New Zealand Acts

WOOL INDUSTRY RESTRUCTURING ACT 2003

- As at 28 October 2021
- Act 40 of 2003

TABLE OF PROVISIONS

   1.      Title

   PART 1 - Commencement and interpretation

   2.      Commencement
   3.      Interpretation
   4.      Act binds the Crown

   PART 2 - Conversion of Board

   5.      Board converts to company
   6.      Steps by Board
   7.      Certificate of incorporation by Registrar
   8.      Notice of conversion
   9.      Annual return
   10.     Final report of Board
   11.     Effect of conversion
   12.     Certain matters not affected by conversion
   13.     Appointment of directors
   14.     Ministerial appointments
   15.     Liability of directors and employees of Board
   16.     No compensation for loss of office

   PART 3 - Restructuring of wool industry

   17.     Board must prepare restructuring plan
   18.     Contents
   19.     Constitutions
   20.     Share allocation plans
   21.     Eligibility
   22.     Size of entitlement for non-merino growers
   23.     Size of entitlement for merino wool growers
   24.     Method of allocation for non-merino growers
   25.     Method of allocation for merino wool growers
   26.     Identification of growers
   27.     Other contents of share allocation plans
   28.     Company constitution must include certain matters
   29.     Minister's consent needed to certain changes
   30.     Board functions
   31.     Approval of restructuring plan
   32.     Revision of restructuring plan
   33.     Approval of revised restructuring plan
   34.     Failure to submit restructuring plan
   35.     Minister to notify restructuring day
   36.     Tax treatment of issue of shares
   37.     Net losses
   38.     Company treated as statutory producer board
   39.     Definitions
   40.     Company responsible for levy on wool
   41.     Company may designate collection agent
   42.     Specified activities
   43.     Levy on wool
   44.     Levy returns
   45.     Payment
   46.     Estimate may be disputed
   47.     Collection agents may recover from owner
   48.     Refunds
   49.     Records to be kept
   50.     Levy to constitute debt due to company
   51.     Power of inspection
   52.     Appointment of auditor
   53.     Duties of auditor
   54.     Offences and self-incrimination
   55.     Transfer of database
   56.     Annual report on implementation of restructuring plan
   57.     Final report on implementation of restructuring plan
   58.     Report on levy
   59.     Notices
   60.     Repeals
   61.     Revocations
   62.     Amendments to other Acts