New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) New co-op and its shareholders are authorised to adopt and give effect to clauses that are identical to the clauses set out in Schedule 1 in the constitution of new co-op.
(2) The authorisation under subsection (1) ceases to apply to a clause set out in Schedule 1 if new co-op—
(a) changes that clause; or
(b) changes the effect of that clause (for example, by changing any other part of the constitution in a way that alters the meaning or operation of that clause).
(3) The authorisation under subsection (1) must be treated as if it were an authorisation granted by the Commerce Commission under section 58(1), (2), (5), and (6) of the Commerce Act 1986.
(4) Sections 65 and 91 to 97 of the Commerce Act 1986 do not apply to the authorisation under subsection (1).
(5) The effect of the authorisation under subsection (1) is the same as that stated in section 58A(1) and (2) of the Commerce Act 1986.
(6) For the purposes of section 58B(2) of the Commerce Act 1986, the authorisation under subsection (1) applies to a person who becomes a shareholder in new co-op.
