Commonwealth Numbered Regulations

1994 No. 254 WHEAT INDUSTRY FUND REGULATIONS (AMENDMENT) - REG 9

9.1 After regulation 10, insert: Optional payments to equity holders-all
holders

"10A. (1) The Board may determine:

   (a)  in accordance with this regulation and guidelines (if any) in the
        Annual Business Plan; and

   (b)  with the approval of the Grains Council; that an amount of the Fund is
        available to be paid to each equity holder in reduction of the
        holder's equity in the Fund.



"(2) A determination must fix:

   (a)  the number of units in respect of which payment may be made, as a
        percentage of the total number of units held at the end of the latest
        WIF financial year prior to the determination; and

   (b)  the amount that may be paid in respect of each unit by which equity is
        reduced under subregulation (4); and

   (c)  the amount that may be paid in respect of each unit by which equity is
        reduced under subregulation (5); and

   (d)  for payments under subregulations (4) and (5) respectively-a date
        after which the payments may be made.



"(3) When a determination is made, the Board must send to each equity holder a
written invitation to reduce the holder's equity by an amount (specified in
units) calculated in accordance with the formula:
Amount = N x P where: 'N' is the number of units registered in the name of the
holder at the end of the latest WIF financial year prior to the determination;
'P' is the percentage determined under paragraph (2) (a).



"(4) If, within 30 days after an invitation has been sent to an equity holder,
the Board receives from the holder a written acceptance of the invitation (in
whole or in part):

   (a)  the equity of the holder is taken to be reduced to the extent of the
        holder's acceptance; and

   (b)  the Board must pay to the holder, for each unit by which the holder's
        equity is reduced, the amount fixed under paragraph (2) (b).



"(5) The amount of the difference between the total amount determined to be
available to be paid and the aggregate amount paid to equity holders under
subregulation (4) may be used by the Board for a further payment to each
equity holder who, within 30 days after being sent an invitation under
subregulation (3) has given the Board written notice that holder wishes to
reduce his or her equity holding by a number of units greater than that
offered in the Board's invitation.



"(6) Subject to subregulation (7), the equity of a holder who gives notice
under subregulation (5) is taken to be further reduced to the extent to which
the holder's request is satisfied by the Board and the Board must pay to the
holder, for each unit by which the holder's equity is so reduced, the amount
fixed under paragraph (2) (c).



"(7) If the amount determined under subregulation (5) to be available to be
paid is insufficient to satisfy in full all the requests for additional
reduction of equity, the Board must ensure:

   (a)  that the reduction in the equity of those applicants is satisfied to
        the extent possible within the amount available to be paid; and

   (b)  that the unsatisfied portion of each request is proportional to the
        unsatisfied portion of each other request.



"(8) A unit by which equity is taken to be reduced under this regulation is
the oldest unit issued (or taken to have been issued, under paragraph 2 (2)
(b) or (c)) that is registered in the name of the equity holder.

Relinquished equity-re-allocation or annulment

"10B. (1) Equity in the Fund that has been surrendered under regulation 10A or
paid out under regulation 16 or that is taken to vest in the Board under
regulation 8B may be:

   (a)  offered for sale by the Board; or

   (b)  annulled by the Board.



"(2) The Board must not act under subregulation (1):

   (a)  except in consultation with the Grains Council; and

   (b)  unless:

        (i)    there are guidelines for the action in the Annual Business
               Plan; and

        (ii)   the Board's action is in compliance with the guidelines; and

   (c)  in respect of equity taken to vest in the Board under regulation
        8B-until a period of 2 years has elapsed since the equity vested in
        the Board.

WIF number

"10C. (1) When a person acquires equity in the Fund, by whatever means, the
Board must allocate to the person a number, to be known as the person's WIF
number.



"(2) Subregulation (1) does not apply to a person to whom a WIF number has
already been allocated unless the person has wholly relinquished his or her
previous equity holding and, in consequence, lost the number.".