Wool Industry Restructuring Act 2003

  • This version was replaced on 20 February 2018 to make corrections to sections 22(2) and 23(2) under section 25(1)(k) of the Legislation Act 2012.

Reprint as at 1 April 2014

Coat of Arms of New Zealand

Wool Industry Restructuring Act 2003

Public Act
 
2003 No 40
Date of assent
 
7 July 2003
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry for Primary Industries.

Contents

1Title
2Commencement
3Interpretation
4Act binds the Crown
5Board converts to company
6Steps by Board
7Certificate of incorporation by Registrar
8Notice of conversion
9Annual return
10Final report of Board
11Effect of conversion
12Certain matters not affected by conversion
13Appointment of directors
14Ministerial appointments
15Liability of directors and employees of Board
16No compensation for loss of office
17Board must prepare restructuring plan
18Contents
19Constitutions
20Share allocation plans
21Eligibility
22Size of entitlement for non-merino growers
23Size of entitlement for merino wool growers
24Method of allocation for non-merino growers
25Method of allocation for merino wool growers
26Identification of growers
27Other contents of share allocation plans
28Company constitution must include certain matters
29Minister’s consent needed to certain changes
30Board functions
31Approval of restructuring plan
32Revision of restructuring plan
33Approval of revised restructuring plan
34Failure to submit restructuring plan
35Minister to notify restructuring day
36Tax treatment of issue of shares
37Net losses
38Company treated as statutory producer board
39Definitions
40Company responsible for levy on wool
41Company may designate collection agent
42Specified activities
43Levy on wool
44Levy returns
45Payment
46Estimate may be disputed
47Collection agents may recover from owner
48Refunds
49Records to be kept
50Levy to constitute debt due to company
51Power of inspection
52Appointment of auditor
53Duties of auditor
54Offences and self-incrimination
55Transfer of database
56Annual report on implementation of restructuring plan
57Final report on implementation of restructuring plan
58Report on levy
59Notices
60Repeals
61Revocations
62Amendments to other Acts
Reprint notes