Commonwealth Numbered Regulations - Explanatory Statements

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AUSTRALIAN WOOL CORPORATION REGULATIONS (AMENDMENT) 1992 NO. 100

STATUTORY RULES 1992 No. 100

Issued by the Authority of the Minister for Primary Industries and Energy

Australian Wool Corporation Act 1991

Australian Wool Corporation Regulations (Amendment)

Section 94 of the Australian Wool Corporation Act 1991 (the Act) provides that the Governor-General may make regulations for the purposes of the Act.

Australian Wool Corporation (AWC) Regulation 5C(2) (What particulars are to be entered on the register?) requires that certain specified particulars on wool sold in the 1990/91 financial year be supplied to the AWC by persons wishing to be registered for annual general meetings to be held by the AWC. The particulars include the amount of wool tax paid by the applicant on wool sold in the 1990/91 financial year and the total amount of supplementary payments which were payable to the applicant in respect of wool sold in that financial year. The supplementary payment scheme only applied to wool sold between the suspension of the Reserve Price Scheme in February 1991 and 30 June 1991, but some claims for supplementary payment were actually paid after 30 June after the claims had been processed by the AWC.

AWC Regulation 5(1) (Entitlement to vote) specifies the method by which a registered person's voting entitlements are calculated. Votes are based on the amount of wool tax paid in the 1990/91 financial year and the amount of supplementary payments payable to that person in that year, rather than in respect of that year. Regulation 5I(1) is therefore inconsistent with Regulation 5C(2) in that supplementary payments on wool sold before 30 June 1991 but actually paid after that date are included for the purpose of registration of an applicant under Regulation 5C(2) but are excluded from calculation of that person's voting entitlement under Regulation 5I(1).

The new Regulations rectify the inconsistency by inserting 'respect of in Regulation 5I(1).