WOOL USE PROMOTION.

No. 70 of 1960.

An Act to amend the Wool Use Promotion Act 1953-1957.

[Assented to 8th December, 1960.]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Wool Use Promotion Act 1960.

(2.) The Wool Use Promotion Act 1953-1957 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Wool Use Promotion Act 1953-1960.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Membership of Bureau, &c.

3. Section nine of the Principal Act is amended by omitting from sub-section (3.) the words “Australian Woolgrowers’ Council” and inserting in their stead the words “Australian Woolgrowers’ and Graziers’ Council”.

Investment, &c., of moneys in the Fund.

4. Section twenty of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-sections:—

“(1.) The Bureau shall open and maintain an account or accounts with the Reserve Bank of Australia or with such other bank or banks as the Treasurer approves.

“(1a.) The Bureau shall pay all moneys received by it into an account referred to in the last preceding sub-section.

“(1b.) Moneys in the Fund not immediately required for the purposes specified in the last preceding section may be invested on fixed deposit with the Reserve Bank of Australia or with any other bank approved by the Treasurer or in securities of or guaranteed by the Government of the Commonwealth or a State.”.

Saving.

5. Notwithstanding the amendment made by section three of this Act, a person who, immediately before the commencement of this Act, held office as one of the members of the Australian Wool Bureau representative of Australian woolgrowers, being a person who was appointed to that office upon the nomination of the organization known as the Australian Woolgrowers’ Council, shall, after the commencement of this Act, continue to hold office as one of those members for the remainder of his term of office, and, for the purposes of sub-section (3a.) of section nine of the Principal Act as amended by this Act, sub-section (2.) of section seven of the Wool Tax Act (No. 1) 1957-1960 and sub-section (2.) of section seven of the Wool Tax Act (No. 2) 1957-1960, he shall be deemed to have been appointed as a member of the Bureau upon the nomination of the organization known as the Australian Woolgrowers’ and Graziers’ Council.