Commonwealth Numbered Acts

DAIRY PRODUCE ACT 1986 No. 54 of 1986 - SECT 10

10. (1) Subject to this Act, the Corporation may-

   (a)  buy Australian dairy produce for the purposes of export and sale; and

   (b)  act as agent in connection with the sale outside Australia of
        Australian dairy produce.

(2) The Corporation shall not buy dairy produce for the purpose of sale in
Australia.

(3) The Corporation shall not buy or sell dairy produce, whether in Australia
or elsewhere, unless the sale is approved, or is included in a class of sales
that is approved, by the executive council.

(4) Where-

   (a)  the Corporation has, under an approval given under sub-section (3),
        bought, or entered into a contract to buy, dairy produce; and

   (b)  the approval is revoked, the Corporation may, notwithstanding the
        revocation, sell the dairy produce, either in Australia or elsewhere,
        or complete the contract and then sell the dairy produce, whether in
        Australia or elsewhere, as the case may be.

(5) Where-

   (a)  the Corporation proposes to enter into a contract to buy
        dairy produce; and

   (b)  before the contract is entered into it appears to the Corporation that
        the Corporation is likely to sustain a loss arising from the purchase
        and sale of the produce, the Corporation shall not enter into the
        contract unless it has obtained the approval, in writing, of the
        executive council and the Minister to its entry into that contract.

(6) Where-

   (a)  the Corporation proposes to enter into 2 or more related contracts to
        buy dairy produce; and

   (b)  before the first of those contracts is entered into it appears to the
        Corporation that the Corporation is likely to sustain a net loss
        arising from the purchase and sale of all of the dairy produce to
        which the contracts relate, the Corporation shall not enter into any
        of those contracts unless it has obtained the approval, in writing, of
        the executive council and of the Minister to its entry into all the
        related contracts.

(7) The Minister's approval for the purposes of sub-section (5) or (6) may be
given subject to such conditions as are specified in the instrument of
approval.

(8) Contracts to buy dairy produce shall not be taken, for the purposes of
sub-section (6), to be related unless-

   (a)  the contracts-

        (i)    are all contracts for the purchase of dairy produce of a single
               kind or of similar kinds; and

        (ii)   are all contracts entered into with a view to the sale of the
               dairy produce to which they relate on a single market; or

   (b)  the executive council has agreed to the contracts being regarded as
        related.