The Board shall, as soon as is practicable after the commencement of this Act, close the Minimum Wool Prices Funding Account and the Wool Income Retention Account.

(3)

Any amount standing to the credit of, or owed to, the Minimum Wool Prices Funding Account at the time of closure shall be credited to or become owed to such of the Board’s other accounts as it designates.

(4)

Section 2 of the principal Act is hereby consequentially amended by repealing the definitions of the terms “approved auction”, “funding account”, “funding levy”, “grower levy”, “minimum price”, “notional price”, “retention account”, “table of prices”, and “trigger price”.

(5)

Section 71(1) of the principal Act is hereby consequentially amended by repealing paragraph (d), and substituting the following paragraphs:

“(d)

Providing for and regulating the assessment, collection, receipt, and payment, of the Wool Board levy and of any additional levy or charge for late payment:

“(da)

Providing for and regulating the rates of any additional levy or charge for late payment of the Wool Board levy:

“(db)

Preventing the evasion of the Wool Board levy and any additional levy or charge in respect of its late payment:”.

(6)

The said section 71(1) is hereby further consequentially amended—

(a)

By omitting from paragraph (e) the words “minimum prices and”; and

(b)

By omitting from paragraph (n) the words “or the minimum prices scheme”.

(7)

The following enactments are hereby consequentially repealed:

(a)

Parts II to IV, and paragraphs (f), (g), (k), (l), and (m) of section 71(1) of the principal Act:

(b)

The Wool Industry Amendment Act 1978:

(c)

Section 2(4) of the Wool Industry Amendment Act 1983.

(8)

The Wool Industry Regulations 1978 are hereby consequentially amended by revoking regulation 3 and Part II.

(9)

The regulations specified in the First Schedule to this Act are hereby consequentially revoked.

3 Board to have powers of natural person

(1)

The principal Act is hereby amended by repealing section 18, and substituting the following section:

“18

“(1)

Except as provided in this Act, the Board has—

“(a)

The rights, powers, and privileges of a natural person; and

“(b)

The power to issue debentures; and

“(c)

The power to grant floating charges on the Board’s undertaking or property, or any of it; and

“(d)

The power to do any other thing it is authorised to do by—

“(i)

This Act; or

“(ii)

Any other enactment; or

“(iii)

Any rule of law.

“(2)

Paragraphs (b) to (d) of subsection (1) of this section do not affect the generality of paragraph (a) of the subsection.

“(3)

The Board shall not exercise any of its rights, powers, or privileges except for the purpose of performing its functions or achieving its object.”

(2)

Section 4 of the principal Act is hereby consequentially amended by repealing subsection (3), and substituting the following subsection:

“(3)

The Board is a body corporate with perpetual succession and a common seal.”

(3)

The following enactments are hereby consequentially repealed:

(a)

Sections 13, 20, 55 to 57, 61(1), 61(2), 61(3), 62, and 63 of the principal Act:

(b)

The Wool Industry Amendment Act 1981.

4 Power of Board to make ex gratia payments to persons in special cases

Section 26 of the principal Act is hereby amended by omitting the words “, after consultation with the Minister,”.

5 Fixing prices for wool purchased by Board

(1)

Section 50(1) of the principal Act is hereby amended—

(a)

By omitting the words “, after consultation with the Minister,” and “after such consultation”; and

(b)

By repealing the proviso.

(2)

Section 50(2) of the principal Act is hereby amended by omitting the words “Except where the Minister informs the Board that in his opinion exceptional circumstances warrant its doing so, the Board shall not fix any such prices more than once in any period of 12 months ending with the 30th day of June; but where the Board so fixes any such prices for a second or subsequent time in any such period”, and substituting the words “Where the Board fixes any such prices for a second or subsequent time in any period of 12 months ending with the 30th day of June”.

6 Payment of price for wool purchased by Board

Section 51(4) of the principal Act is hereby repealed.

7 Distribution of profits

(1)

Section 52(3) of the principal Act is hereby repealed.

(2)

Section 52(1) of the principal Act is hereby consequentially amended by omitting the words “Subject to subsection (3) of this section”.

8 Levy on wool

Section 59 of the principal Act is hereby amended by adding the following subsection:

“(9)

This section applies to every substance that would, if produced in New Zealand, be wool within the meaning of this Act, as if the substance is wool within the meaning of this Act; and paragraphs (d), (n), (o), and (s) of section 71 of this Act, and regulations made under this Act, shall have effect accordingly.”

9 Trustee investment

The principal Act is hereby amended by inserting, before section 58, the following section:

“57a

All bonds, stock, and other securities issued by the Board shall, for the purposes of the Trustee Act 1956, be investments in which a trustee may invest funds.”

10 New sections substituted

The principal Act is hereby amended by repealing sections 65 and 66, and substituting the following sections:

“64a Board to prepare financial statements

As soon as is practicable after the end of every financial year, the Board shall prepare the following statements:

“(a)

Statements of the Board’s financial position at the end of the year:

“(b)

Statements of all changes in the Board’s financial position during the year:

“(c)

Statements of the Board’s revenue and expenditure during the year:

“(d)

All other statements necessary to show fully the Board’s financial position, and the financial results of its operations, during the year.

“65 Audit of accounts and financial statements

“(1)

The Audit Office shall audit the accounts of the Board and the financial statements referred to in section 64a of this Act.

“(2)

For the purposes of subsection (1) of this section, the Audit Office shall have and may exercise and perform—

“(a)

All the functions, duties, and powers of an auditor under the Companies Act 1955; and

“(b)

All the powers it has under the Public Finance Act 1977 in respect of public money and public stores, and the audit of local authorities’ accounts.

“(3)

Without limiting the generality of subsections (1) and (2) of this section, the Board shall supply to the Audit Office, as soon as they become available to the Board,—

“(a)

Copies of the annual accounts of; and

“(b)

All other information in the Board’s possession the Audit Office requires concerning,—

every body corporate, to which the Board, the former Board, or the Corporation has advanced money that is not yet repaid, or in which the Board holds shares, stock, debentures, or other interests.

“66 Annual report and statements to be laid before House of Representatives

“(1)

As soon as is practicable after the statements referred to in section 64a of this Act have been prepared in respect of any financial year and audited, the Board shall prepare and give to the Minister a report of its proceedings and operations for that financial year together with a copy of the statements and the report of the Audit Office on them.

“(2)

As soon as is practicable after receiving copies of any such report, statements, and report of the Audit Office, the Minister shall lay copies before the House of Representatives.”

11 Repeal and revocations

(1)

Section 13(2) of the principal Act is hereby repealed.

(2)

The regulations specified in the Second Schedule to this Act are hereby revoked.

12 Assets of Board

It is hereby acknowledged and declared that the Board’s assets belong ultimately to growers, and are for the time being held and administered for the benefit of growers.

13 Rate of Wool Board levy

During the period commencing on the commencement of this Act and ending when the Board next prescribes the rate of the Wool Board levy, there shall be deemed to be prescribed a rate of Wool Board levy of 6 percent.

SCHEDULES

FIRST SCHEDULE Regulations Consequentially Revoked

Section 2(9)

Title of Regulation	Serial Number
The Wool Marketing Corporation Regulations 1974: Part II	S.R. 1974/208
The Wool Marketing Corporation Regulations 1974, Amendment No. 1	S.R. 1975/224
The Wool Marketing Corporation Regulations 1974, Amendment No. 2	S.R. 1975/281
The Wool Marketing Corporation Regulations 1974, Amendment No. 3	S.R. 1976/184
The Wool Industry Regulations 1978, Amendment No. 1	S.R. 1978/206
The Wool Industry Regulations 1978, Amendment No. 5	S.R. 1985/96

SECOND SCHEDULE Other Regulations Revoked

Section 11(2)

Title of Regulation	Serial Number
The Wool Board (Travelling Allowance) Regulations 1950	S.R. 1950/65
The Wool Board (Travelling Allowance) Regulations 1950, Amendment No. 1	S.R. 1953/105

This Act is administered in the Ministry of Agriculture and Fisheries.

Sort by

Wool Industry Amendment Act 1988