Commonwealth Numbered Regulations

WOOL INTERNATIONAL REGULATIONS AMENDMENT) 1997 No. 356 - REG 3

3.1 After regulation 2, insert:
      "PART 2-ENTITLEMENT TO SHARE IN MONEY OF WOOL INTERNATIONAL


"Division 1-Definitions Definitions

"2A. In this Part:
'register' means the register of equity holders;
'registration certificate' for any units of equity, means a certificate
stating that the person named in the certificate is recorded in the register
as the registered holder of the number of units of equity stated in the
certificate on the date of the certificate, but does not include a certificate
issued under section 22M of the Act;
'stamp duty compliance certificate', for a transfer or charge, means a
certificate in a form approved by Wool International certifying that the
transfer or charge document has been stamped in accordance with the
Stamps Act 1958 of Victoria;
'unit certificate' means a certificate of the kind that Wool International
has, before the commencement of these Regulations, given to each wool-tax
payer mentioned in subsection 22C (1) of the Act as evidence that Wool
International has allocated units of equity to the person in accordance with
section 22D of the Act;
'unit of equity' means a unit of equity in Wool International.

"Division 2-Register of equity holders Certificates not to detract from
definitive nature of register

"2B. Nothing in these Regulations about a registration certificate or a unit
certificate detracts from the conclusiveness of the register. Register to be
kept by computer

"2C. (1) For subsection 22B (2) of the Act, the register is to be kept by use
of a computer.

"(2) However, the register is taken to include any entry made by Wool
International under Part 4A of the Act before the commencement of these
Regulations whether or not that record is kept on a computer. Entries in the
register

"2D. The register must contain, for each entry made in it, the date and time
when the entry was made. Change of name or address

"2E. A registered equity holder must give Wool International written notice of
any change of his or her name or address as soon as practicable. Correcting
and updating the register

"2F. (1) If Wool International becomes aware that subregulation (2) applies to
an entry in the register, Wool International must correct the entry as soon as
practicable after the change.

"(2) This subregulation applies to an entry in the register if:

   (a)  the entry is inaccurate because of:

        (i)    a mistake, omission or false entry in the register; or

        (ii)   a change in circumstances; and

   (b)  Wool International is satisfied that the entry can be corrected.

"Division 3-Transfer of units Documents to be given with notice of transfer

"2G. (1) For paragraph 22H (5) (b) of the Act, a notice of transfer of units
of equity must be signed by or for the registered equity holder.

"(2) The documents that must be given to Wool International with the notice
are:

   (a)  a stamp duty compliance certificate for the transfer document; and

   (b)  the unit or registration certificate for the units held by the
        transferor; and

   (c)  if the units are recorded as the subject of a charge in the register-a
        notice of discharge of the charge in a form approved by Wool
        International.

"(3) If, in a particular case, Wool International needs more information about
a transfer, Wool International may ask the person who gave the notice, in
writing, to give Wool International the necessary information, and may require
the information to be given in a specified way or form. Entering transfer in
register

"2H. (1) For subsection 22H (6) and paragraph 22H (6) (a) of the Act, on
receiving a notice of transfer Wool International must:

   (a)  record on the notice and any documents given with the notice the date
        and time when the notice was received; and

   (b)  if the application complies with subsection 22H (5) of the Act- enter
        in the register the particulars mentioned in paragraph 22H (6) (a) of
        the Act as soon as practicable.

"(2) If the notice is received by post before midday on any day, the notice is
taken to have been received at 11am on that day.

"(3) If the notice is received by post after midday on any day, the notice is
taken to have been received at 3pm on that day. Adjusting particulars of
transferor in register

"2I. (1) For subsection 22H (6) and paragraph 22H (6) (b) of the Act, Wool
International must make the necessary adjustments to the particulars entered
in the register in respect of the transferor, in accordance with subregulation
(2), as soon as practicable.

"(2) After being so adjusted, the register must show:

   (a)  the number of units of equity transferred by the transferor; and

   (b)  the date when the transfer takes effect; and

   (c)  the number of units of equity that will be held by the transferor
        after the transfer takes effect. Registration certificates

"2J. As soon as practicable after the necessary adjustments have been made
under regulation 2H, Wool International must:

   (a)  cancel the certificate given with the notice of transfer; and

   (b)  if the transferor remains the registered holder of any units of equity
        to which that certificate relates-give the transferor a registration
        certificate for those units; and

   (c)  give the transferee a registration certificate for the units
        transferred. Unregisterable transfers

"2K. If a notice does not comply with subsection 22H (5) of the Act, Wool
International must return the notice and any accompanying documents to the
person who gave the documents to Wool International as soon as practicable
with a statement:

   (a)  explaining why the notice does not comply with the subsection; and

   (b)  asking the person to give Wool International the notice and
        accompanying documents in the appropriate form.

"Division 4-Death etc of unit holder Documents to be given with application on
death of sole unit holder or holder in common

"2L. (1) For subsection 22I (1) and paragraph 22I (4) (b) of the Act, if the
sole registered holder, or a registered holder in common with another person,
of units of equity dies, the documents that must be given to Wool
International with an application are:

   (a)  if the applicant is the personal representative of the deceased
        person-the documents mentioned in subregulation (2); or

   (b)  if the applicant is the beneficiary of any of those units:

        (i)    the documents mentioned in subregulation (2) (unless Wool
               International has already been given those documents); and

        (ii)   unless Wool International waives the requirement that it be
               given a copy of a grant of probate or letter of administration
               under subregulation (4)-a transfer document in a form approved
               by Wool International (signed by the personal representative of
               the deceased person and the applicant).

"(2) The documents are:

   (a)  either:

        (i)    a copy of the grant of probate of the will of, or letters of
               administration of the estate of, the deceased person; or

        (ii)   if Wool International waives the requirement that it be given
               that copy under subregulation (4)-a copy of a death certificate
               for the person; and

   (b)  the unit or registration certificate for the units.

"(3) If, in a particular case, Wool International needs more information in
relation to an application, Wool International may ask the person who gave the
application, in writing, to give Wool International the necessary information,
and may require the information to be given in a specified way or form.

"(4) Wool International may waive the requirement that it be given a copy of a
grant of probate or letters of administration if:

   (a)  the deceased person is the registered holder of less than 1000 units
        of equity in Wool International; and

   (b)  it would be unreasonable in the circumstances to require one. Notice
        to Wool International of death of joint unit holder

"2M. (1) If a joint registered holder of any units of equity dies, a survivor
may give written notice to Wool International of the death with:

   (a)  a copy of a death certificate for the deceased person; and

   (b)  the unit or registration certificate for the units; and

   (c)  a statutory declaration by the survivor to the effect that:

        (i)    the deceased person is the same person as the joint registered
               holder named in the register; and

        (ii)   to the best of the survivor's knowledge, the units were held by
               the deceased person and the survivor as joint holders rather
               than as holders in common; and

   (d)  a statutory declaration by the personal representative (if any) of the
        deceased to the effect that:

        (i)    to the best of the personal representative's knowledge the
               units were held jointly; or

        (ii)   the personal representative abandons any claim to any share in
               the units.

"(2) If, in a particular case, Wool International needs more information about
a notice, Wool International may ask the person who gave the notice, in
writing, to give Wool International the necessary information, and may require
the information to be given in a specified way or form. Documents to be given
with application on bankruptcy of unit holder

"2N. (1) For subsection 22I (2) and paragraph 22I (4) (b) of the Act, if the
registered holder of units of equity becomes bankrupt, the documents that the
trustee of the bankrupt's estate must give to Wool International with an
application are:

   (a)  either:

        (i)    a copy of the sequestration order made against the bankrupt's
               estate under the Bankruptcy Act 1966; or

        (ii)   the documents mentioned in subregulation (2); and

   (b)  the unit or registration certificate for the units (unless Wool
        International waives the requirement that it be given the certificate,
        under subregulation (4)).

"(2) If, in a particular case, Wool International needs more information about
an application, Wool International may ask the person who gave the
application, in writing, to give Wool International the necessary information,
and may require the information to be given in a specified way or form.

"(3) For subparagraph (1) (a) (ii), the documents are:

   (a)  the debtor's petition presented by the bankrupt and accepted by the
        Registrar under subsection 55 (3) of the Bankruptcy Act 1966; and

   (b)  an extract from the National Personal Insolvency Index showing that
        the applicant has been appointed to be the trustee of the bankrupt's
        estate.

"(4) Wool International may waive the requirement that it be given the
certificate mentioned in paragraph (1) (b) if it would be unreasonable in the
circumstances to require one.

"(5) In this regulation, 'the registered holder of units of equity' includes a
person who is the joint registered holder of a unit of equity. Documents to be
given with application on winding up of unit holder

"2O. (1) For subsection 22I (3) and paragraph 22I (4) (b) of the Act, if a
company that is the registered holder of units of equity is wound up, the
documents that the liquidator of the company must give to Wool International
with an application are:

   (a)  either:

        (i)    a copy of the winding up order made against the company under
               the Corporations Law; or

        (ii)   a copy of the notice of the resolution for voluntary winding up
               published in the Gazette; and

   (b)  the unit or registration certificate for the units (unless Wool
        International waives the requirement that it be given the certificate
        under subregulation (4)).

"(2) If, in a particular case, Wool International needs more information about
an application, Wool International may ask the person who gave the
application, in writing, to give Wool International the necessary information,
and may require the information to be given in a specified way or form.

"(3) In this regulation, 'the registered holder of units of equity' includes a
person who is the joint registered holder of a unit of equity.

"(4) Wool International may waive the requirement that it be given the
certificate mentioned in paragraph (1) (b) if it would be unreasonable in the
circumstances to require one. Entering particulars in register

"2P. (1) On receiving an application made under section 22I of the Act, Wool
International must:

   (a)  record on the application and any documents given with the application
        the date and time when the application was received; and

   (b)  if the application complies with subsection 22I (4) of the Act-as soon
        as practicable:

        (i)    enter in the register the particulars mentioned in
               subparagraphs 22I (5) (a) (i) and (ii) of the Act; and

        (ii)   remove the particulars mentioned in paragraph 22I (5) (b) of
               the Act.

"(2) On receiving a notice mentioned in regulation 2M, Wool International
must:

   (a)  record on the notice and any documents given with the notice the date
        and time when the notice was received; and

   (b)  if the notice complies with regulation 2M-as soon as practicable:

        (i)    remove the particulars relevant to the previous joint holder of
               the units from the register; and

        (ii)   make the necessary adjustments to the particulars entered in
               the register for the survivor or survivors.

"(3) If the application, or notice, is received by post before midday on any
day, the application or notice is taken to have been received at 11am on that
day.

"(4) If the application, or notice, is received by post after midday on any
day, the application or notice is taken to have been received at 3pm on that
day. Registration certificates

"2Q. As soon as practicable after Wool International has complied with
subregulation 2P (1) or (2), Wool International must:

   (a)  cancel the certificate for the units given with the application; and

   (b)  give the applicant or the survivor a registration certificate for the
        units that are the subject of the application. Unregisterable
        applications

"2R. (1) Subregulation (2) applies if:

   (a)  an application does not comply with subsection 22I (4) of the Act; or

   (b)  a notice does not comply with regulation 2M.

"(2) Wool International must return the application or notice and any
accompanying documents to the person who gave those documents to Wool
International as soon as practicable with a statement:

   (a)  explaining why:

        (ii)   the application does not comply with subsection 22I (4) of the
               Act; or

        (ii)   the notice does not comply with regulation 2M; and

   (b)  asking the person to reapply or give Wool International the notice and
        accompanying documents in the appropriate form.
               "Division 5-Registration of charges
Meaning of "beneficiary"

"2S. In this Division:
'beneficiary' has the same meaning as in section 22J of the Act. Application
to have charge recorded in register

"2T. For subsection 22J (3) of the Act, an application must:

   (a)  be in a form approved by Wool International (signed by the registered
        equity holder and the beneficiary); and

   (b)  be given to Wool International with:

        (i)    the unit or registration certificate for the unit held by the
               registered holder; and

        (ii)   a stamp duty compliance certificate for the charge; and

        (iii)  if the registered holder of the unit has authorised Wool
               International to make payments under subsection 22R (4) of the
               Act-that authority. Entering particulars of charge in register

"2U. (1) For subsection 22J (4) of the Act, as soon as practicable after an
application has been received, Wool International must:

   (a)  record on the application and any documents given with the application
        the date and time when the application was received; and

   (b)  if regulation 2T has been complied with-enter in the register the
        particulars of the charge as soon as practicable.

"(2) If the application is received by post before midday on any day, the
application is taken to have been received at 11am on that day.

"(3) If the application is received by post after midday on any day, the
application is taken to have been received at 3pm on that day. Registration
certificates

"2V. As soon as practicable after the particulars have been entered, Wool
International must:

   (a)  if all of the units of equity held by the registered equity holder are
        the subject of the charge-give the beneficiary the registration
        certificate for the units given with the application; and

   (b)  if any units of equity held by the holder are not the subject of the
        charge:

        (i)    cancel the certificate given with the application; and

        (ii)   give the holder a registration certificate for those units; and

        (iii)  give the beneficiary a registration certificate for the units
               that are the subject of the charge. Unregisterable charges

"2W. If an application for registration of a charge does not comply with
regulation 2T, Wool International must return the application and any
accompanying documents to the person who gave those documents to Wool
International as soon as practicable with a statement:

   (a)  explaining why the application does not comply with the regulation;
        and

   (b)  asking the person to reapply. Notice of intention to make distribution

"2X. (1) Subregulation (2) applies if the registered holder of units of equity
that are the subject of a charge has authorised Wool International to make
payments under subsection 22R (4) of the Act.

"(2) At least 28 days before Wool International intends to make a
determination under subsection 22Q (1) of the Act, Wool International must
give to the beneficiary under the charge of the units:

   (a)  written notice of its intention to make the determination; and

   (b)  a written request that the beneficiary give Wool International a
        written statement of the amount (if any) that will be secured by the
        charge on the day when the amount determined under subsection 22Q (1)
        of the Act becomes available for distribution.

"(3) The statement must be given to Wool International within 14 days after
receiving the notice from Wool International. [NOTE: The amount is taken to
become available for distribution on the day the determination is published in
the Gazette: see the Act, s 22Q (3).]
                      "Division 6-Miscellaneous
Order of registration

"2Y. Wool International must enter, adjust or remove particulars mentioned in
regulations 2H, 2I, 2P and 2U in accordance with those regulations in the
order in which the documents relating to the particulars are received by Wool
International. Person giving documents to Wool International

"2Z. A person who gives Wool International a notice under subsection 22H (5)
of the Act or an application under subsection 22I (4) or 22J (3) of the Act
must also give Wool International the person's name and a postal address.
Proof of signatures-witnessing etc

"2ZA. (1) A document (other than a notice of transfer) to be signed by an
individual for these Regulations may be signed for the person by another
person to whom he or she has given written authority to do so.

"(2) An individual's signature on a document must be witnessed by another
individual who must also write his or her name and address on the document.

"(3) If an individual signs a document for another individual:

   (a)  the individual who signs must show the witness a copy of the written
        authority to do so; and

   (b)  the witness must note on the document that he or she has seen the
        authority. Verifying copies

"2ZB. A copy of a document that is required under these Regulations to be
given to Wool International must be verified as an accurate copy of the
document by a legal practitioner, bank manager, justice of the peace, police
officer or a member of the Australian Society of Certified Practising
Accountants or the Institute of Chartered Accountants in Australia.
Replacement certificates

"2ZC. (1) If a unit or registration certificate for units of equity is lost or
destroyed, the registered equity holder or a beneficiary under a charge of the
units may apply to Wool International for a replacement certificate.

"(2) An application must:

   (a)  be in a form approved by Wool International (signed by the applicant);
        and

   (b)  be given to Wool International with:

        (i)    a written statement of the kind mentioned in subregulation (3);
               and

        (ii)   if the applicant is not the registered holder of the units-any
               documents establishing the applicant's interest in the units;
               and

        (iii)  the written consent of any other person with an interest in the
               units to Wool International giving the applicant a replacement
               certificate; and

        (iv)   a written undertaking that if the certificate is found or
               received by the applicant it will be returned to Wool
               International.

"(3) The written statement must include:

   (a)  a statement that the certificate has been lost or destroyed and not
        otherwise disposed of; and

   (b)  if lost-a statement that reasonable efforts have been made to find the
        certificate; and

   (c)  details of the applicant's interest in the units.

"(4) If the application satisfies subregulation (2), Wool International must
give the applicant a replacement certificate after 21 days, but not later than
28 days, after the application is received. Unclaimed money

"2ZD. (1) Subregulation (2) applies if Wool International has an amount
available for distribution under Part 4B of the Act to:

   (a)  a wool-tax payer mentioned in subsection 22C (1) of the Act whose name
        is not known to Wool International; or

   (b)  a person whose address is not known; or

   (c)  a beneficiary under a charge who has not complied with subregulations
        2X (3) and (4) in relation to the distribution.

"(2) The unclaimed amount must be paid into an account to be kept by Wool
International called the Unclaimed Money Fund.

"(3) If Wool International is satisfied that a person is entitled to an amount
that is in the Unclaimed Money Fund, Wool International must pay the amount to
the person from the Fund.

"(4) An amount payable to a person from the Unclaimed Money Fund does not
include an amount of interest on the amount paid into the Fund. AAT review of
decisions

"2ZE. A person may apply to the Administrative Appeals Tribunal, under the
Administrative Appeals Tribunal Act 1975, for review of a decision by Wool
International:

   (a)  to refuse to waive the requirement for a copy of a grant of probate or
        letters of administration, under subregulation 2L (4); or

   (b)  to refuse to waive the requirement for a unit or registration
        certificate, under subregulation 2N (4) or 2O (4); or

   (c)  to refuse to pay the person an amount from the Unclaimed Money Fund.