Dairy Industry Restructuring Act 2001
051
Commenced: 27 September 2001
ANALYSIS
Analysis
Title
1 Title
1: Preliminary provisions
2 Commencement
3 Expiry
4 Purpose
5 Interpretation
6 Act binds the Crown
2: Restructuring and regulation of dairy industry
7 Authorisations granted
8 Assets and shares acquired after 15 August 2001
9 Undertaking to dispose of shares in New Zealand Dairy Foods Limited
10 Nature of obligation
11 New co-op's constitution
12 Purpose
13 Amendments to Dairy Board Act 1961
14 Conversion of Board into company
15 Agreement for transfer or surrender
16 Default procedure for buy-out of exiting companies' interests in Board
17 Notice to stop default procedure
18 Default procedure to stop if new co-op amalgamation does not take effect
19 Transfer of shares
20 Cancellation of shares surrendered
21 Purpose
22 Overview
23 Restrictions on exports to designated markets
24 Licences during initial period
25 Continuation and reduction of licences in respect of designated markets in European Communities after initial period
26 Later allocation of export licences
27 Increases in rights to export to designated markets during initial period
28 Restriction on transfer of initial licences
29 Revocation of initial licences
30 Customs and Excise Act 1996 to apply to prohibited exports
31 Offences
32 Strict liability
33 Defence available
34 Liability of companies and persons for actions of agents or employees
35 Liability of directors and managers
36 Presumption as to authority
37 No Crown liability
38 Infringement actionable by licensee
39 Unjustified proceedings
40 Notice of international obligations
41 Minister may require information
42 Disclosure of information
43 Overview
44 Restructuring plan
45 Contents of restructuring plan
46 Share allocation plan
47 Constitution must provide for retention of core database
48 Constitution must restrict who may hold shares
49 Constitution must impose maximum voting rights
50 Constitution must provide for postal voting
51 Minister's consent needed to change certain provisions of constitution
52 Corporate form
53 Application for registration of co-operative company
54 LIC board must give restructuring plan to Minister
55 Approval of restructuring plan
56 Revision of restructuring plan
57 Approval of revised restructuring plan
58 Failure to submit restructuring plan
59 Notification to prospective shareholders
60 Implementation of restructuring plan
61 Employees
62 Regulations relating to herd testing and provision of information to core database
63 Regulations relating to access to core database
64 General regulations relating to herd testing and core database
65 Regulations requiring disclosure of information by LIC
66 Information to be supplied to chief executive
67 Offences
68 Database if LIC wound up
69 Herd Testing Regulations 1958 deemed to have been made under this Act
70 Purpose
71 Statement of principles
72 Overview
73 New co-op must accept application
74 Commencement and terms of supply
75 Application periods
76 Publication of application period
77 Price of co-operative share
78 Peak note price
79 Co-operative share standard and peak note standard
80 Publication of prices and standards
81 Requirements applying to co-operative shares and peak notes for applications in application period
82 Requirements applying to co-operative shares and peak notes for applications outside application period
83 Restrictions on payments
84 Deposit restriction
85 Balance of purchase price
86 Publishing capacity constraint notices
87 Effect of capacity constraint notice on supply
88 Effect of capacity constraint notice on purchase of co-operative shares and peak notes
89 Effect of change in co-operative share standard or peak note standard before supply commences if default price applies
90 Deposit if default price applies
91 Balance of purchase price if default price applies
92 Deposit if June price elected
93 Balance of purchase price if June price elected
94 Minimal supply: first exception
95 Transport costs: second exception
96 Order in Council may terminate second exception
97 Right to withdraw
98 Surrender value of co-operative shares and peak notes for withdrawal notified in application period
99 Surrender value of co-operative shares and peak notes for withdrawal notified outside application period
100 Effect of change in co-operative share standard or peak note standard before withdrawal
101 Payment on withdrawal
102 Capital notes
103 Repurchase of capital notes by new co-op
104 Use of redeemable preference shares
105 Provisions concerning redeemable preference shares
106 No discrimination between suppliers
107 Regulation of supply contracts for raw milk
108 Right to supply independent processors
109 Sale of milk vats
110 Purpose
111 Application
112 New co-op must supply information
113 New co-op must purchase produce if required
114 Terms of purchase of exiting company's produce
115 Obligations concerning milk
116 Obligations to publish information
117 Information to be supplied to Commission
118 Offences
119 Regulations prescribing fees
120 Determination to resolve conflict
121 Requirements for application
122 Commission must notify parties
123 Commission must decide whether to make determination
124 When determination must be completed
125 Requirements for determinations
126 Matters included in determination
127 Procedure for determinations
128 Applicant may withdraw
129 Parties' costs
130 Clarification of determination
131 Reconsideration of determination
132 Appeals from certain determinations
133 Enforcing Commission determinations
134 Levy regulations
135 Constitution of new co-op
136 Making and giving applications or notices
137 Post
138 Facsimile
139 Electronic
140 Jurisdiction of High Court
141 Pecuniary penalties
142 Injunctions
143 Actions for damages
144 Miscellaneous
145 Application of Commerce Act 1986 provisions
146 Additional proceedings
147 North Island
148 South Island
149 Expiry of subpart
150 Transition
151 Shares issued on amalgamation neither dutiable gift nor dividend
152 Available subscribed capital of new co-op
153 Class of shares in respect of which available subscribed capital is received
154 Net losses and imputation credits of amalgamating co-ops
155 Taxation of company into which Board converts
156 Gift duty and taxation in respect of Livestock Improvement Corporation Limited
157 Taxation of The New Zealand Dairy Research Institute
158 The New Zealand Dairy Research Institute
159 Employees
160 Sharemilkers
161 Application of Co-operative Companies Act 1996 to new co-op shares
162 Shareholders' Council of new co-op
163 General regulations
164 Validation of issue of certain shares
165 Repeals, revocations, and amendments
166 Board must supply information about export permits
167 Saving relating to export produce
168 Annual report and statements for season ending 31 May 2001
169 Saving relating to superannuation schemes
Schedule(s)
1 FIRST: Specified provisions of new co-op constitution
2 SECOND: Amendments to Dairy Board Act 1961 taking effect on amalgamation date
3 THIRD: Provisions applying in relation to conversion of Board
4 FOURTH: Default procedure for compulsory buy-out of exiting companies before conversion of Board into company
5 FIFTH: Designated markets
6 SIXTH: Orders revoked
7 SEVENTH: Enactments amended
8 EIGHTH: Orders amended