New Zealand Legislation: Acts

12 Purpose

• The purpose of this subpart is, in the event that the new co-op amalgamation takes effect,—

  • (a) to facilitate the Board's operation as a subsidiary of new co-op for the period from the amalgamation date to the conversion date; and

  • (b) to provide for the conversion of the Board into a company 12 months after the commencement of this subpart; and

  • (c) to remove restrictions on exporting New Zealand dairy products; and

  • (d) to enable the Board and 1 or more of The Tatua Co-operative Dairy Company Limited or Westland Co-operative Dairy Co Limited or New Zealands Premier Dairy Cooperative Limited to reach agreement for the buy-out of the exiting company's shares in the Board; and

  • (e) to provide a default procedure for the compulsory buy-out of an exiting company's shares in the Board if the exiting company does not reach agreement with the Board and, in the case of The Tatua Co-operative Dairy Company Limited or Westland Co-operative Dairy Co Limited, if the exiting company does not choose to amalgamate with new co-op; and

  • (f) to provide for miscellaneous provisions relating to a buy-out of an exiting company's shares in the Board.