Hon Tony Ryall
Government Bill
7—2
As reported from the Finance and Expenditure Committee
Commentary
Key
1 Title
2 Commencement
Part 1Provisions for companies to cease to be State enterprises and to become mixed ownership model companies
Amendments to State-Owned Enterprises Act 1986
3 Amendments to State-Owned Enterprises Act 1986
4 Schedule 1 amended
5 Schedule 2 amended
Amendments to other enactments
6 Amendments to Ombudsmen Act 1975
7 Amendment to Official Information Act 1982
8 Amendments to Public Finance Act 1989
9 Amendments to Income Tax Act 2007
10 Income Tax Act 2007, Schedule 36, Part A amended
11 Income Tax Act 2007, Schedule 36, Part B amended
Part 2Ongoing provision for mixed ownership model companies
Amendments to Public Finance Act 1989
12 Amendments to Public Finance Act 1989
13 Section 1A amended (Purpose)
14 Section 2 amended (Interpretation)
15 New sections 3B and 3C inserted
3B Power to amend Schedule 5 to reflect name changes
3C Power to amend Schedule 5 to restore company to State-Owned Enterprises Act 1986
15A Section 4 amended (Expenses or capital expenditure must not be incurred unless in accordance with appropriation or statutory authority)
15B Section 27 amended (Annual financial statements of Government)
16 New Part 5A inserted
Part 5AMixed ownership model companies
Preliminary provisions
45P Definitions of mixed ownership model company and other terms
45Q Treaty of Waitangi (Te Tiriti o Waitangi)
51% Crown control
45R Restriction on reduction of the Crown's holding below 51% control
10% limit
45S 10% limit on holdings by persons other than the Crown
45T Effect of exceeding 10% limit
45U Exemption from 10% limit for trustee corporations and nominee companies, etc
45V Power of FMA to remove exemption from 10% limit for trustee corporations, nominee companies, etc
45W FMA may use its powers for purposes of exemption
Continuing application of certain provisions
45X Certain provisions of State-Owned Enterprises Act 1986 and other enactments continue to apply
17 New Schedule 5 inserted
18 Amendments to other enactments
Schedule 1New Schedule 5 inserted
Schedule 2Amendments to other enactments
Legislative history
The Parliament of New Zealand enacts as follows: