Funding contract before registration
10 Funding contract before registration
During the period beginning at the commencing time and ending immediately before the conversion time:
the Minister, on behalf of the Commonwealth; and
at least 3 of the proposed directors, on behalf of Dairy Australia Limited;
may enter into a contract of a kind that could be entered into after the conversion time under section 5 of the Dairy Produce Act 1986.
If such a contract is entered into, then, at the conversion time:
the Commonwealth and Dairy Australia Limited are taken to have entered into the contract under section 5 of the Dairy Produce Act 1986; and
Dairy Australia Limited becomes bound by the contract and entitled to its benefit.
If such a contract is entered into, one of the effects of this section is that, after the conversion time, the Minister would be able to declare Dairy Australia Limited as the industry services body under section 7 of the Dairy Produce Act 1986.
This Act’s bill:Explanatory memorandumSecond reading speech
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