This Act may be cited as the Dairy Produce Amendment Act 1952, and shall be read together with and deemed part of the Dairy Produce Act 1923 (hereinafter referred to as the principal Act).

The New Zealand Dairy Board is hereby authorized to pay out of its funds such amounts as it from time to time thinks fit for the purpose of organizing and developing the pig industry.

Section seventy-two of the Meat Act 1939 is hereby amended—

Subject to the approval of the Minister of Finance, the New Zealand Dairy Board is hereby authorized to promote, establish, maintain, and vary a scheme for the purpose of providing payment, by the New Zealand Dairy Board or the National Provident Fund Board or any other corporate body, of superannuation or retiring allowances for employees of dairy companies.

As a contribution by dairy companies towards the scheme, there shall be paid to the New Zealand Dairy Board by every dairy company not exempt as hereinafter provided from the provisions of this section, by way of a special levy on dairy produce manufactured for sale, such charges as may from time to time be fixed by that Board, not exceeding in any case the maximum charges prescribed by regulations under this section.

Differential charges may be prescribed pursuant to this section in respect of different kinds of dairy produce.

The proceeds of any special levy imposed under subsection two of this section, and all other moneys payable to the New Zealand Dairy Board under the scheme shall be paid into a separate account of the New Zealand Dairy Board to be called the Dairy Industry Superannuation Account; and that Board may make such payments out of that account as are necessary for the purposes of the scheme.

The New Zealand Dairy Board may, by notice in writing given to any dairy company, exempt that company from the operation of this section if, at the commencement of this Act, the company has established and maintains a scheme which in the opinion of the Board is a satisfactory scheme for the purpose of providing superannuation or retiring allowances for employees of the company.

The Governor-General may, by Order in Council, make regulations prescribing the maximum amount of the special levies that may be imposed on dairy produce for the purposes of this section and the methods to be adopted in the collection of the levies.

All regulations made under this section shall be laid before Parliament within twenty-eight days after the date of the making thereof if Parliament is then in session, and, if not, shall be laid before Parliament within twenty-eight days after the commencement of the next ensuing session.

For the purposes of this section the term “dairy company” means a company limited by shares, registered under the Companies Act 1933, and formed for the purpose of manufacturing and disposing of dairy produce.

Any moneys to the credit of the Dairy Industry Superannuation Account, and any other moneys of the New Zealand Dairy Board to the credit of its separate account, that are from time to time available for investment may be invested by the Board in any manner authorized by or under the Trustee Act 1908 or any other Act for the investment of trust funds, or in such other securities as may for the time being be authorized by the Minister of Finance.