This note is not part of the regulations, but is intended to indicate their general effect.
These regulations amend the Kiwifruit Export Regulations 1999. They come into force on 1 July 2001 except for regulations 3(4) and 4 which come into force on the day after the date that these regulations are notified in the Gazette.
Regulation 3 amends regulation 22 of the principal regulations by—
•replacing regulation 22(1)(b)(i), which relates to the class of producers among whom ZGL voting shares must be fully tradeable. Currently, all owners of land on which kiwifruit is produced for export sale are within the class. The effect of the amendment is that certain former producers again become part of the class entitled to buy, sell, and hold shares:
•revoking regulation 22(1)(c), which provides that ZGL must allow persons who cease to be producers to trade their shares to dispose of them:
•replacing regulation 22(2), which currently enables ZGL to set a maximum limit on the number of shares held by any shareholder, with the requirement that ZGL must have no rules about maximum shareholding:
•adding new regulation 22(3) which provides that nothing in regulation 22 prevents ZGL from having shares with voting rights based on supply criteria under regulation 23(1)(a)(ii).
Regulation 4 replaces regulation 23(1)(a) of the principal regulations which relates to altering the voting rights of shares under ZGL's constitution. Currently, ZGL is prevented from altering the voting rights attached to the shares issued under the share allocation plan except in relation to shareholders that have ceased to be producers and to enforce rules about maximum shareholdings. The effect of the amendment is to preserve the existing position until 1 July 2001, but also to authorise the alteration of voting rights of those shares for the purpose of limiting shareholders' voting rights based on supply of kiwifruit to the company.