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This is a Bill, not an Act. For current law, see the Acts databases.
1998-99
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Wool
International Privatisation Bill 1999
No.
, 1999
(Agriculture, Fisheries and
Forestry)
A Bill for an Act to privatise
Wool International, and for related purposes
ISBN
0642392404
Contents
Wool International Act
1993 17
Wool International Act
1993 18
Wool Tax (Administration) Act
1964 30
A Bill for an Act to privatise Wool International, and
for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Wool International Privatisation Act
1999.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Schedule 2 commences on a day to be fixed by Proclamation. However, if
Schedule 2 does not commence by Proclamation within the period of 6 months
beginning on the day on which this Act receives the Royal Assent, then Schedule
2 commences on the first day after the end of that period.
Subject to section 2, each Act that is specified in a Schedule to this
Act is amended or repealed as set out in the applicable items in the Schedule
concerned, and any other item in a Schedule to this Act has effect according to
its terms.
This Act binds the Crown in right of the Commonwealth, of each of the
States, of the Australian Capital Territory, of the Northern Territory and of
Norfolk Island.
This Act extends to all the external Territories.
This Act extends to acts, omissions, matters and things outside
Australia, whether or not in a foreign country.
(1) In this Part, unless the contrary intention appears:
1936 Tax Act means the Income Tax Assessment Act
1936.
1997 Tax Act means the Income Tax Assessment Act
1997.
ASIC means the Australian Securities and Investments
Commission.
commencing time means the beginning of the day on which this
Act receives the Royal Assent.
conversion time means the time when Schedule 2
commences.
dividend includes any distribution made in respect of
shares.
finalisation time means the end of one month after the final
distribution under Part 4B of the Wool International Act.
income year has the same meaning as in the 1997 Tax
Act.
instrument means:
(a) an Act or any instrument under an Act; or
(b) any other document.
person includes a partnership.
register means the register of equity holders referred to in
section 22B of the Wool International Act.
tax loss has the same meaning as in the 1997 Tax
Act.
TrusteeCo means the company nominated by the Minister under
section 9.
unit means a unit of equity in Wool International, allocated
under the Wool International Act.
Wool International Act means the Wool International Act
1993.
WoolStock Australia Limited means Wool International, after
it is registered under the Corporations Law as mentioned in section
14.
(2) If an expression used in this Part is defined in the Wool
International Act, then the expression has the meaning given by that
Act.
(1) As soon as possible after the commencing time, Wool International must
apply to ASIC under Part 5B.1 of the Corporations Law to register Wool
International as a public company limited by shares.
(2) Wool International is hereby authorised to make the
application.
(3) The application must be lodged with an office of ASIC in the
Australian Capital Territory.
(4) The application must be accompanied by a copy of Wool
International’s proposed constitution. The proposed constitution must
first be approved in writing by the Minister.
(5) The following provisions of the Corporations Law do not apply in
relation to the application:
(a) paragraphs 601BC(2)(e) and (l);
(b) subsection 601BC(4);
(c) paragraphs 601BC(6)(a), (d) and (e);
(d) paragraphs
601BC(8)(a) and (f).
(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.
(1) All units that are registered in the name of the Chief Executive
immediately before the conversion time are taken to be registered, immediately
before the conversion time, in the name of TrusteeCo. Wool International must
accordingly change the entries in the register.
(2) Any property (including money) that is held by the Chief Executive
under the Wool International Act immediately before the conversion time is
transferred to TrusteeCo at the conversion time by force of this
subsection.
(3) If,
immediately before the conversion time, any units are shown in the register as
being “unclaimed entitlements”, then those units are taken to be
registered, immediately before the conversion time, in the name of TrusteeCo.
Wool International must accordingly change the entries in the
register.
The number of units shown in the register immediately before the
commencing time is to be taken to be correct.
(1) Certificates that have been issued before the conversion time under
section 22M of the Wool International Act continue to have effect after the
conversion time.
(2) This section is enacted for the avoidance of doubt.
From immediately before the conversion time, Wool International is to
have a share capital of $349,403.18, divided into 349,403,180
shares.
(1) At the conversion time, ASIC is taken to have registered Wool
International under section 601BD of the Corporations Law:
(a) as a public company limited by shares; and
(b) with the name “WoolStock Australia Limited”.
(2) ASIC must issue a certificate and ACN under section 601BD of the
Corporations Law in respect of the registration. The date of registration is to
be the day on which the conversion time occurred.
Nothing in this Part prevents any of the following, after the conversion
time:
(a) a variation of the share capital of WoolStock Australia
Limited;
(b) a change in the name of WoolStock Australia Limited;
(c) a change in the structure, constitution or membership of WoolStock
Australia Limited.
(1) At the conversion time, one share in WoolStock Australia Limited is
taken to be issued, as fully paid, in respect of each unit, as
follows:
(a) if the unit is registered at the conversion time in the name of the
person (other than TrusteeCo) who is entitled to be registered as the holder of
the unit, then the share is taken to be issued to that person;
(b) if the unit is registered at the conversion time in the name of a
partnership that is entitled to be registered as the holder of the unit, then
the share is taken to be issued to the partners jointly;
(c) if the unit is registered at the conversion time in the name of
TrusteeCo in respect of a putative equity holder, then the share is taken to be
issued to TrusteeCo;
(d) if the unit is registered in the name of TrusteeCo by the operation of
subsection 10(3), then the share is taken to be issued to TrusteeCo;
(e) in all other cases, the share is taken to be issued to
TrusteeCo.
(2) A person to whom shares are taken to be issued under subsection
(1):
(a) becomes a member of WoolStock Australia Limited, by force of this
section, and is taken to have consented to become a member; and
(b) is entitled to the same rights, privileges and benefits in respect of
that membership as if the person had become a member under the constitution of
WoolStock Australia Limited; and
(c) is subject to the same duties, liabilities and obligations in respect
of that membership as if the person had become a member under the constitution
of WoolStock Australia Limited.
(3) The issue of shares to TrusteeCo under this section is not affected by
section 259C of the Corporations Law.
(4) Subsection 269D(3) of the Corporations Law does not prevent the
exercise of voting rights by TrusteeCo in respect of shares issued to it under
this section.
(1) A share that is taken to be issued under section 16 in respect of a
unit is subject to the same charges (if any) as the unit was subject to
immediately before the conversion time.
(2) The charge created by subsection (1):
(a) is taken to be created at the conversion time; and
(b) extends to dividends in respect of the share, if the charge on the
unit extends to distributions on the unit; and
(c) secures the same obligations as are secured by the charge on the
unit.
(3) If the unit was subject to more than one charge, then the charges on
the share have the same priorities among themselves as the charges on the
unit.
(4) WoolStock Australia Limited must issue separate share certificates
for:
(a) shares that are subject to a charge because of this section;
and
(b) shares that are not subject to such a charge.
(a) an amount (the dividend amount) becomes payable by
WoolStock Australia Limited in respect of the shares in WoolStock Australia
Limited that are held by a person who is a registered equity holder;
and
(b) those shares are subject to one or more charges because of this
section; and
(c) the registered equity holder has authorised WoolStock Australia
Limited to make payments under subsection 22R(4) of the Wool International
Act;
then the following provisions apply:
(d) if the shares are subject to only one charge—WoolStock Australia
Limited must pay to the beneficiary under the charge so much of the dividend
amount as does not exceed the amount of the debt secured by the
charge;
(e) if the shares are subject to more than one charge—WoolStock
Australia Limited must pay to the beneficiary under each charge so much of the
dividend amount to meet the debt secured by that charge (having regard to the
order of priority of the charges) as does not exceed the amount of the
debt;
(f) in either case—WoolStock Australia Limited must pay the balance
of the dividend amount to the registered equity holder.
(1) This section applies to shares that are held by TrusteeCo and were
taken to be issued to TrusteeCo under paragraph 16(1)(c).
(2) After the conversion time:
(a) Part 4C of the Wool International Act applies in relation to those
shares in the same way as that Part applies in relation to units held by
TrusteeCo; and
(b) subsection 22H(2) of the Wool International Act applies in relation to
those shares in the same way as that subsection applies in relation to
units.
(3) After the conversion time, Part 4D of the Wool International Act
applies in relation to money received by TrusteeCo in respect of those shares in
the same way as that Part applies in relation to distributions received by
TrusteeCo in respect of units held by TrusteeCo.
(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.
(1) None of the following is to be treated as being a CGT event, or as
giving rise to a CGT event, for the purposes of the 1997 Tax Act:
(a) any amendment of the Wool International Act made by this
Act;
(b) the issue of a share under section 16;
(c) the creation of a charge over a share under section 17;
(d) the registration of a unit in the name of TrusteeCo under section
10;
(e) the transfer of any money or property to TrusteeCo under section
10.
(2) Any units that were issued under section 22D of the Wool International
Act in respect of wool tax paid by a person in the course of carrying on a
business are to be treated as being:
(a) an asset of that business; and
(b) inherently connected with that business;
for the purpose of applying Divisions 17A and 17B of Part IIIA of the 1936
Tax Act in relation to a time after the conversion time.
If units have been issued under section 22D of the Wool International Act
in respect of wool tax paid by a person in the course of carrying on a business,
then any distribution to that person after the conversion time under Part 4B of
the Wool International Act:
(a) is to be treated, for the purposes of the 1936 Tax Act, as being
income derived from the carrying on by the person of a business of primary
production in Australia; and
(b) is to be treated, for the purposes of the 1936 Tax Act and the 1997
Tax Act, as income derived from, or resulting from, the carrying on by the
person of a primary production business.
(1) Amounts derived by WoolStock Australia Limited from stockpile
activities are exempt income for the purposes of the 1936 Tax Act and the 1997
Tax Act.
(2) No deduction is allowable to WoolStock Australia Limited under the
1936 Tax Act or the 1997 Tax Act in respect of stockpile activities.
(3) Subdivision 57-L of Schedule 2D to the 1936 Tax Act does not apply in
relation to WoolStock Australia Limited.
(4) In this section:
eligible wool means:
(a) wool owned by WoolStock Australia Limited at or before the conversion
time; and
(b) wool acquired by WoolStock Australia Limited after the conversion time
for the purpose of facilitating the disposal of wool owned by WoolStock
Australia Limited at the conversion time.
stockpile activities means any of the following
activities:
(a) holding, managing or disposing of eligible wool;
(b) distributing the proceeds of sale of eligible wool to registered
equity holders or shareholders;
(c) activities connected with, or incidental to, activities covered by
paragraph (a) or (b), including the temporary investment of the proceeds of sale
of eligible wool, pending the distribution of those proceeds to registered
equity holders or shareholders.
For the purposes of section 160ARDM of the 1936 Tax Act, the creation of
share capital by section 13 of this Act is not taken to be, or to result from,
the transfer of an amount by WoolStock Australia Limited to its share capital
account from another account.
(1) After the conversion time, WoolStock Australia Limited
is not taken, for the purposes of a law, to be:
(a) a Commonwealth authority; or
(b) established for a public purpose or for a purpose of the Commonwealth;
or
(c) a public authority or an agency or instrumentality of the
Crown;
(within the ordinary meaning of the expression concerned) unless a law
expressly provides otherwise.
(2) After the conversion time, WoolStock Australia Limited is not taken to
be a prescribed Commonwealth authority for the purposes of section 128A of the
Safety, Rehabilitation and Compensation Act 1988.
(3) In this section:
law means:
(a) an Act of the Commonwealth or of a State or Territory; or
(b) regulations or any other instrument made under such an Act.
(1) If:
(a) apart from this section, the operation of this Act would result in the
acquisition of property from a person otherwise than on just terms;
and
(b) the acquisition would be invalid because of paragraph 51(xxxi) of the
Constitution;
the Commonwealth is liable to pay the person a reasonable amount of
compensation in respect of the acquisition.
(2) If the Commonwealth and the person do not agree on the amount of the
compensation, the person may institute proceedings in the Federal Court of
Australia for the recovery from the Commonwealth of such reasonable amount of
compensation as the court determines.
(3) In this section:
acquisition of property has the same meaning as in paragraph
51(xxxi) of the Constitution.
just terms has the same meaning as in paragraph 51(xxxi) of
the Constitution.
After the conversion time, the due payment by WoolStock Australia Limited
of an amount is, by force of this section, guaranteed by the Commonwealth
if:
(a) the amount is payable by WoolStock Australia Limited under an
obligation incurred before the conversion time; and
(b) that obligation has not been varied, after the conversion time,
without the written consent of the Minister who administers the Financial
Management and Accountability Act 1997; and
(c) the repayment of the amount would have been guaranteed under
subsection 53(7) of the Wool International Act if that subsection had not been
repealed by this Act.
Despite the repeal of section 22ZG of the Wool International Act at the
conversion time, that section:
(a) continues to have effect after the conversion time in respect of
directions given by a relevant Minister before the conversion time; and
(b) continues to have effect in respect of such directions as if
references to Wool International were references to WoolStock Australia
Limited.
For the purposes of the Corporations Law:
(a) the accounting records kept by WoolStock Australia Limited before the
conversion time under section 20 of the Commonwealth Authorities and
Companies Act 1997, or under subsection 50(1) of the Wool International Act,
are to be treated as financial records of WoolStock Australia Limited;
and
(b) an annual report and financial statements prepared in relation to a
financial year by WoolStock Australia Limited under section 9 of the
Commonwealth Authorities and Companies Act 1997, or under section 67 of
the Wool International Act, are to be treated as a financial report of WoolStock
Australia Limited for that financial year.
(1) The Governor-General may make regulations prescribing
matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving
effect to this Act.
(2) In particular, regulations may be made for matters of a transitional
or saving nature arising from the amendments made by this Act.
1 Section 18 (definition of excluded
period)
Omit “30 June 1999”, substitute “the commencement of
Schedule 2 to the Wool International Privatisation Act
1999”.
Omit “the registration of a company under the Corporations Law to
take over the assets and liabilities of Wool International and with the
subsequent transfer of those assets and liabilities to such a company”,
substitute “the registration of Wool International as a company under Part
5B.1 of the Corporations Law, and the issue of shares in Wool International to
registered equity holders”.
3 At the end of section 66
Add:
(8) As soon as practicable after the commencement of this subsection, Wool
International must give to the Australian Wool Research and Promotion
Organisation a list containing the names and addresses of the wool-tax payers
shown in the register at the commencement of this subsection.
Repeal the title, substitute:
An Act to provide for
units of equity in respect of contributions made to WoolStock Australia Limited
through payments of wool tax, and for related purposes
Repeal the section.
Repeal the section, substitute:
The main object of this Act is to provide for units of equity in respect
of contributions made to WoolStock Australia Limited through payments of wool
tax.
Repeal the section, substitute:
Administration Act means the Wool Tax (Administration) Act
1964.
carpet wool has the same meaning as in the Administration
Act.
conversion time means the time when Wool International is
taken to be registered as a company under Part 5B.1 of the Corporations Law, in
accordance with section 14 of the Wool International Privatisation Act
1999.
former Commission means WoolStock Australia Limited, as it
existed immediately before the repeal of the Australian Wool Realisation
Commission Act 1991.
putative equity holder means:
(a) an individual:
(i) who died, and whose estate was distributed, before 1 September 1997;
and
(ii) who would have been a registered equity holder on that day if he or
she had not died; or
(b) a company that:
(i) was wound up before 1 September 1997; and
(ii) but for the winding up, would have been a registered equity holder on
that day.
registered equity holder means a person whose particulars are
entered in the register of equity holders.
registered holder, in relation to a unit of equity in
WoolStock Australia Limited, means the registered equity holder that is the
holder of the unit.
register of equity holders means the register referred to in
section 22B.
repealed Act means the Australian Wool Realisation
Commission Act 1991.
sale value, in relation to shorn wool, means the amount that
is the sale value of the wool for the purposes of section 10 of the
Administration Act.
shorn wool means wool that:
(a) has been obtained by shearing; and
(b) has not been subject to any process other than scouring or
carbonising.
stockpile wool means wool owned by WoolStock Australia
Limited.
surplus money has the meaning given by section 22P.
TrusteeCo means the company nominated under section 9 of the
Wool International Privatisation Act 1999.
unclaimed units means units of equity that are taken to be
registered in the name of TrusteeCo by operation of subsection 10(3) of the
Wool International Privatisation Act 1999.
WoolStock Australia Limited means:
(a) in relation to a time before the conversion time—the body
corporate referred to in section 7 of this Act (as in force immediately before
the conversion time); and
(b) in relation to a time after the conversion time—that body as
continued in existence by registration under the Corporations Law as mentioned
in section 14 of the Wool International Privatisation Act 1999.
Note: WoolStock Australia Limited has previously had the
following names: “Wool International”, “Australian Wool
Realisation Commission” and “Australian Wool
Corporation”.
wool tax means tax payable under a Wool Tax Act.
Wool Tax Act means the Wool Tax Act (No. 1) 1964, the
Wool Tax Act (No. 2) 1964, the Wool Tax Act (No. 3) 1964, the
Wool Tax Act (No. 4) 1964 or the Wool Tax Act (No. 5)
1964.
Repeal the sections.
Repeal the Parts.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Note: The heading to section 22B is altered by omitting
“Wool International” and substituting “WoolStock
Australia Limited”.
Repeal the sections.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Note: The heading to section 22F is altered by omitting
“Wool International” and substituting “WoolStock
Australia Limited”.
Repeal the section, substitute:
For each distribution, a registered equity holder is entitled to receive,
for each unit of equity, an amount worked out using the formula: 
Note: The amount of a distribution is determined under
subsection 22P(3).
Omit “the Chief Executive”, substitute
“TrusteeCo”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “the Chief Executive” (wherever occurring), substitute
“TrusteeCo”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
16 After subsection 22H(2)
Insert:
(2A) If the register is amended so that:
(a) it shows the correct name of the person who is entitled to be
registered in respect of any unclaimed units; and
(b) it no longer shows those units as being “unclaimed
entitlements”;
then TrusteeCo must transfer those units to that person.
Insert:
(3A) Units of equity cannot be transferred unless, at the same time, the
transferor transfers to the transferee a number of shares in WoolStock Australia
Limited that is equal to the number of units transferred.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “the Chief Executive”, substitute
“TrusteeCo”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
30 Subsection 22J(4)
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
33 Subsection 22J(7)
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Insert:
For the purposes of the Corporations Law, a person is not to be treated
as being a member of WoolStock Australia Limited merely because the person is a
registered equity holder.
For the purposes of the Corporations Law:
(a) for each distribution under Part 4B of this Act, WoolStock Australia
Limited incurs a debt at the end of the operative day for the distribution;
and
(b) in a winding up of WoolStock Australia Limited:
(i) the claims of registered equity holders are admissible to proof
against WoolStock Australia Limited; and
(ii) those claims rank behind the debts and claims of all other unsecured
creditors.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Insert:
Section 1343 of the Corporations Law has effect in relation to units of
equity shown in the register of equity holders in the same way as that section
applies in relation to securities shown in an appropriate register of a
company.
Repeal the heading, substitute:
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Repeal the sections, substitute:
(1) The surplus money of WoolStock Australia Limited
consists of any money of WoolStock Australia Limited that, in the opinion of
WoolStock Australia Limited, is not required to be set aside for payment or
application by WoolStock Australia Limited (other than for payment of
distributions under this Part).
(2) WoolStock Australia Limited must distribute its surplus money by way
of:
(a) one or more interim distributions; and
(b) a final distribution, to be made as soon as practicable after the end
of the financial year in which the last stockpile wool is disposed of.
(3) The amount of each distribution is to be determined by WoolStock
Australia Limited.
(4) WoolStock Australia Limited must determine an operative day for each
distribution. For the purposes of this Act, the amount of the distribution
becomes available at the end of the operative day.
Note: The distribution is paid to the persons who are
registered equity holders when the amount becomes available. See section
22F.
(5) WoolStock Australia Limited must cause a notice to be published,
stating:
(a) the amount of the distribution; and
(b) the operative day for the distribution.
(6) The notice must be published in each State at least 14 days before the
operative day, in a newspaper circulating generally in the State. For this
purpose, State includes the Australian Capital Territory and the
Northern Territory.
(7) At the end of one month after the final distribution, all units of
equity are cancelled by force of this subsection.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Repeal the subsection, substitute:
(2) The money is to be distributed as soon as practicable after the
operative day determined under section 22P.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Repeal the subsection.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Omit “Wool International” (wherever occurring), substitute
“WoolStock Australia Limited”.
Repeal the heading, substitute:
Repeal the section, substitute:
This Part sets out how TrusteeCo is to deal with the units of equity in
WoolStock Australia Limited that are held by TrusteeCo.
Repeal the sections, substitute:
(1) Units of equity held by TrusteeCo in respect of putative equity
holders are held by it on trust until they have been transferred to the persons
ascertained under this section.
(2) Subject to this section, TrusteeCo must, in respect of each lot of
units of equity held by it, determine in writing:
(a) the persons to whom those units are to be transferred; and
(b) the number of units that each of those persons is entitled to
receive.
Note: For the transfer of those units see section
22H.
(3) Units of equity held by TrusteeCo in respect of a putative equity
holder who was an individual may only be transferred:
(a) if there are former creditors of the individual whose claims were not
fully satisfied from the individual’s estate:
(i) to those creditors; and
(ii) if the number of units held by TrusteeCo in respect of the individual
exceeds the number of units that need to be transferred to those creditors in
satisfaction of their claims—to the beneficiaries of the
individual’s estate; or
(b) if paragraph (a) does not apply—to the beneficiaries of the
individual’s estate.
(4) Units of equity held by TrusteeCo in respect of a putative equity
holder that was a company may only be transferred:
(a) if there are former creditors of the company whose claims were not
fully satisfied from the assets of the company at the time of its winding
up:
(i) to those creditors; and
(ii) if the number of units held by TrusteeCo in respect of the company
exceeds the number of units that need to be transferred to those creditors in
satisfaction of their claims—to the former shareholders of the company;
or
(b) if paragraph (a) does not apply—to the former shareholders of
the company.
TrusteeCo holds each lot of unclaimed units on trust until they are
transferred under subsection 22H(2A).
Repeal the heading, substitute:
Omit “the Chief Executive is to deal with the money that he or
she”, substitute “TrusteeCo is to deal with the money that
it”.
Omit “The Chief Executive holds any money (trust money)
paid to him or her”, substitute “TrusteeCo holds any money
(trust money) paid to it”.
Omit “The Chief Executive”, substitute
“TrusteeCo”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Repeal the section, substitute:
If:
(a) money has been paid to TrusteeCo under Part 4B in respect of the units
of equity held by TrusteeCo; and
(b) any or all of those units are subsequently transferred to a person
under subsection 22H(2) or (2A);
TrusteeCo must pay to the person, out of the trust money, the amount that
was paid to TrusteeCo in respect of the units of equity transferred to the
person.
Repeal the section, substitute:
If, one month after the final distribution under Part 4B, there is a
balance of trust money standing to the credit of TrusteeCo, then TrusteeCo must
pay that balance to WoolStock Australia Limited.
Repeal the Parts.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Note: The heading to section 43 is altered by omitting
“Wool International” and substituting “WoolStock
Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Repeal the sections.
66 Section 52
Repeal the section, substitute:
An amount payable by the Commonwealth under section 43 or 44 (the
tax payment) is to be reduced by an amount that the Minister
determines to be the expenses incurred by the Commonwealth in connection with
the collection and recovery of the tax payment.
67 Sections 53, 54, 55 and
58
Repeal the sections.
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
Omit
“Wool International”, substitute “WoolStock Australia
Limited”.
70 Subsection 59(3)
Omit “Wool International”, substitute “WoolStock
Australia Limited”.
71
Sections 60, 61, 62, 63, 64, 65, 66, 66A and 67
Repeal the sections.
Repeal the section.
Repeal the section.
Wool
Tax (Administration) Act 1964
74 Paragraph 8(4)(a)
Repeal the paragraph.