

(b)

TrusteeCo undertakes not to exercise those rights, privileges and benefits; and

(c)

the authorised trustee corporation undertakes to perform all duties, liabilities and obligations (other than the obligation imposed by this subsection) vested in TrusteeCo by or under this Act or the Wool International Act .

(5)

A deed under subsection (4) may relieve the authorised trustee corporation from liability except in the case of fraud, wilful default or neglect.

(6)

All acts done by the authorised trustee corporation under the deed are taken to have been exercised or performed by TrusteeCo for the purposes of this Act (other than this section) and the Wool International Act.