CAB129-37 — Page 272

The Corporation shall publish a full report at the end of each financial year. The Corporation shall establish a reserve fund.

The Corporation shall keep proper accounts conforming with the best com- mercial standards, and auditors shall be appointed by the Corporation with the approval of the Auditor-General.

Superannuation funds may be established.

All lands other than Crown Lands which are required for the activities of the Corporation may, with the approval of the Governor in Council, be resumed and acquired by the Co-ordinator-General, under the provisions of the State Development and Public Works Organisation Acts, 1938-40, from the owners. Such land shall vest in the Crown, but all costs of acquiring such land shall be paid by the Corporation, and the lease shall be granted at a peppercorn rental. Crown Lands required shall be leased to the Corporation.

The Corporation may borrow sums required by them for meeting any of their obligations or discharging any of their functions, including initial expenses and provision of working capital. The Corporation may borrow from the Overseas Food Corporation, and, subject to appropriation by Parliament from the Treasurer, or in any other manner agreed upon between the Minister and the Overseas Food Corporation. The Treasurer may make advances to the Cor- poration up to one-third of the aggregate sum outstanding at that time in respect of advances made to the Corporation by the Overseas Food Corporation; or £500,000, whichever is the less.

The Corporation shall repay to the Treasurer or to the Overseas Food Cor- poration advances made to the Corporation, and shall pay interest on advances outstanding.

The Minister and the Overseas Food Corporation may enter into agreements desirable for the performance of the duties of the Corporation, such as share farming, leasing of land, subdivision of land and establishing a Co-operative Society to take over its duties.

Any person holding office under any other Act may be appointed a member of the Corporation, or with the approval of the Governor in Council be employed by the Corporation.

The Corporation is not exempt from liability for any tax, duty, rate, levy -or any other charge whatsoever.

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The Governor in Council may make regulations as he deems necessary for the purpose of carrying this Act into execution.

Establishment of the Corporation

The Governor in Council, on April 8, 1948, appointed the following members of the Corporation, thus establishing the Corporation from this date:

L. A. Plummer, Chairman; Overseas Food Corporation nominee.

J. R. Kemp, Deputy Chairman; Queensland Government nominee.

J. Rosa, Member; Overseas Food Corporation nominee.

R. E. Hewat, Member; Overseas Food Corporation nominee. G. H. Rushworth, Member; Overseas Food Corporation nominee. E. A. Crosser, Member; Queensland Government nominee.

Following his appointment as Auditor-General Mr. A. E. Crosser resigned his membership of the Corporation as from December 31, 1948. Mr. R. L. Murray, Under-Secretary to the Queensland Treasury, was appointed in his stead.

The Corporation has had seven meetings during the year, the inaugural meeting taking place on April 30, 1948.

Staff

The staff of the Corporation originally consisted of Mr. W. A. Rogers, B.Com., A.A.U.Q., PA.FI.A72Secretary to the Co-ordinator-Genepal's Department 9 and Mr. H. W. Herbert, R.D.A., Economist, Bureau of Industry, who were seconded from the State Government Service.

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