Commonwealth Numbered Regulations - Explanatory Statements

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WOOL INTERNATIONAL AMENDMENT REGULATIONS 1999 (NO. 1) 1999 NO. 129

STATUTORY RULES 1999 NO. 129

Issued by the Authority of the Minister for Agriculture, Fisheries and Forestry

Wool International Act 1993

Wool International Privatisation Act 1999

Wool International Amendment Regulations 1999 (No. 1)

The Wool International Act 1993 (the Act) is amended by the Wool International Privatisation Act 1999 (the Privatisation Act).

Section 72 of the Act provides that the Governor-General may make regulations for the purpose of the Act., Section 29 of the Privatisation Act also provides that the GovernorGeneral may make regulations for the purpose of the Privatisation Act.

The objects of the Privatisation Act are to provide for the privatisation of the statutory authority known as Wool International (WI) by registering it with a new name, WoolStock Australia Limited (WoolStock), as a Company under the Corporations Law.

The Wool International Amendment Regulations 1999 (the Amendment Regulations) effect changes to the Wool International Regulations 1993 (the Regulations) necessary to accommodate the conversion of WoolStock to a company. The Act will continue to deal with the rights of unit holders after privatisation, and the provisions of the Regulations dealing with these rights will continue to be relevant, with the amendments made by these Amendment Regulations.

Details of the Amendment Regulations are set out in the Attachment.

The Regulations commenced at the commencement of Schedule 2 to the Privatisation Act, which commenced on 1 July 1999.

ATTACHMENT

Wool International Amendment Regulations 1999 (No. 1)

Regulation 1 identifies these regulations.

Regulation provides for the Amendment Regulations to commence at the time of the conversion of W1 into WoolStock. Schedule 2 of the Privatisation Act, which effects the conversion of W1 into WoolStock, has been proclaimed to commence on 1 July 1999.

Regulation 3 effects the amendments set out in the schedules to the Amendment Regulations.

SCHEDULE 1 - GENERAL AMENDMENTS

Part 1 Amendments

Clause 1 re-names the Regulations as the Wool International Regulations 1993.

Clause 2 deletes regulation 2 of the Regulations and substitutes a new Regulation 2 which introduces definitions which differentiate the Act from the Privatisation Act. Clause 2 also incorporates into the Regulations certain other defined terms.

Clauses 3 & 4 delete the definition of registration certificate in regulation 2 and insert a new definition of unit certificate. The intention of this is to provide in the Regulations for the giving by WoolStock only of the type of certificate (a "unit certificate"). This will not affect the status of registration certificates and unit certificates issued by WI prior to the commencement of the Amendment Regulations.

Clause 5 makes an amendment to regulation 2B which is consequential to the deletion of the definition of registration certificate by clause 3.

Clause 6 amends subregulation 2F(1) so that future amendments to the register will have to be made subject to the presumption in section 11 of the Privatisation Act that the number of units on the register immediately prior to the conversion time of WI into WoolStock is correct. No amendment to the register is possible if it purports to change the number of units.

Clause 7 inserts a new footnote to subregulation 2F(1) explaining the effect of section 11 of the Privatisation Act.

Clause 8 makes an amendment to paragraph 2G(2)(b) which is consequential to the deletion of the definition of registration certificate from the Regulations.

Clause 9 makes an amendment to paragraph 2G(2)(c) so that the paragraph refers to WoolStock instead of WI.

Clause 10 inserts a new paragraph 20(2)(d) so that documents required by WoolStock's constitution for a transfer of shares are also to be provided to WoolStock on a transfer of units of equity. This is necessary because units of equity which are to be stapled to shares in WoolStock must be transferred together.

Clause 11 amends the heading to regulation 21.

Clauses 12. 13, 14, 15, 16, 17 and 18 make amendments to paragraphs 2J(a), (b) and (c), 2L(2)(b), 2M(1)(b), 2N(1)(b) and 20(1)(b) which are consequential to the deletion of the definition of registration certificates from the Regulations.

Clause l9 inserts new heading to regulation 2Q which is necessary because of the deletion of registration certificates from the Regulations.

Clause 20, 21 and 22 make amendments to paragraphs 2Q(a) and (b) and subparagraph 2T(b)(i) which are consequential to the deletion of the definition of registration certificate from the Regulations.

Clause 23 inserts a new heading to regulation 2V which is necessary because of the deletion of the definitions of registration certificates from the Regulations.

Clauses 24, 25. 26 and 27 make amendments to paragraph 2V(a) subparagraphs 2V(b)(i), (ii) and (iii) which are consequential to the deletion of the definition of registration certificates from the Regulations.

Clause 28 amends references in the Regulations to sections of the Act which are renumbered by the Privatisation Act.

Clause 29 inserts a new footnote to subregulation 2X(2) which explains when the amounts to be used for distributions become available pursuant to subsection 22P(4) of the Act as amended by the Privatisation Act,

Clause 30 deletes the previous footnote to subregulation 2X(2).

Clause 31 makes an amendment to subregulation 2ZC(1) which is consequential to the deletion of the definition of registration certificate from the Regulations.

Clause 3 deletes the existing subregulation 2ZD(1) and inserts a new regulation 22D(1) which provides for the monies in respect of distributions made to wool tax payers who cannot be identified to be paid to a fund to be maintained by WoolStock.

Clause 33 makes an amendment to paragraph 22E(b) which is consequential to the deletion of the definition of registration certificate from the Regulations.

Clauses 34, 35, 36 and 37 delete regulations 3, 4, 6 and 7 which were relevant only whilst W1 was a statutory authority.

Part 2 - Additional Amendments

These amendments change all reference to "Wool International" in die Regulations to "WoolStock Australia Limited".

SCHEDULE 2 -AMENDMENTS - RENUMBERING

These amendments re-number the Regulation consecutively, beginning with 1.