The British Wool Marketing Scheme (Approval) Order 1950

72.—(1)  For the purposes of this paragraph, a “ year” means a year beginning on the first day of May, and “duly tendered” means adapted for sale, marked, packed, stored, transported and insured in accordance with any prescriptions of the Board and notified and delivered in accordance with any directions of the Board.

(2)  The Board shall accept for sale, or by way of sale, as the case may be, all wool duly tendered by any registered producer and shall sell the same at such time or times and in such manner and to or through such persons (including the Board) as the Board may think fit.

(3)  If any wool shall be duly tendered by any registered producer but, by reason of any request or direction of the Board to that effect shall not have been duly tendered before the 1st September in the year of production, the Board shall pay to the registered producer interest, at such rate as the Board may prescribe, on the value of that wool from the said 1st September until delivery of the wool shall be permitted or directed by the Board.

(4)  At or before the beginning of each year the Board shall publish a schedule of maximum prices at which wool of each class specified in that schedule will be valued for the purpose of the following sub-paragraphs.

(5)  As soon as practicable after any wool has been duly tendered by any registered producer or accepted for or by way of sale by the Board during the year the Board shall cause it to be valued having regard to the prescribed schedule of maximum prices and to the class or classes and the quality and condition of the wool and thereupon the Board shall notify the registered producer of the result of such valuation.

(6)  The said valuation shall be conclusive as to the value of the wool unless within ten days after the receipt of the said notification the registered producer shall give notice of appeal against the valuation in such manner as the Board may prescribe, and in that case the matter shall be referred to a tribunal constituted in the manner described in paragraph 91 of this Scheme. The Tribunal shall thereupon decide the value and this decision shall be conclusive as to the value of the wool.

(7)  When the value of the wool is finally decided the Board shall pay that amount to the producer.

(8)  Subject to the provisions of any financial arrangement made with His Majesty's Government, the Board may if they think fit, pay to registered producers any supplementary sums for wool duly tendered during the year.

(9)  The Board may deduct from and retain out of any sum payable to any registered producer any moneys due to the Board from that registered producer.

(10)  The Board shall not be liable to account to any registered producer for the price of any wool except in accordance with the foregoing provisions of this paragraph, but subject to the provisions of any financial arrangement made with His Majesty's Government any sums received from the sale of wool remaining in the hands of the Board, after payment to registered producers of the amounts aforesaid and after payment of the Board's expenses and provision of any reserves deemed necessary by the Board, shall be taken into account by the Board in fixing the schedule of maximum prices for the following year.