Commonwealth Numbered Regulations - Explanatory Statements

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AUSTRALIAN WOOL RESEARCH AND PROMOTION ORGANISATION (AGM) AMENDMENT REGULATIONS 1999 (NO. 1) 1999 NO. 273

STATUTORY RULES 1999 No. 273

Australian Wool Research and Promotion Organisation Act 1993

Australian Wool Research and Promotion Organisation (AGM) Amendment Regulations 1999 (No. 1)

The objective of the Australian Wool Research and Promotion Organisation Act 1993 (the Act) is to improve the performance of the Australian wool industry by improving the application of funding for wool promotion and research and development relating to wool and the wool industry.

The Australian Wool Research and Promotion Organisation (AGM) Regulations (the Regulations) prescribe the processes for the conduct of Annual General Meetings of wool-tax payers for the purposes of Part 5 of the Act. The purposes of such meetings under Section 23 of the Act include consideration of the most recent Annual Report and financial statements of the Australian Wool Research and Promotion Organisation (AWRAP), and to receive an address by the Chairman on the reports and activities of the Organisation. Wool-tax payers may question the activities of AWRAP and consider motions to accept the most recent Annual Report and financial statements, or a motion of no confidence in the Board of AWRAP. The Regulations were amended on 27 August 1997 to:

a)       allow growers the option of receiving a copy of the Chairman's statement and financial statements, rather than a full copy of the Annual Report as a way of reducing costs to AWRAP;

b)       amend the proxy arrangements to avoid the confusion that existed in the past with proxy arrangements for different classes of wool-tax payers; and

c)       an alteration to the notification process for the AGM to align the process with the notification process for the 1997 wool-tax ballot, to allow notification of both to occur simultaneously.

At the 1998 AGM a significant number of wool-tax payers who were small pastoral companies, partnerships and trustees were unable to vote as they had failed to register either a proxy or an authorised representative 48 hours before the AGM. There was considerable angst at the AGM when, for example, husbands and wives who had formed a partnership to pay wool-tax attended the AGM but were unable to vote as they had failed to observe the 48-hour rule for registering their authorised representative.

This amendment removes the requirement for a registered wool-tax payer who is a body corporate, partnership or trust to register an authorised representative 48 hours before the AGM. This amendment makes it possible for this category of wool-tax payers, such as husband and wife partnerships, to register their authorised representative on the day of the AGM.

This amendment also aligns the Act with the requirements of sub-section 250 (d) of the Corporations Law relating to body corporate representatives, which does not require the registration of a representative for a body corporate 48 hours before a meeting.

Am amendment to Regulation 11 (3) of the Regulations removed the requirement for an authorised representative to be registered 48 hours before the AGM. It is now possible for a body corporate to register its authorised representative on the day of the AGM.

The Regulations commenced on gazettal.