Hon David Carter
Government Bill
11—2
As reported from the Primary Production Committee
Commentary
Key
1 Title
2 Commencement
3 Principal Act
Part 1Amendments to principal Act
4 Section 4 amended (Purpose)
5 Section 5 amended (Interpretation)
6 Section 72 amended (Overview)
7 New sections 77A and 77B inserted
77A Price must be fair value
77B When section 77A first applies
8 New sections 109A to 109L and cross-heading inserted
Trading among farmers
109A Subpart 5 of Part 2 provisions do not apply
109B Order in Council specifying date on and from which specified subpart 5 provisions do not apply
109C When Minister must recommend that Order in Council be made
109D Preconditions for making Order in Council
109E Requirements for notice given by new co-op to chief executive
109F Notice by new co-op to chief executive triggering repeal of section 109A
109FA Repeal of section 109A
109G Conditions of making order under section 109FA(2)
109H Chief executive may give new co-op notice requiring verification
109I When sections 109J to 109L apply
109J New co-op's obligations in relation to market in co-operative shares and to new co-op fund
109K Restrictions on new co-op
109L Expiry of sections 109A to 109K
9 Section 134 amended (Levy regulations)
10 Cross-heading above section 147 amended
11 Section 148 amended (Subpart ceases to apply to island that meets its market share threshold)
12 Section 149 amended (Subpart expires if both islands meet their market share thresholds)
13 New subpart 5A of Part 2 inserted
Subpart 5A—Base milk price
Purpose of subpart
150A Purpose of this subpart
150B Certain assumptions do not detract from purpose of subpart
150C Setting of base milk price in way that is consistent with certain principles
Milk Price Panel
150D Milk Price Panel
150E Appointment of members of panel
Milk price manual
150F New co-op must maintain milk price manual
150G Steps new co-op must take if panel recommendation not followed or implemented
Review of milk price manual by Commission
150H Commission must review milk price manual
150I Commission's report
150J Commission must make final report publicly available
Procedure for Commission's review of milk price manual
150K Procedure for review of milk price manual
150L New co-op must provide Commission with milk price manual and other information
150M Draft Commission report
Base milk price calculation
150N Steps new co-op must take if panel recommendation not followed or implemented
150O Commission must review calculation of base milk price
150P Commission's report
150Q Commission must make final report publicly available
150R Steps new co-op must take if base milk price changed after Commission report
Procedure for Commission's review of base milk price calculation
150S Procedure for review of base milk price calculation
150T New co-op must provide Commission with certain information
150U Draft Commission report
Application of Commerce Act 1986
150V Application of Commerce Act 1986 to review by Commission under this subpart
13A Section 161 amended (Application of Co-operative Companies Act 1996 to new co-op shares)
14 New sections 161A to 161C inserted
161A Voting rights in respect of new co-op fund securities held by new co-op or nominee
161AA New co-op may acquire new co-op fund securities
161AB New co-op may exchange new co-op fund securities for co-operative shares
161B Financial assistance by new co-op for purchase of co-operative shares
161C Application of Companies Act 1993
15 New section 161D inserted (Application of section 20(2) and (3) of Co-operative Companies Act 1996)
161D Application of section 20(2) and (3) of Co-operative Companies Act 1996
16 Other amendments to principal Act
Part 2Miscellaneous
17 References are references to principal Act
18 Transitional provision for application under section 73 or 74 of principal Act
19 Transitional provision for notice of withdrawal under section 97 of principal Act
ScheduleOther amendments to principal Act
Legislative history
The Parliament of New Zealand enacts as follows: