Western Australian Meat Marketing Co-operative Limited (Shares) Act 2003

 

Western Australian Meat Marketing Co-operative Limited (Shares) Act 2003

CONTENTS

1.           Short title                                                                         2

2.           Commencement                                                               3

3.           Definitions                                                                       3

4.           Allotment and issue of shares to Minister                           3

5.           Transfer of shares to trustees                                            4

6.           Stamp duty                                                                       4

7.           Extinguishment of right of action against WAMMCO         4

 

 

 

Western Australian Meat Marketing Co-operative Limited (Shares) Act 2003

No. 4 of 2003

An Act to provide for —

·the allotment and issue of shares in Western Australian Meat Marketing Co‑operative Limited to the Minister;

·the transfer of those shares to certain trustees,

and for related purposes.

 

[Assented to 24 March 2003]

 

The Parliament of Western Australia enacts as follows:

1.           Short title

             This Act may be cited as the Western Australian Meat Marketing Co-operative Limited (Shares) Act 2003.

2.           Commencement

             This Act comes into operation on the day on which it receives the Royal Assent.

3.           Definitions

             In this Act —

              “former Act” means the Marketing of Meat Act 1971 as in force immediately before 31 December 1999;

              “notice” means the notice given to WAMMCO under section 4E(3) of the former Act;

              “trust deed” means the trust deed referred to in section 3(1)(a)(ii) of the Marketing of Meat Amendment Act 1999;

              “trustees” means the trustees appointed for the purposes of the trust deed;

              “WAMMCO” means the company registered under Part VI of the Companies (Co‑operative) Act 1943 by the name “Western Australian Meat Marketing Co‑operative Limited”.

4.           Allotment and issue of shares to Minister

     (1)    It is sufficient compliance with the obligation that was placed on WAMMCO under section 4F of the former Act if WAMMCO allots and issues to the Minister on behalf of the State in accordance with this Act fully paid shares in WAMMCO that have a total par value equal to the net value specified in the notice.

     (2)    The shares are to have the nominal value specified in the notice.

     (3)    The allotment and issue of shares is to be made as soon as is practicable after the commencement of this Act.

 

5.           Transfer of shares to trustees

             As soon as is practicable after the allotment and issue of shares under section 4 the Minister on behalf of the State is to transfer those shares to the trustees.

6.           Stamp duty

     (1)    Stamp duty under the Stamp Act 1921 is not chargeable on —

                 (a)    the transfer of shares under section 5; or

                 (b)    the initial transfer of shares by the trustees in accordance with the trust deed.

     (2)    The Minister may certify in writing that a specified transfer of shares occurred under section 5 and such a certificate is conclusive evidence of that fact unless the contrary is shown.

7.           Extinguishment of right of action against WAMMCO

             Any right of action against WAMMCO in respect of any failure by it, before the commencement of this Act, to comply with section 4F of the former Act is extinguished.

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