This Act may be cited as the Wool Commission Act 1951.

This Act shall come into force on a date to be appointed for the commencement thereof by the Governor-General by Proclamation.

In this Act, unless the context otherwise requires,—

There is hereby established a Commission to be called the New Zealand Wool Commission.

The Commission shall consist of six members to be appointed by the Governor-General on the recommendation of the Minister, of whom—

The Commission shall be a body corporate with perpetual succession and a common seal, and shall be capable of holding real and personal property, and of suing and being sued, and of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.

Except as otherwise provided in this Act, every member of the Commission shall be appointed for a term of three years, but may from time to time be reappointed.

Notwithstanding anything to the contrary in this Act, every member of the Commission, unless he sooner vacates his office, shall continue to hold office until his successor comes into office.

The first members of the Commission shall be appointed for a term expiring on the thirtieth day of June, nineteen hundred and fifty-five.

Any member of the Commission may at any time be removed from office by the Governor-General for inefficiency, disability, insolvency, neglect of duty, or misconduct proved to the satisfaction of the Governor-General, or may at any time resign his office by writing addressed to the Minister.

If any member of the Commission dies, or resigns, or is removed from office, or (having been appointed as a representative of the Wool Board) ceases to be a member of the Wool Board, his office shall become vacant and the vacancy shall be deemed to be an extraordinary vacancy.

In case of any extraordinary vacancy the Governor-General may appoint some qualified person to be a member of the Commission for the residue of the term for which the vacating member was appointed. Any such appointment shall be made in the same manner as the appointment of the vacating member.

The powers of the Commission shall not be affected by any vacancy in the membership thereof.

In any case in which the Minister is satisfied that any member of the Commission is incapacitated by illness, absence, or other sufficient cause from performing the duties of his office, the Minister may appoint a deputy to act for that member during his incapacity, and any such deputy shall, while he acts as such, be deemed to be a member of the Commission.

No such appointment of a deputy and no acts done by a deputy as such shall in any proceedings be questioned on the ground that the occasion for his appointment had not arisen or had ceased.

The first meeting of the Commission shall be held on a day to be appointed in that behalf by the Minister.

Subsequent meetings of the Commission shall be held at such times and places as the Commission from time to time appoints.

The Chairman of the Commission or any three members thereof may at any time call a special meeting of the Commission.

At all meetings of the Commission three members (other than the associate member) shall form a quorum.

All questions before the Commission shall be decided by a majority of the valid votes recorded there on.

The associate member of the Commission shall have full rights of discussion but shall not be entitled to vote on any question before the Commission.

Subject to the provisions of this Act and of any regulations made thereunder, the Commission may regulate its procedure in such manner as it thinks fit.

At its first meeting and thereafter as often as the office is vacant the Commission shall appoint one of its members (other than the associate member) to be Deputy Chairman, who shall hold office for the residue of his term of office as a member of the Commission, unless he sooner vacates office as a member, and may from time to time be reappointed.

The Chairman shall preside at all meetings of the Commission at which he is present.

In the absence of the Chairman from any meeting the Deputy Chairman shall preside.

In the absence of both the Chairman and the Deputy Chairman from any meeting of the Commission the members present shall appoint one of their number (other than the associate member) to preside at that meeting.

At any meeting of the Commission the Chairman or other person presiding shall have a deliberative vote but shall not have a casting vote.

The Commission may from time to time appoint such Advisory or Technical Committees as it thinks fit to advise the Commission on such matters concerning the valuation or disposal of wool as are referred to them by the Commission.

Each Advisory or Technical Committee may, in addition, furnish to the Commission reports on any matter relating to the wool industry in respect of which the members of the Committee have special knowledge or experience.

Any person may be appointed to be a member of a Committee under this section, notwithstanding that he is not a member of the Commission.

The principal function of the Commission shall be to assure minimum prices, in accordance with the plan hereinafter set out, for all wool sold in New Zealand or the United Kingdom at auction sales approved by the Commission.

The Commission shall have all such other functions as are conferred on it by this Act, and all powers and authorities necessary, conducive, or incidental to the performance of its duties and functions, and in particular may from time to time, in New Zealand or elsewhere,—

The Commission shall from time to time prepare a table of minimum prices for all types of wool to be sold in New Zealand or the United Kingdom at auction sales approved by the Commission.

In preparing any table of minimum prices the Commission shall have regard to—

Effect shall not be given to any table of minimum prices except by agreement with the Minister.

Any table of minimum prices may at any time in like manner be amended or revoked:

Provided that no such amendment or revocation shall be made so as to take effect during any financial year except in circumstances which are deemed by the Minister and the Commission to be unforeseen or exceptional, such as substantial alterations in exchange rates, or widespread economic crises.

The Commission shall from time to time, after consulting with such other persons or bodies as it thinks fit, approve for the purposes of this Act auction sales in New Zealand or the United Kingdom.

The Commission shall cause to be assessed, in accordance with the table of minimum prices, the appropriate minimum price for each lot of wool offered at any auction sale approved by the Commission, not being wool that has previously been sold at auction.

Where any wool is sold at any such approved auction sale at a price less than its minimum price, the Commission may, out of its funds, supplement the sale price to such extent as may be necessary to increase it to the minimum price.

The Commission may at any such auction sale buy at its discretion any wool at a price not exceeding its minimum price.

The Commission may store any wool so bought and may sell it in New Zealand or elsewhere, and may scour, recondition, or otherwise process any such wool.

For the purposes of this Act there shall be established at the Bank of New Zealand an account to be known as the Wool Commission Account.

The Wool Commission Account shall be operated upon by cheque signed by or on behalf of the Chairman of the Commission, and countersigned by or on behalf of the Secretary of the Commission. For the purposes of this subsection the Commission may from time to time authorize any member or officer of the Commission to sign cheques on behalf of the Chairman or to counter sign cheques on behalf of the Secretary.

The Bank of New Zealand may from time to time grant and the Commission may receive accommodation in aid of the Wool Commission Account, and the account may be overdrawn accordingly.

For the purposes of this Act the Commission may open at any branch or agency of the Bank of New Zealand (whether in New Zealand or elsewhere) such imprest or other subsidiary accounts as the Commission may from time to time deem desirable.

Every such subsidiary account shall be operated upon by cheque signed by such person or persons as may from time to time be authorized in that behalf by the Commission.

The Wool Disposal Account established at the Reserve Bank of New Zealand under the Wool Disposal Act 1945 is hereby abolished.

All moneys standing to the credit of the Wool Disposal Account at the commencement of this Act shall, without further appropriation than this section, be transferred to and form part of the Wool Commission Account.

All moneys which, if this section had not been passed, would have been payable into or out of the Wool Disposal Account shall be paid into or out of the Wool Commission Account.

All moneys standing to the credit of an account known as the Wool Industry Deposit Account at the commencement of this Act shall, without further appropriation than this section, be transferred to and form part of the Wool Commission Account.

All payments made to the credit of the said Wool Industry Deposit Account, by arrangement between the Minister of Finance and the Wool Board, of moneys derived from the transactions of the Joint Organization referred to in the Wool Disposal Act 1945, and all payments made from that account before the commencement of this Act by arrangement as aforesaid, are hereby validated.

All moneys transferred to or paid into the Wool Commission Account under this section, including any moneys arising from the profits of the transactions of the Joint Organization, and the balance of the moneys received by way of contributory charge referred to in subsection six of section seventeen of the Wool Disposal Act 1945 (as substituted by subsection five of section thirty-five of the Finance Act (No. 2) 1947) shall be deemed to be moneys of the Commission available for the purposes of this Act.

There shall from time to time be paid into the Wool Commission Account—

The moneys in the Wool Commission Account shall be deemed to be the moneys of the Commission.

Moneys receivable by the Commission outside New Zealand may, with the approval of the auditors of the Commission, be paid into any subsidiary account opened under section seventeen of this Act.

There may from time to time be paid out of the Wool Commission Account—

For the purposes of this Act there may from time to time be charged, in accordance with this Act and with regulations made thereunder, a charge on wool which during such period or periods as may be prescribed by the regulations, is—

Provided that no wool shall be subject to the charge more than once.

Any wool sold by the Commission (whether or not it has previously been liable to the charge) shall not upon or after that sale be subject to the charge.

The charge may be charged in respect of all wool or in respect of such class or classes of wool as may be prescribed by the regulations.

The rates of the charge shall be prescribed from time to time by the regulations and shall be such rates as are determined by the Governor-General on the recommendation of the Commission as being sufficient to provide for the expenditure incurred by the Commission in the administration of this Act, and for the levy imposed by section twelve of the Wool Industry Act 1944.

The levy imposed by section twelve of the Wool Industry Act 1944 shall not be charged during any period while the charge under this section is payable, and during every such period sections thirteen to sixteen of the Wool Industry Act 1944 shall be deemed to be suspended.

There shall from time to time be paid out of the Wool Commission Account to the Wool Board so much of the amount received by way of charge on any wool as equals the amount which, but for the operation of sub section five of this section, would have been payable on that wool by way of levy under the Wool Industry Act 1944, less a proportionate part of the expenses of collecting the charge. All such amounts shall be dealt with by the Wool Board as if they had been received by way of levy under that Act.

The Commission may from time to time, by arrangement with the Wool Board, collect on behalf of that Board any levy payable to the Board under section twelve of the Wool Industry Act 1944 or any other enactment, and pay the amounts so collected to the Wool Board, less such amount by way of commission as may be authorized by regulations made under this Act or as may be agreed upon between the Commission and the Wool Board.

Sections twelve and thirteen of the Wool Indus try Act 1944 shall be read subject to such modifications as may from time to time be prescribed by regulations made under this Act for the purposes of this section.

Any moneys of the Commission that are from time to time available for investment may be invested by the Commission in such securities or in securities of such classes as may for the time being be authorized by the Minister of Finance.

The Commission may from time to time borrow moneys, and may for that purpose mortgage or charge any of its property.

The Commission may appoint a suitable person to be the General Manager thereof (who may be one of the members of the Commission) and such other officers as it deems necessary for the efficient performance of its functions under this Act.

The Commission may establish and maintain offices or employ agents (whether in New Zealand or elsewhere) for the conduct of its operations under this Act.

The Commission may, out of the Wool Commission Account, subsidize the National Provident Fund or any other fund or scheme established with the approval of the Minister of Finance for the purpose of providing superannuation or retiring allowances for its officers and servants.

Any contract which, if made between private persons, must be by deed shall, if made by the Commission, be in writing under the seal of the Commission.

Any contract which, if made between private persons, must be in writing signed by the parties to be charged therewith shall, if made by the Commission, be either under the seal of the Commission or signed by two members of the Commission on behalf of or by direction of the Commission.

Any contract which, if made between private persons, may be made orally may be similarly made by or on behalf of the Commission by any two members acting by direction of the Commission, but no oral contract shall be made for any sum exceeding fifty pounds.

Notwithstanding anything to the contrary in the foregoing provisions of this section, no contract made by or on behalf of the Commission shall be invalid by reason only that it was not made in manner provided by this section, if it was made pursuant to a resolution of the Commission or to give effect to a resolution of the Commission.

There shall be paid by the Commission to the Chairman and to the other members of the Commission, and to the members of any Committee appointed by the Commission, such remuneration by way of fees or allowances as the Minister of Finance from time to time approves, either generally or in any particular case.

The members of the Commission or of any Committee appointed by the Commission shall be paid by the Commission such travelling expenses and allowances as may from time to time be prescribed by regulations made under this Act or as may be approved by the Minister of Finance in any case to which no such regulations apply.

The Commission shall be exempt from land tax and income tax and from the social security charge.

The Governor-General in Council may from time to time appoint two qualified persons to act as auditors of the Commission.

No person appointed under this section shall be appointed for a term exceeding two years, but any such person may from time to time be reappointed.

The auditors of the Commission shall be paid by the Commission such remuneration and allowances as the Minister of Finance may from time to time determine or approve.

No member or officer of the Commission shall during his tenure of office as such be qualified for appointment or to hold office as an auditor of the Commission, and no other person shall be qualified for such appointment who would not be qualified for appointment as auditor of a company under the Companies Act 1933.

The Commission shall, as soon as practicable after the expiration of every financial year, furnish to the Minister a report of its proceedings and operations for that year together with a copy of its accounts for that year certified by the auditors of the Commission.

A copy of the report and of the accounts shall be laid before Parliament.

The Governor-General may from time to time, by Order in Council, make all such regulations as may in his opinion be necessary or expedient for giving effect to the provisions of this Act and for the due administration thereof.

Without limiting the general power hereinbefore conferred, it is hereby declared that regulations may be made under this section for all or any of the following purposes:—

All regulations made under this section shall be laid before Parliament within twenty-eight days after the date of their making if Parliament is then in session and, if not, shall be laid before Parliament within twenty eight days after the date of the commencement of the next ensuing session.

The New Zealand Wool Disposal Commission is hereby abolished.

Subject to the provisions of this Act, all property, rights, obligations, and liabilities which immediately before the commencement of this Act were vested in or imposed on the Wool Disposal Commission shall be deemed to be the property, rights, obligations, and liabilities of the Wool Commission.

Without limiting the generality of subsection two of this section, it is hereby declared that—

All references to the Wool Disposal Commission in any Act, regulation, order, or other enactment or in any agreement, deed, instrument, application, notice, or other document whatsoever shall, unless the context otherwise requires, be read as references to the Wool Commission.

The following enactments are hereby repealed, namely:—

All acts of authority that originated under any provision of the enactments hereby repealed, and are subsisting or in force at the commencement of this Act, shall continue for the purposes of this Act as fully and effectually as if they had originated under the corresponding provisions of this Act, and accordingly shall, where necessary, be deemed to have so originated.

All matters and proceedings commenced under any such enactment, and pending or in progress at the commencement of this Act, may be continued and completed under this Act.

Unless otherwise provided by any subsequent Act, this Act shall continue in force until the end of September, nineteen hundred and fifty-two, and shall then expire.