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

The Corporation shall consist of—

The directors appointed under paragraphs (a) to (d) of subsection (2) of this section shall be appointed by the Governor-General on the recommendation of the Minister.

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

Subject to the provisions of this Act, every appointed director shall be appointed for a term of 3 years, but shall be eligible for reappointment from time to time.

Every appointed director shall retire from office on attaining the age of 70 years.

Any associate director appointed by the Corporation under paragraph (g) of subsection (2) of section 3 of this Act shall be appointed for such term, not exceeding 3 years, as the Corporation thinks fit, but shall be eligible for reappointment from time to time.

Every appointed director shall, unless he sooner vacates his office under section 6 of this Act, continue in office until his successor comes into office, notwithstanding that the term for which he was appointed may have expired.

Subject to subsection (4) of this section, with respect to the first directors appointed under paragraph (b) of subsection (2) of section 3 of this Act the following provisions shall apply:

Subject as aforesaid, with respect to the first directors appointed under paragraph (d) of subsection (2) of section 3 of this Act the following provisions shall apply:

In any case in which the Minister is satisfied that the Chairman or any other appointed director is incapacitated by illness, absence, or other sufficient cause from performing the duties of his office, the Minister may appoint a qualified person to be the deputy of the Chairman or of that other director during his incapacity.

An appointment of a deputy under subsection (1) of this section shall be made in the same manner as the appointment of the director whose deputy he will be.

In any case in which the Corporation is satisfied that any associate director is incapacitated by illness, absence, or other sufficient cause from performing the duties of his office, the Corporation may appoint a person to be the deputy of that associate director during his incapacity.

Any deputy appointed under this section shall, while he acts as such, be deemed to be a director of the Corporation appointed under the same provision and having the same status as the director of whom he is a deputy; and the deputy of the Chairman shall have all the powers of the Chairman.

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

Any director appointed under any of the provisions of paragraphs (a) to (d) of subsection (2) of section 3 of this Act may at any time be removed from office by the Governor-General for disability, bankruptcy, 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 such director dies, or resigns, or retires by reason of his having attained the age of 70 years, or is removed from office, or, having been appointed under paragraph (b) of subsection (2) of section 3 of this Act, ceases to be a member of the Wool Board as a woolgrowers’ representative, his office shall become vacant and the vacancy shall be deemed to be an extraordinary vacancy.

In the case of an extraordinary vacancy in the office of any such director the Governor-General may appoint some qualified person to be a director of the Corporation for the residue of the term for which the vacating director was appointed.

Any such appointment shall be made in the same manner as the appointment of the vacating director.

The powers of the Corporation shall not be affected by any vacancy in its membership.

The first meeting of the directors shall be held on a day to be appointed by the Minister.

Subsequent meetings shall be held at such times and places as the directors or the Chairman may from time to time appoint.

Any 3 directors (other than associate directors) may at any time call a special meeting.

At any meeting the quorum necessary for the transaction of business shall be 4 directors (other than associate directors); but no business shall be transacted at any meeting unless at least 2 of the directors appointed under paragraphs (a) and (b) of subsection (2) of section 3 of this Act and at least 2 of the directors appointed under paragraphs (d) and (e) of that subsection are present.

At any meeting the associate directors shall have full rights of discussion, but shall not be entitled to vote on any question before the meeting.

Every question before any meeting shall be decided by a majority of the votes cast by the directors (other than associate directors) present at the meeting.

A resolution in writing signed, or assented to by letter or telegram, by all the directors (other than associate directors) shall be as valid and effectual as if it had been passed at a meeting of the directors duly called and constituted.

In the absence from any meeting of the Director-General of Agriculture and Fisheries, any officer of his Department authorised in that behalf by the Director-General may attend the meeting in his stead, and while so attending shall be deemed to be a director of the Corporation. The fact that any such officer attends and acts as a director at any such meeting shall be conclusive proof of his authority to do so.

Subject to the provisions of this Act and of any regulations made thereunder, the directors may regulate their procedure in such manner as they think fit.

At the first meeting of directors and thereafter as often as the office is vacant the directors shall appoint one of their number (other than an associate director) to be Deputy Chairman for the purposes of meetings.

The person so appointed shall, unless he sooner vacates office as a director, hold office as Deputy Chairman for the purposes of meetings for the residue of his term of office as a director, and while he continues to be a director he shall be eligible for reappointment as Deputy Chairman from time to time.

The Chairman, or any deputy of the Chairman for the time being acting in his place by virtue of an appointment made under section 5 of this Act, shall preside at all meetings of the directors at which he is present.

In the absence from any meeting of the Chairman or any such deputy acting in his place as aforesaid, the Deputy Chairman appointed under subsection (1) of this section shall preside.

In the absence from any meeting of both the Chairman (or any such deputy acting in his place as aforesaid) and the Deputy Chairman appointed under subsection (1) of this section, the directors present shall appoint one of their number (other than an associate director) to preside at that meeting.

At any meeting of the directors the Chairman or other person presiding shall have a deliberative vote, and in the case of an equality of votes shall also have a casting vote.

The Corporation may from time to time appoint such advisory or technical committees as it thinks fit to advise the Corporation on such matters concerning the exercise of the functions and powers of the Corporation as are referred to them by the Corporation.

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

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

The directors of the Corporation and the members of any committee appointed by the Corporation shall be paid by the Corporation such travelling expenses and allowances as may from time to time be approved by the Minister of Finance, having regard to any recommendations made in that behalf by the Corporation.

Subject to section 12 of this Act, any contract which, if made between private persons, must be by deed shall, if made by the Corporation, be in writing under the seal of the Corporation.

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 Corporation, be in writing either under the seal of the Corporation or signed by any person acting on behalf of and under the express or implied authority of the Corporation.

Any contract which, if made between private persons, may be made orally may be similarly made by or on behalf of the Corporation by any person acting under the express or implied authority of the Corporation.

Notwithstanding anything in the foregoing provisions of this section, no contract made by or on behalf of the Corporation 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 directors or to give effect to a resolution of the directors.

The Corporation may, in respect of any particular matter or class of matters, or in respect of any particular area within or outside New Zealand, by writing under its seal delegate to any director or officer of the Corporation, or to the holder for the time being of any specified office under the Corporation, or to any other person whatever, any of its powers under this Act (including a power to execute deeds on behalf of the Corporation, but not including this power of delegation), so that the delegated powers may be executed by him in respect of the matters or class of matters or area specified in the instrument of delegation.

Subject to any general or special directions given or conditions imposed by the Corporation, the person to whom any powers are so delegated may exercise those powers in the same manner and with the same effect as if they had been conferred on him directly by this Act and not by delegation.

Every person purporting to act pursuant to any delegation under this section shall, in the absence of proof to the contrary, be presumed to be acting in accordance with the terms of the delegation.

Every delegation under this section shall be revocable at will, and no delegation shall prevent the exercise of any power by the Corporation.

Subject to subsection (2) of this section, the general object for which the Corporation is established is to obtain, in the interests of growers, the best possible long-term returns for New Zealand wool by—

In pursuance of the said object, and in the exercise of its functions and powers, the Corporation shall have particular regard to the need to achieve a trading surplus with a view to maintaining its capital funds and providing for such reserves as the Corporation deems desirable.

For the purposes of this Act, the capital funds of the Corporation shall be the amount by which the value of the assets of the Wool Commission transferred to the Corporation under section 59 of this Act (excluding the money in the special reserve account to be transferred to the Wool Board under section 60 of this Act) exceeds the value of the liabilities of the Wool Commission so transferred.

The general functions of the Corporation shall be—

It shall also be a function of the Corporation to report to the Minister from time to time in relation to—

The Corporation shall have such other functions as are conferred on it by this Act (including the doing of any thing referred to in paragraphs (a) to (c) of subsection^) of section 13 of this Act) or by any enactment other than this Act.

Subject to the provisions of this Act, after such date as the Corporation may by public notice appoint, no contract for the carriage of any wool by sea or air for export from New Zealand shall be made except—

Every contract for the carriage of wool by sea or air made otherwise than in conformity with this section shall be void.

Every person other than the Corporation who, after such date as aforesaid, exports any wool from New Zealand shall, on making entry therefor under the Customs Act 1966, and before such entry has been passed, produce to the Collector or other officer of Customs sufficient evidence to satisfy him that the contract for the carriage of that wool has been approved by the Corporation.

The foregoing provisions of this section shall apply, with the necessary modifications, to contracts made before such date as aforesaid and after the commencement of this Part of this Act, except that the approval of the Corporation shall not be required for any such contract if the wool to which it relates is exported from New Zealand not later than the 31st day of December 1973.

Without limiting any of the powers conferred on it by this Act or otherwise howsoever, the Corporation shall have all such powers and authorities as are necessary to permit it to—

The Corporation shall have all such other powers and authorities as are conferred on it by this Act or any enactment other than this Act, or as are necessary, conducive, or incidental to the attainment of the general object for which it is established and to the exercise of its functions and powers under this Act or under any enactment other than this Act.

Subject to subsection (2) of this section, the Corporation may from time to time—

In respect of any such company or body corporate incorporated outside New Zealand, the Corporation shall not exercise any power under subsection (1) of this section except with the consent of the Minister given after consultation with the Minister of Finance.

The Corporation may from time to time acquire patents, licences, inventions, or the right to use any process or technique, or any interest in any such property, that it deems necessary or desirable for the purpose of exercising any of its functions.

Subject to subsection (2) of this section, the Corporation may enter into such agreements or arrangements as may be necessary to give effect to this section.

The powers conferred on the Corporation by this section are in addition to and shall not be deemed to limit any other powers conferred on the Corporation by this Act or any other enactment.

Without limiting any of the powers conferred on it by this Act or otherwise howsoever, the Corporation shall have full authority to make and carry out such arrangements and give such directions as it thinks proper for all or any of the following purposes:

Any arrangement or direction made or given by the Corporation under this section may relate to—

Any such arrangement or direction—

Any such conditional arrangement or direction may allow any thing to be done—

The Corporation may from time to time vary or revoke any direction or approval given under or by virtue of this section.

Notice by the Corporation of the giving, variation, or revocation of any direction or approval given under or by virtue of this section may be given either by writing served on any person to whom the direction, approval, variation, or revocation applies, or by publication of the notice in the Gazette. Subject to the provisions of this Act, every such notice shall—

Subject to the provisions of this Act, after such date as the Corporation may by public notice appoint, no person shall, in the course of business, whether as principal, agent, or otherwise, receive, store, or appraise any wool in any premises, or permit any wool to be so received, stored, or appraised, except—

Subsection (1) of this section shall not apply in respect of the receipt, storage, or appraisal in any premises of any wool that has previously been received in a licensed receiving facility.

Subject to the provisions of this Act, after such date as the Corporation may by public notice appoint, no person shall export any wool, whether as principal, agent, or otherwise, except—

Subject to the provisions of this Act, every licence to which this section applies shall continue in force until it is surrendered or revoked.

Different dates may be appointed by the Corporation under this section in respect of different activities to which this section applies.

The Corporation may from time to time in its discretion, for the purposes of section 19 of this Act, grant any licence either unconditionally or subject to such conditions as it thinks fit.

The Corporation may refuse, suspend, or revoke any such licence, or add any condition thereto, or vary or revoke any condition thereof.

Without limiting the generality of subsection (1) of this section, a licence relating to the use of any premises as a licensed receiving facility may be granted on condition that the premises shall conform to such minimum standards, whether as to area, lighting, ventilation, capacity, or otherwise howsoever, as in the opinion of the Corporation are necessary for the proper storage, handling, preparation, and appraisal of wool.

Except with the consent in writing of the Corporation, the holder of a licence under section 19 of this Act shall not—

Without limiting the generality of section 18 of this Act, the Corporation may from time to time direct that any wool that the Corporation is obliged to purchase under Part III of this Act shall be delivered only to a specified licensed receiving facility.

Section 18 of this Act shall apply to a direction given under this section as if the direction were given under that section.

If the Corporation—

and the Corporation is satisfied that as a direct result of the Corporation’s decision the applicant for or the holder of the licence, as the case may be, will suffer or has suffered substantial financial hardship that he would not otherwise have suffered in the ordinary course of his business, it may in its absolute discretion, after consultation with the Wool Board and the Minister, pay to the applicant or holder such sum as it thinks fit.

Subject to subsection (2) of this section, if the Corporation—

the applicant or the holder of the licence, as the case may be, may appeal to the Wool Industry Appeal Authority constituted under section 25 of this Act.

No such appeal shall lie if the applicant or holder has accepted or has agreed to accept any sum from the Corporation under section 23 of this Act.

For the purpose of hearing appeals under section 24 of this Act, there is hereby established a Wool Industry Appeal Authority consisting of a Chairman and 2 other members.

The members of the Appeal Authority shall be appointed by the Governor-General on the recommendation of the Minister, who in the case of the Chairman shall first consult with the Minister of Justice.

The Chairman of the Appeal Authority shall be a barrister or solicitor of not less than 7 years’ practice of the Supreme Court, whether or not he holds or has held any judicial office; and he may hold office as Chairman concurrently with any other office.

Every member of the Appeal Authority shall be appointed for a term of 3 years, but shall be eligible for reappointment from time to time.

Any member of the Appeal Authority may at any time be removed from office by the Governor-General for disability, bankruptcy, 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 Appeal Authority dies, or resigns, or is removed from office, the vacancy thereby created shall be filled by the appointment of a person in the same manner as the appointment of the vacating member. A person so appointed shall be appointed for the residue of the term for which the vacating member was appointed.

The powers of the Appeal Authority shall not be affected by a vacancy in its membership.

The Wool Industry Appeal Authority is hereby declared to be a statutory Board within the meaning of the Fees and Travelling Allowances Act 1951. There shall be paid to the Chairman and other members of the Appeal Authority, out of money appropriated by Parliament for the purpose, remuneration by way of fees or allowances and travelling allowances and expenses in accordance with that Act, and the provisions of that Act shall apply accordingly.

Every appeal under section 24 of this Act shall be by notice of appeal in writing sent in duplicate to the Corporation at its head office within 21 days after the date on which the decision of the Corporation was notified to the appellant.

The notice of appeal shall state the grounds of the appeal and the relief sought.

One copy of the notice of appeal shall forthwith be referred by the Corporation to the Wool Industry Appeal Authority.

The Corporation may also, if it thinks fit, and shall if the Appeal Authority so directs, lodge with the Appeal Authority a report setting out the considerations to which it had regard in making the decision appealed against, including any material indicating the effect that the decision might have on the objects or general administration of this Act, and any other matters relevant to the decision or to the objects or general administration of this Act to which it wishes to draw the attention of the Appeal Authority.

Where any such report is so lodged, the Appeal Authority may direct that a further report be lodged by the Corporation.

A copy of every report lodged pursuant to subsection (4) or subsection (5) of this section shall be given or sent forthwith by the Corporation to the appellant; and the appellant and the Corporation shall be entitled to be heard and to tender evidence on any matter referred to in the report.

As soon as practicable after the receipt of any notice of appeal, the Appeal Authority shall fix a time and place for the hearing of the appeal, and shall cause not less than 10 clear days’ notice thereof to be sent to the appellant and to the Corporation.

At the hearing of the appeal the Corporation, and the appellant if a body corporate, may be represented by counsel or by an officer of the Corporation or body corporate, as the case may be; and if the appellant is an individual he may appear and act personally or by counsel.

If there is no appearance of the appellant or his counsel or representative at the time appointed for hearing the appeal, his appeal shall be dismissed unless the Wool Industry Appeal Authority is satisfied that there is good cause for the failure to appear.

If the appellant does not prosecute his appeal with due diligence, the Corporation may apply to the Appeal Authority for the dismissal of the appeal.

On any appeal the Appeal Authority shall have regard to—

In the exercise of its powers under this section, the Appeal Authority may receive as evidence any statement, document, information, or matter which in its opinion may assist it to deal with matters before it, whether or not the same would be admissible in evidence in a Court of law.

The Appeal Authority shall, within the scope of its jurisdiction, be deemed to be a Commission of Inquiry under the Commissions of Inquiry Act 1908, and, subject to the provisions of this Act, all the provisions of that Act, except sections 2 and 4a, shall apply accordingly.

Subject to subsection (4) of this section, on the hearing of any appeal the Appeal Authority may—

Where any matter is referred to the Corporation under subsection (7) of this section the Appeal Authority shall advise the Corporation and the appellant of its reasons for so doing and shall give such directions as it thinks just as to the reconsideration or otherwise of the whole or any part of the matter that is so referred.

The decision of not less than 2 members shall constitute the decision of the Appeal Authority, and every such decision shall be final and binding.

On the determination of the appeal the Appeal Authority shall cause a memorandum of its decision to be sent to the Corporation, and the Corporation shall forthwith take all steps necessary to give effect to that decision.

If the decision appealed against was the suspension, revocation, or variation of a licence, the operation of that decision shall be suspended until the final determination of the appeal by the Appeal Authority.

Subject to this Act and to any regulations made thereunder, the Appeal Authority may regulate its own procedure.

Subject to subsection

of section 35 of this Act, the Corporation shall from time to time prepare a table of minimum prices for all types of wool (being wool offered for sale for the first time) to be sold in New Zealand or the United Kingdom at auction sales approved by the Corporation:

Provided that in this section and in sections 30 and 31 of this Act the term “wool” includes only greasy wool, scoured wool, and such slipe wool as is obtained from sheep or lambs slaughtered on behalf of producers individually or collectively under section 34 of the Meat Act 1964.

In preparing any table of minimum prices the Corporation 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 period of 12 months except in circumstances that are deemed by the Minister and the Corporation to be unforeseen or exceptional, such as substantial alterations in exchange rates or widespread economic crises.

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

The Corporation 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 Corporation, 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 Corporation shall, out of its funds, supplement the sale price to such extent as may be necessary to increase it to the minimum price.

Section 31 of this Act shall, during such period as may from time to time be approved by the Minister on the recommendation of the Corporation in that behalf, apply to any sale in New Zealand of greasy wool sold otherwise than at an approved auction sale if—

Any person who, for the purpose of obtaining a supplementary payment under section 31 of this Act, in any return, certificate, or document under this Act or regulations under this Act, makes a statement false in any material particular, knowing it to be false, or who, with intent to defraud, fails to disclose to the Corporation that any wool in respect of which a supplementary payment is claimed or paid is not eligible for that payment, commits an offence and shall be liable on summary conviction to a fine not exceeding $5,000.

Subject to the provisions of this Act, all wool that is offered for sale for the first time after the commencement of this Part of this Act shall—

Without limiting any of the powers conferred on it by this Act or otherwise howsoever, the Corporation shall have full authority to make and carry out such arrangements and give such directions as it thinks proper for all or any of the following purposes:

Section 18 of this Act shall apply to any arrangement made or direction given under this section as if the arrangement or direction were made or given under that section.

During the month of June in each year the Corporation, after consultation with the Wool Board and the Minister, shall fix the prices to be paid by the Corporation for wool to be purchased by it under this Part of this Act during the period of 12 months commencing with the 1st day of July in that year:

Provided that while any amount borrowed from the Reserve Bank of New Zealand under subsection (6) of section 39 of this Act remains unpaid the said prices shall not have effect without the prior approval of the Minister.

The prices to be paid by the Corporation for wool to be purchased by it under this Part of this Act during the period beginning at the commencement of this Part and ending with the next succeeding 30th day of June shall be fixed in accordance with this section before the commencement of this Part.

In the fixing of prices under this section regard shall be had to the provisions of subsection (2) of section 13 of this Act and to the general object for which the Corporation is established.

For the purposes of this section a price shall be fixed for each type of wool, and different prices may be fixed according to different yields for each such type.

During any such period of 12 months the Corporation may in exceptional circumstances, after consultation with the Wool Board and the Minister, increase in respect of that period any price fixed under this section:

Provided that while any amount borrowed from the Reserve Bank of New Zealand under subsection (6) of section 39 of this Act remains unpaid no such increase shall have effect without the prior approval of the Minister.

On the taking effect of any increase under subsection

of this section the Corporation may pay to any person from whom wool has previously been purchased during the said period an amount equivalent to the difference between the price already paid or credited to him for the wool and any increased price applicable to that wool.

The Corporation shall from time to time prepare and give public notice of a table of prices fixed under this section.

Part II of this Act shall not apply to any wool acquired or to be acquired by the Corporation under this Part of this Act.

Subject to any regulations made under this Act, the price payable for any wool purchased by the Corporation under this Part of this Act shall be paid at such time after the appraisal of the wool, and in such manner, as may be determined by the Corporation.

For the purposes of this section any grower may appoint any person being the holder of the licence for the licensed receiving facility to which the grower’s wool is sent, or a representative of that person, to be the grower’s agent in respect of the acceptance or otherwise of any appraisal of the grower’s wool made by or on behalf of the Corporation.

If any dispute arises between the Corporation and the grower or his agent as to the appraisal of the grower’s wool, the following provisions shall apply:

Without prejudice to section 58 of this Act, regulations made under that section may provide for the payment of remuneration to persons reappraising wool under paragraph (b) of subsection (3) of this section, at such rates as may be fixed by the regulations or by the Director-General of Agriculture and Fisheries thereunder.

Subject to the provisions of this Act, every person commits an offence against this Act who—

The Corporation may establish at the Reserve Bank of New Zealand, or at any branch of any trading bank in New Zealand, such accounts as the Corporation may from time to time deem desirable for the purposes of this Act.

Subject to the Reserve Bank of New Zealand Act 1964 and to any regulations made under that Act, the Corporation may establish at any bank or branch of a bank outside New Zealand such accounts as the Corporation may deem desirable for the purposes of this Act.

Every such account shall be operated upon only by cheque or other instrument (not being a promissory note or bill) signed by such person or persons as may from time to time be authorised in that behalf by the Corporation.

For the purposes of this Act, the Corporation may from time to time borrow money—

on such terms and conditions as the Corporation thinks fit.

The Corporation may from time to time issue bonds, stock, or other securities at such rates of interest and on such terms and conditions as may be determined by the Corporation.

For the purposes of subsection (2) of this section, the Corporation may by deed appoint a trustee for bondholders or stockholders and make provision in the deed for the giving of security for money owing under any bonds or stock issued by the Corporation, for the establishment of special accounts in connection with the repayment of any such money, and for such matters incidental to the issue and repayment of bonds or stock as the Corporation thinks fit, and may from time to time vary any such provision.

Where pursuant to subsection (2) of this section the Corporation issues any bonds or stock, the bonds or stock may be inscribed or registered in the books of the Reserve Bank of New Zealand on terms agreed upon between the Corporation and the Reserve Bank. For the purposes of this subsection the Corporation shall be deemed to be a public body within the meaning of paragraph (k) of subsection (1) of section 9 of the Reserve Bank of New Zealand Act 1964; and the Corporation and the Reserve Bank may enter into contracts accordingly as if any bonds or stock issued by the Corporation were stock within the meaning of that paragraph.

For the purposes of this section, the Corporation may mortgage or charge any of its real or personal property.

Without prejudice to subsection (1) of this section, if at the end of any financial year the Corporation’s accounts disclose a loss on its trading activities or the Corporation has accumulated stocks of wool, it may borrow from the Reserve Bank of New Zealand, and the Reserve Bank may advance to the Corporation, on such terms and conditions as may be agreed upon between them and approved by the Minister of Finance, a sum not exceeding the amount of such loss, together with the amount by which the value of any such accumulated stocks at the end of that year exceeds the value of its stocks of wool at the beginning of that year. For the purposes of this subsection the value of any such wool shall be the purchase price paid (together with the sum of the amounts paid for freights, storage, insurance, and other charges) or the market value, whichever is the lower.

The Minister of Finance, on behalf of the Crown, may guarantee any advance made to the Corporation.

The Corporation shall from time to time, at the request of the Wool Board, pay to that Board a sum or sums not exceeding in the aggregate $600,000 in any financial year. For the purposes of subsection (6) of section 39 of this Act, any payment made by the Corporation under this subsection shall be deemed to be expenditure incurred in the course of the Corporation’s trading activities, and the said subsection (6) shall be construed accordingly.

With the consent of the Minister of Finance, the Corporation may also from time to time pay to the Wool Board such amounts as may be agreed upon by the Corporation and the Wool Board to supplement the payments to be made to the Wool Board under subsection (2) of section 17 of the Wool Industry Act 1944 (out of money received by way of levy under that Act) so as to enable the Wool Board to carry out its functions under the Wool Industry Act 1944.

All amounts paid under this section shall be dealt with by the Wool Board as if they had been received by way of levy under the Wool Industry Act 1944.

In respect of any period while the charge under section 44 of this Act is payable, the reference in subsection (2) of this section to the levy under the Wool Industry Act 1944 shall be deemed to be a reference to the amount which, but for the operation of subsection (4) of the said section 44, would have been payable by way of levy under that Act.

Without limiting the powers of the Corporation under section 17 of this Act, any money of the Corporation available for investment may from time to time be invested by the Corporation in the following manner:

The Corporation shall be exempt from land tax and income tax.

Subject to subsection (3) of this section, the Corporation may in any financial year distribute, to such extent and in such manner as may be agreed upon between the Corporation and the Wool Board, the whole or any part of its profits at the end of the preceding financial year, having regard to the need for the retention by the Corporation of any amount for market development, capital expenditure, and provision for reserves, and to the requirements of subsection (2) of section 13 of this Act.

In making payments to or for the benefit of growers under this section the Corporation shall have regard to the types of the wool purchased from the growers and to the prices paid and received for those types of wool.

Not more than half of the amount of the said profits may be so distributed without the consent of the Minister.

For the purposes of this Act there may from time to time be charged and made payable to the Corporation, in accordance with this Act and with regulations made thereunder, a charge on wool (other than dags and dag wool) which during any 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.

The charge may be charged in respect of all such wool as aforesaid, or in respect of such class or classes of such 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 Minister made at the request of the Corporation and with the agreement of the Wool Board, as being sufficient to provide for the levy imposed by section 12 of the Wool Industry Act 1944.

The levy imposed by section 12 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 13 to 16 of the Wool Industry Act 1944 shall be deemed to be suspended.

There shall from time to time be paid by the Corporation 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 subsection (4) of this section, would have been payable on that wool by way of levy under the Wool Industry Act 1944, less 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.

Subject to subsection (4) of section 44 of this Act, the Corporation 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 12 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 authorised by regulations made under this Act or as may be agreed upon between the Corporation and the Wool Board.

Sections 12 and 13 of the Wool Industry 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.

The Governor-General may from time to time, by Order in Council or by regulations made under section 58 of this Act on the advice of the Minister acting on the recommendation of the Corporation,—

Where any contract is in force at the date of the coming into operation of any provision of this Act, or of any regulation made under this Act, or of any direction or other act of authority given or done under this Act or any such regulation, and compliance with the terms of the contract is prevented wholly or partially by the operation of the provision, direction, or other act of authority, then in respect of such prevention, and to the extent to which it results from the operation of the provision, direction, or other act of authority, the parties to the contract shall, subject to any agreement between them to the contrary, be deemed for the purposes of the Frustrated Contracts Act 1944 to be discharged from the further performance of the contract, and all the provisions of that Act shall apply accordingly with all necessary modifications.

The Corporation may from time to time, on such terms and conditions (whether as to salaries, allowances, or otherwise) as it thinks fit, appoint a chief executive officer, and such other officers and employees as it deems necessary for the efficient exercise of its functions and powers, and may at any time remove any officer or employee from his office or employment.

The Corporation may from time to time establish and maintain offices or employ and remove agents (whether within or outside New Zealand) for the conduct of its operations under this Act.

The Corporation may from time to time make payments to or subsidise the National Provident Fund or any fund or scheme approved by the Minister of Finance for the purpose of providing superannuation or retiring allowances for its officers and employees or their dependants.

Without prejudice to subsection (1) of this section, all persons who at the commencement of this Part of this Act are officers or employees of the Wool Commission shall be deemed to become officers and employees of the Corporation; and for the purposes of any fund or scheme for the purpose of providing superannuation or retiring allowances the service of any such persons as officers or employees of the Wool Commission shall be deemed to have been service as officers or employees of the Corporation.

The Corporation may, if in its opinion it is expedient to assist its officers or employees to acquire housing accommodation, whether within or outside New Zealand,—

Where, pursuant to subsection (1) of this section, the Corporation—

it may let the house or flat, or, if it is unfurnished and is situated outside New Zealand, furnish it and let it, to any officer or employee of the Corporation for such term and at such rent and otherwise on such terms and conditions as it thinks fit.

The Corporation may from time to time enter into contracts of insurance insuring directors of the Corporation and members of any committee appointed under section 9 of this Act against loss from personal accident arising out of and in the course of the exercise of their powers or duties as directors or members, and may pay the premiums payable in respect of such contracts.

In any financial year the Corporation, for purposes not authorised by this Act or by any other Act, may expend any sum or sums not amounting in the whole to more than $1,000.

The accounts of the Corporation shall be audited by the Audit Office, which for that purpose shall have all such powers as it has under the Public Revenues Act 1953 in respect of public money and public stores and the audit of local authorities’ accounts.

As soon as practicable after the end of every financial year the Corporation shall send to the Minister a report of its proceedings and operations for that year together with a copy of its audited accounts for that year.

A copy of the report and of the accounts shall be laid before Parliament as soon as practicable after their receipt by the Minister.

Except as otherwise expressly provided by this Act, any determination, notice, direction, requirement, consent, approval, or other instrument made, given, imposed, or issued by or on behalf of the Corporation shall be sufficiently authenticated if it is signed by the Chairman or a director of the Corporation, or by the chief executive officer of the Corporation, or by any other officer of the Corporation on its behalf and by its direction; and it need not be under the common seal.

Every instrument purporting to have been signed in accordance with subsection (1) of this section shall, in the absence of proof to the contrary, be deemed to have been duly signed.

Any notice required to be served by the Corporation on any person for the purposes of this Act may be served by causing it to be delivered to that person, or to be left at his usual or last known place of abode or business or at the address specified by him in any application, notice, or other document received from him by the Corporation, or to be posted in a letter addressed to him at that place of abode or business or at that address.

If any such notice is posted to any person by registered letter it shall be deemed to have been served on him when it would have been delivered in the ordinary course of post; and in proving the delivery it shall be sufficient to prove that the letter was properly addressed and posted.

Every person commits an offence against this Act who—

Every person who commits an offence against this Act for which no other penalty is prescribed in this Act shall be liable on summary conviction—

The Governor-General may from time to time, by Order in Council, make regulations for all or any of the following purposes:

Providing for such matters as are contemplated by or necessary for giving full effect to the provisions of this Act and for its due administration.

Regulations made under this Act may be so made as to apply generally throughout New Zealand or within any specified part or parts thereof, or within the whole of New Zealand except such part or parts as may be specified in the regulations.

The New Zealand Wool Commission is hereby abolished.

The Wool Commission Account established at the Bank of New Zealand is hereby abolished, and—

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

Without limiting the generality of subsection (3) of this section, it is hereby declared that, so far as may be necessary to complete the winding up of the Wool Commission, the Corporation shall have all the functions and powers that the Wool Commission would have had if this Act had not been passed.

A District Land Registrar shall, on written application under the seal of the Corporation, register it as the proprietor of any estate or interest in land that is registered in his land registration district under the Land Transfer Act 1952 and is vested in the Corporation by this section.

Except as provided by section 61 of this Act, every reference to the Wool Commission in any Act, regulation, order, or other enactment or in any agreement, deed, instrument, application, notice, or other document whatsoever shall hereafter, unless the context otherwise requires, be read as a reference to the Corporation.

All money which on the commencement of this Part of this Act is standing to the credit of the special reserve account referred to in section 20a of the Wool Commission Act 1951 (as inserted by section 2 of the Wool Commission Amendment Act 1954) shall, forthwith after its transfer to the Corporation under section 59 of this Act, be paid by the Corporation to the Wool Board, and shall be dealt with by the Wool Board in accordance with section 19a of the Wool Industry Act 1944 (as substituted by subsection (1) of section 61 of this Act).

The enactments specified in the First Schedule to this Act are hereby amended in the manner indicated in that Schedule.

The enactments specified in the Second Schedule to this Act are hereby repealed.

The members of the New Zealand Wool Testing Authority who immediately before the date of the commencement of this Part of this Act were in office as members nominated by the Wool Commission under paragraph (b) of subsection (2) of section 3 of the Wool Testing Authority Act 1964 shall on that date be deemed to be members appointed on the recommendation of the Minister under paragraph (b) of that subsection as substituted by subsection (1) of this section. Those members shall, subject to that Act, continue in office for the residue of the terms for which they were last appointed before that date.

The Wool Commission Regulations 1964, as heretofore amended, shall continue in force and have effect as if they had been made under this Act, and may be amended accordingly, until they are revoked under this Act.

Except so far as may be expressly provided in this Act, nothing in this Act shall be so construed as to limit or affect in any way the provisions of any other Act.

This Act shall bind the Crown.