Commonwealth Numbered Acts

WOOL INTERNATIONAL ACT 1993 No. 64 of 1993 - SECT 8

8. (1) Wool International has the following functions:

   (a)  to undertake the disposal of stockpile wool in such a manner as to
        enhance the value of the wool stockpile as much as possible, having
        regard to Wool International's obligation to comply with the
        disposal schedule;

   (b)  to manage the wool stockpile;

   (c)  to buy wool only to the extent necessary to ensure that the sale of
        stockpile wool proceeds according to the disposal schedule;

   (d)  to prepare and implement a strategy for the management and progressive
        repayment of the accumulated debt;

   (e)  to manage wool premises and wool stores properties;

   (f)  to encourage the development of a viable international wool futures
        market;

   (g)  to develop mechanisms for the sale of wool that will allow more
        efficient management of risk;

   (h)  to provide services to the Australian wool industry;

   (i)  such other functions as are given to Wool International by this or any
        other Act.

(2) Wool International may only perform its functions:

   (a)  for purposes related to trade or commerce:

        (i)    with other countries; or

        (ii)   among the States; or

        (iii)  within a Territory; or

        (iv)   between a State and a Territory; or

        (v)    between 2 Territories; or

   (b)  for purposes related to external affairs.

(3) In exercising its powers under this Act, Wool International must not give
preference to one State or a part of a State within the meaning of section 99
of the Constitution.

(4) Wool International may perform any of its functions outside Australia.