Palm Oil Industry Stabilization Funds Act 1983.

The Minister may, after consultation with appropriate Palm Oil Producers' Associations, order the creation of stabilization funds for participants in oil palm schemes (sect. 3). The purpose of the establishment of stabilization funds is, by a system of imposition of levies and payment of bounties, to ensure that there is long-term income equalization for oil palm growers despite fluctuations of world market prices. The Palm Oil Industry Stabilization Funds Board of Management is established under section 5 as a corporation. The Board shall establish and administer the stabilization funds as provided by this Act, advise the Minister on all matters concerning the palm oil industry relating to the stabilization funds; and liaise between the Minister and the small-holders or estate holders, as the case may be, on any matters relating to a stabilization fund (sect. 13). The stabilization fund shall be managed as prescribed by the Board or by the managers on behalf of the Board but is not an asset of the Board (sect. 19). Section 21 concerns payments into a fund (levies and credits) and section 22 concerns payments out of a fund (i.e. bounties to be paid by purchasers of oil palm fresh fruit bunch to sellers in accordance with section 26). Section 29 prohibits purchase or otherwise acquisition oil palm fresh fruit bunch by a person, other than the processing company of an oil palm scheme developer. (31 sections completed by 1 Schedule)