edithatogo/nz-hansard-corpus huggingface dataset:
Brownlee Gerry: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Brownlee Gerry: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18534. Text is incorporated into the Bound Volume.] 
GERRY BROWNLEE (National—Ilam) 
: 
 We have had very rapid discussions on this particular matter. I appreciate the direction that the Minister of Commerce gave us as to how the Arbitration Act itself might work. Also concerning the particular provisions and their interactions with the law as explained by Dr Worth I am now quite satisfied that there is no anomalous position. As it has been explained to me by my colleague Dr Worth the situation is that essentially the loser does pay. It seems to me that that is totally fair in this situation and National members will be able to continue to support the bill. 
I assume that in a minute we will come to the debate on the title. I think there is quite a debate to be had on the title and it would not surprise me if it were overturned and a new name put on the bill. Let us see how it goes. 
The question was put that the amendment set out on Supplementary Order Paper 247 in the name of the Hon Lianne Dalziel to insert new clause 8A be agreed to. 
Amendment agreed to. 
Part 1 as amended agreed to.
Tisch Lindsay: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Tisch Lindsay: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18533. Text is incorporated into the Bound Volume.] 
LINDSAY TISCH (National—Piako) 
: 
 The Minister’s explanation as to the costs of arbitration is taken on board and certainly the comments that my colleague Dr Worth mentioned satisfy the question that I had during the second reading of the bill. I thank them for those explanations. 
I have a couple of points to make. The first relates to the date of the valuation of the shares. There certainly was some concern among the submissioners about the trigger date for the valuation of the shares. New section 112(2) set out in clause 7 has been amended from that set out in the original bill to require that the date of the valuing of the shares is at the close of business on the day before the day on which the special resolution is voted on. That is the example in the Canadian Business Corporation Act. We see under new section 112C “Timing of transfer of shares—(1) On the day on which a board gives notice under section 111(2)(e) that the board agrees to the purchase of the shares by the company—(a) the legal title to those shares passes to the company; and (b) the rights of the shareholder in relation to those shares end.” 
When those ownership shares have transferred the question then arises as to when the minority shareholder loses legal and beneficial title to those shares. Once the valuation is done the shares are transferred The ownership of shares gives shareholders three rights currently: to vote to make distribution of the shares and to receive distributions. None of those rights are retained from that time onwards. Sellers no longer have an interest in the company’s future once those decisions have been made and therefore they should not be able to vote. In addition the minority shareholders should not retain the right to obtain distributions. That was clarified within the discussions at the select committee and is identified here. 
Those are the points I wanted to bring forward. I am happy with the Minister’s explanation as to the costs of arbitration and there are no other points that I wish to canvass with her.
Brownlee Gerry: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Brownlee Gerry: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18530. Text is incorporated into the Bound Volume.] 
GERRY BROWNLEE (National—Ilam) 
: 
 I raise a point of order Mr Speaker. Earlier this morning a very interesting situation arose. There was a point of order from Mr Tremain in relation to the previous bill we were discussing—that being I believe the Customs and Excise Amendment Bill (No 3) which had provisions on tobacco. At the conclusion of the second reading debate on that bill a vote was taken on amendments. The Assistant Speaker Marian Hobbs gave a ruling that the vote was taken at that point to give effect to the select committee’s amendments to the bill. I notice that the select committee I chaired made a number of amendments to this bill but we appear not to have any such motion now. I want to clarify what the difference is between this bill and the Customs and Excise Amendment Bill (No 3) that means we deal with it in a different fashion. 
The ASSISTANT SPEAKER (H V Ross Robertson) 
: Thank you for that Mr Brownlee. I am able to advise you that the requirement for a resolution relates only to amendments agreed to by a majority of the select committee. 
GERRY BROWNLEE 
: Thank you. I learn something every day particularly when you are in the Chair. 
The ASSISTANT SPEAKER (H V Ross Robertson) 
: You certainly do Mr Brownlee. That is very true.
Brownlee Gerry: Business of the House 
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Brownlee Gerry: Business of the House 
[Sitting date: 02 September 2008. Volume:649;Page:18537. Text is incorporated into the Bound Volume.] 
GERRY BROWNLEE (National—Ilam) 
: 
 I can probably help. New Zealand First has members who are attending the investiture of the Hon Brian Donnelly at Government House today. They could not be in the House for a vote. The House by leave can consider that they are in the presence of Parliament for the purpose of that vote. We certainly agree with that. 
Mr DEPUTY SPEAKER 
: Leave has been sought for that course to be followed. Is there any objection? There appears to be none.
Brown Peter: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Brown Peter: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18529. Text is incorporated into the Bound Volume.] 
PETER BROWN (Deputy Leader—NZ First) 
: 
 This will be a very short call. New Zealand First will support the Companies (Minority Buy-out Rights) Amendment Bill because we recognise that it does improve the current situation. One of the concerns raised by New Zealand First members when we were reading the bill—we were not on the Commerce Committee—was the one of arbitration. It concerns us a little bit this morning which is the very reason that I have taken the call to hear the chairman of the select committee and one of the members of that committee register those concerns. There is no recommendation in the commentary coming back from the Commerce Committee as to how the arbitration problem which was well outlined by Gerry Brownlee and to a lesser degree by Lindsay Tisch will be addressed—in particular the one of cost. I want to put on record that New Zealand First has concerns around that. We will be supporting the bill because we recognise it is a significant improvement on the current situation but we would like to have the arbitration question addressed. We would have preferred to have some comment from the select committee in the commentary. 
Bill read a second time.
Tisch Lindsay: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Tisch Lindsay: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18529. Text is incorporated into the Bound Volume.] 
LINDSAY TISCH (National—Piako) 
: 
 From the comments made by previous speakers members will be aware that National is supporting the Companies (Minority Buy-out Rights) Amendment Bill. The genesis of the bill came out of a case back in 2000 and a review of the law following the Hon Justice Doogue criticising the existing law in the case  
Natural Gas Corporation Holdings Ltd v Infratil 1998 Ltd 
. His criticisms related to the lack of information available to shareholders in relation to the valuation of shares and the date at which shares were to be valued. That case was really the genesis of a review that then led to a Law Commission report back in 2001.  
At the time of that case the judge said the matter was urgent—that it needed urgent action. And here we are with this bill 8 years later which shows how urgent it has been to this Government.  
Hon Lianne Dalziel 
: There was a Law Commission report in the meantime. 
LINDSAY TISCH 
: The Law Commission report was in 2001. Well I say to the Minister that in the court case—and she will have a chance in the Committee stage to be able to articulate the points that she wishes to make—the judge said the “fair and reasonable” test for the valuation of shares is well established. It is an objective test. There is no accumulated jurisprudence in relation to the “honest estimate” and it would be a subjective test. One of the questions that came out from submitters to the Commerce Committee was what actually is the “honest estimate” test?  
The key points that were canvassed at the select committee included the issue of valuation. Gerry Brownlee raised the point that where shareholders are aggrieved at the company’s choice of valuation method would they retain the right to reject a price offer and to bring the matter to arbitration and if so who would pay for that? Another point that came up in the submissions was the date of the valuation of shares. Clause 7 states that date is to be the close of business on the day before the special resolution is voted on. That is the date that the Canada Business Corporations Act covers which was the point that Dr Richard Worth mentioned when we were looking at other jurisdictions. Another area was the date at which minority shareholders would lose their legal and beneficial title to the shares. We will be covering that point in some detail during the Committee stage.  
The points that I have made add value to this bill. We are very happy with it. We had a very good discussion on it at the select committee and some other points will come up during the Committee stage.
Wong Pansy: Electricity Industry Reform Amendment Bill — Second Reading In Committee Third Reading 
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Wong Pansy: Electricity Industry Reform Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18564. Text is incorporated into the Bound Volume.] 
PANSY WONG (National) 
: 
 I suppose that after 9 years of the Labour-led Government which has no vision and has taken small steps we should be grateful for tiny steps. I started to take comfort in the passage of the Electricity Industry Reform Amendment Bill because my good colleague Lindsay Tisch has said that the passage of this bill will do a lot of good on the West Coast particularly with an effective MP like Chris Auchinvole who will I am quite sure monitor its implementation. I hope he can explain “involvement” in the new section 7A “How to measure involvement” to encourage the flourishing of renewable resources in New Zealand. As we have all said for the last 9 years the volume of renewable generation of energy has gone down so for that reason National will support this bill even though it is a very tiny step towards reversing that.  
The last thing I want to say is that every time the Hon Harry Duynhoven stood up he raved against the Electricity Industry Reform Act 1998 but I have not seen any attempt in the last 9 years from that member or from any members on that side of the House to repeal the 1998 Act. I imagine that if they think the particular legislation is so bad they obviously do not have any solution. It is a pleasure to take a short call on this legislation in order to take one very small step for New Zealand humankind and to encourage more renewable generation starting from here.
Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18524. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That the Customs and Excise Amendment Bill (No 3) be now read a third time. 
Ayes 113 
New Zealand Labour 49; New Zealand National 47; New Zealand First 7; Green Party 5; United Future 2; Progressive 1; Independents: Copeland Field.  
Noes 6 
Maori Party 4; ACT New Zealand 2. 
Bill read a third time.
Locke Keith: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Locke Keith: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18522. Text is incorporated into the Bound Volume.] 
KEITH LOCKE (Green) 
: 
 The Green Party is supporting the Customs and Excise Amendment Bill (No 3). We were actively engaged in the Foreign Affairs Defence and Trade Committee’s consideration of all the various matters including the personal exemption limit for home-grown tobacco. We heard quite detailed submissions from the Customs Service that an 8-kilogram limit would be the most appropriate. Unfortunately the majority of the committee went with 15 kilograms but we think an 8-kilogram limit would have led perhaps to less abuse and trading and more of a reality of home-grown production being only for personal use. We are disappointed with that 15-kilogram provision but as for the rest of the bill we are satisfied that it does improve the ability of the Customs Service to clamp down on the illegal importation and trading of tobacco which is a harmful drug.
Hayes John: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Hayes John: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18524. Text is incorporated into the Bound Volume.] 
JOHN HAYES (National—Wairarapa) 
: 
 I seek leave of the House to table an excerpt from this morning’s  
Dominion Post  
headed “Kiwis get half the pay of Aussies in same jobs”. 
The ASSISTANT SPEAKER (H V Ross Robertson) 
: The member has sought leave to table. Is there any objection to that course of action being taken? There is.
Brown Peter: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Brown Peter: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18520. Text is incorporated into the Bound Volume.] 
PETER BROWN (Deputy Leader—NZ First) 
: 
 I say to Tim Groser—I know he is relatively new; he has been here for only a couple of years—that there is no law that says members have to say the same thing twice. One does not have to get up in the first reading and then say exactly the same thing in the third reading. I thought he might be interested to know that. I say to the next National Party member to take a call that there is actually no law that members have to take 10 minutes on a bill such as the Customs and Excise Amendment Bill (No 3). It is straightforward it is nice it is tidy and it has gone through this House with a very significant majority.  
The only concern I have with this bill is that the Maori Party has put it on record that it is opposed to it—it has opposed just about every part of the bill—yet the Maori Party members have not taken a call as yet to explain why. I think there is a responsibility on all MPs that if they are opposing something and insist on having that put on the record they should at least stand in this House and say why. There is no problem with New Zealand First. We are totally in support of this bill. I hope the Maori Party takes a call and explains its position. I think it owes it to the House and it owes it to listeners out there who might be listening or watching on TV. New Zealand First supports this bill.
Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18517. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That clause 2 as amended be agreed to. 
Ayes 113 
New Zealand Labour 49; New Zealand National 47; New Zealand First 7; Green Party 5; United Future 2; Progressive 1; Independents: Copeland Field. 
Noes 6 
Maori Party 4; ACT New Zealand 2. 
Clause 2 as amended agreed to. 
Bill reported with amendment. 
Report adopted.
Guy Nathan: Walking Access Bill — In Committee 
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Guy Nathan: Walking Access Bill — In Committee 
[Sitting date: 02 September 2008. Volume:649;Page:18592. Text is incorporated into the Bound Volume.] 
NATHAN GUY (Senior Whip—National) 
: 
 I raise a point of order Mr Chairperson. I would have thought that we have another 5 minutes of debating time before we report progress.
Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18517. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That the amendment be agreed to. 
Ayes 113 
New Zealand Labour 49; New Zealand National 47; New Zealand First 7; Green Party 5; United Future 2; Progressive 1; Independents: Copeland Field. 
Noes 6 
Maori Party 4; ACT New Zealand 2. 
Amendment agreed to.
Jones Dail: Family Courts Matters Bill — In Committee 
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Jones Dail: Family Courts Matters Bill — In Committee 
[Sitting date: 02 September 2008. Volume:649;Page:18572. Text is incorporated into the Bound Volume.] 
DAIL JONES (NZ First) 
: 
 I went to the seminar when the Property (Relationships) Act was being put into effect. The issue of a doubles relationship was raised and one of the ways in which people make sure that everyone knows there is a doubles relationship—in particular the party who perhaps might gain the most—is that after 12 months they have a great party to celebrate the first anniversary of the relationship then they have the second anniversary and then the third anniversary. So if the matter ever went to court they would have all their friends there to say that quite clearly this relationship started on such and such a date. Although that may sound facetious apparently that is done and it is a wonderful way of establishing by way of evidence that the parties have been together for 3 years.  
So far as a triples relationship is concerned well some people might say that chance would be a fine thing but there seems to be some aspersion being cast on a speech prepared by a speech-writer for the Minister and some people seem to be taking advantage of that. I clearly remember a select committee hearing that I was on dealing with a family matters bill and the suggestion was raised that there might have been a polygamous relationship between a homosexual man and two lesbian women. I suggested that could be a triples relationship because both the women had had children from the man. [ 
Interruption 
] This was evidence that was given in the select committee. I raised the question whether it was polygamous and they all denied that it was. It was an interesting point and the Labour Party members were horrified to think that anyone could possibly believe there could be a polygamous relationship. So far this House has on the question of the Property (Relationships) Act— 
The CHAIRPERSON (Hon Marian Hobbs) 
: Good! I am so pleased to hear it. 
DAIL JONES 
: That issue was raised by the previous speaker Madam Chair but it really seems to be a very very long bow and I cannot see that polygamous relationships would ever be accepted. I hope I have illuminated the matter a little for the member who has raised what is a very interesting point but has no bearing on the bill. 
Part 11 agreed to.
Moroney Sue: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Moroney Sue: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18516. Text is incorporated into the Bound Volume.] 
SUE MORONEY (Junior Whip—Labour) 
: 
 Just reflecting on the vote that was recorded for Part 1 I wonder whether I could seek clarification that the vote cast for United Future was 2 votes in favour. 
The CHAIRPERSON (Hon Marian Hobbs) 
: The vote cast was 1 in favour and therefore the member is seeking leave to amend it? 
SUE MORONEY 
: I seek leave to amend the United Future vote on Part 1 to 2 votes in favour. 
The CHAIRPERSON (Hon Marian Hobbs) 
: Is that agreed? It has been agreed. It has also been confirmed that it was a mishearing. Let me just say that sometimes there is so much noise quite close to the Chair that we do not hear the votes if they are not called out. This vote was misheard and recorded as 1 vote in favour but it has now been corrected and is recorded as 2 votes in favour. The vote on Part 1 is Ayes 113 Noes 6. Thank you very much for the clarification.
Ardern Shane: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Ardern Shane: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18514. Text is incorporated into the Bound Volume.] 
SHANE ARDERN (National—Taranaki-King Country) 
: 
 As I said earlier on the amendment in Supplementary Order Paper 241 is one that really draws a contrast between the legislation that we are discussing here today which has pretty much widespread support in the Committee—we thought unanimous at one stage but we have since discovered that that is not the case—and the excellent work done in the Foreign Affairs Defence and Trade Committee reporting back on time and this Supplementary Order Paper before us which changes the date simply because this Government could not do the important business of the day. In other words it is a Government that was too preoccupied with all sorts of social interference instead of getting on with the core business of government which is customs and excise.  
I tell the Minister that the Customs Service is the oldest Government department there is. He has probably not heard of it—although he probably has because I am sure it will have detained him at the border on one or two occasions so I am sure he has run across customs before today.  
Here we are in the Chamber today still locked into Tuesday which is an interesting concept is it not? This is the third 2nd of September that I have debated in the Chamber this week even though everybody else has caught up to Friday debating a Supplementary Order Paper that would not have been necessary of course if the Government had actually got on with the business of the House at the time it should have instead of wasting so much time on things such as trying to enforce on local bodies social interference like “you must” “you must not” “could” “could not” “will” or “if you wish” provide social housing. So it is I guess somewhat ironic that we are now debating a Supplementary Order Paper that omits the word “August” in clause 2 and substitutes the word “October” and in clause 18A omits the word “August” and substitutes the word “October”. It is quite ironic; it does demonstrate that this Government is tired and I think we should go to the polls and have an election to see what the folk of New Zealand think about that.
Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18514. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That the amendment be agreed to. 
Ayes 113 
New Zealand Labour 49; New Zealand National 47; New Zealand First 7; Green Party 5; United Future 2; Progressive 1; Independents: Copeland Field. 
Noes 6 
Maori Party 4; ACT New Zealand 2. 
Amendment agreed to. 
Part 2 as amended agreed to.
Hobbs Marian: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Hobbs Marian: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18513. Text is incorporated into the Bound Volume.] 
The CHAIRPERSON (Hon Marian Hobbs) 
: The debate on this part includes the Minister’s amendments set out on Supplementary Order Paper 241.
Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18513. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That Part 1 be agreed to. 
Ayes 113 
New Zealand Labour 49; New Zealand National 47; New Zealand First 7; Green Party 5; United Future 2; Progressive 1; Independents: Copeland Field. 
Noes 6 
Maori Party 4; ACT New Zealand 2. 
Part 1 agreed to.
Dalziel Lianne: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Dalziel Lianne: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18534. Text is incorporated into the Bound Volume.] 
Hon LIANNE DALZIEL (Minister of Commerce) 
: 
 I move  
That the Companies (Minority Buy-out Rights) Amendment Bill be now read a third time 
. I have already described the nature of the changes that the bill brings into play. Essentially minority shareholders will be supported in their decision to exit a company if the company structure or operations have changed significantly since the shareholders entered the company but in doing so they will be afforded some protection against financial loss by reason of their decision to leave the company. 
The bill provides more clarity and transparency in determining the price of shares when a company agrees to purchase shares from a dissenting shareholder. This will lead to a reduction of the time and cost involved in resolving disputes arising under the provisions and will reduce the likelihood of cases going to court. There is no need to traverse the detail again but during the Committee stage I tabled a further amendment to the bill by way of a Supplementary Order Paper. This amendment provided that notice of minority buy-out rights must also be sent to shareholders where a special resolution has been passed in lieu of a meeting. 
I would like to take the opportunity to again commend the officials as well as the members of the Commerce Committee for their work on the bill and also to thank all those who made submissions on it. This bill is an example of this Government’s commitment to improve business law in New Zealand. One of the first things we did—and my colleague Paul Swain made this point in his second reading speech—was to introduce a Takeovers Code to provide an internationally accepted standard for protecting minority shareholders in a takeover situation. This latest move shows we are continuing to improve the law to protect minority shareholders and that will give investors greater confidence and will contribute to deepening our capital markets. 
I commend the bill to the House.
Dalziel Lianne: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Dalziel Lianne: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18531. Text is incorporated into the Bound Volume.] 
Hon LIANNE DALZIEL (Minister of Commerce) 
: 
 I will respond briefly to Gerry Brownlee’s point because I think the member raises it in a genuine spirit of trying to resolve a difficult issue. Obviously when we are talking about mum and dad investors we do not want them to be in a situation where they are taking complicated and expensive court action and arbitration obviously is not the most desired outcome in that regard. However there has to be a mechanism for resolving a dispute when a dispute arises. I think the provision in the bill that actually provides some comfort in this regard is the ability for the arbitrator to award damages. People who are utilising the system unreasonably and putting pressure on a minority shareholder will find the damages that might be awarded against them a much higher discipline than the fear of sharing half the costs if in fact the changes were made. The damages provision could cover all of the cost—and indeed more—to deal with the particular issue. The issue of damages is included under the provisions of what the arbitrator can award. The arbitrator has the power to award damages in those circumstances. 
I want to take this debate away from the mum and dad investors for a minute and to ask members to think about the case where this issue arose— 
Natural Gas Corporation Holdings Ltd v Infratil 1988 Ltd 
. What we are actually talking about—a more likely situation—is a company that was started as a family firm is subject to a takeover the person stays within the company for a period of time further changes occur and that person wants to opt out. So we are not necessarily talking about people who are without means; we are often talking about people with different commercial levels of strength from a legal perspective. I believe that the provisions in the bill that allow for discretion in the awarding of damages and payment of interest will essentially encourage companies and shareholders alike to be realistic about the initial value of the shares. I believe that that will discourage unnecessary delays.
Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Vote: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18511. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That the amendments recommended by the Foreign Affairs Defence and Trade Committee by majority be agreed to. 
Ayes 112 
New Zealand Labour 49; New Zealand National 47; New Zealand First 7; Green Party 5; United Future 2; Progressive 1; Independent: Field. 
Noes 5 
Maori Party 3; ACT New Zealand 2. 
Question agreed to. 
Bill read a second time.
Tremain Chris: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Tremain Chris: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18510. Text is incorporated into the Bound Volume.] 
CHRIS TREMAIN (Junior Whip—National) 
: 
 I raise a point of order Madam Speaker. It is a point of clarification. Voting on amendments is normally done in the Committee stage. 
The ASSISTANT SPEAKER (Hon Marian Hobbs) 
: No no. These are the amendments made by the select committee. When a select committee amends a bill and brings it back to the House at the time of the second reading we authorise those amendments made by the select committee. That is what we are doing now.
Gallagher Martin: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Gallagher Martin: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18506. Text is incorporated into the Bound Volume.] 
MARTIN GALLAGHER (Labour—Hamilton West) 
: 
 As chair of the Foreign Affairs Defence and Trade Committee let me thank all members of the committee for their sterling work on the Customs and Excise Amendment Bill (No 3). We acknowledge that in the spirit of a true MMP committee in Parliament there was a variety of views. But in essence I think previous speakers have certainly outlined the context of this bill. 
I just want to make the point that the bill replaces a dual system with an internal review process with a right of appeal and a Customs Appeal Authority and hopefully this creates a cheap and expeditious review process. 
In a sense this bill is something of a technical bill but I have to say to be honest that I was a little surprised in terms of the time that we took on it but it was time well spent. Hopefully this will be a good law. I compliment the Minister the Hon Nanaia Mahuta and her officials and thank them for all their wonderful advice. This was a very very interesting bill. I was delighted to be on the select committee when we considered it.
Hobbs Marian: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Hobbs Marian: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18516. Text is incorporated into the Bound Volume.] 
The CHAIRPERSON (Hon Marian Hobbs) 
: The question is that clause 1— 
John Hayes 
: Madam Chairperson— 
Hon MARIAN HOBBS 
: I had started to take the question. John you are a bit slow but I will be very kind and so will New Zealand.
Barker Rick: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Barker Rick: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18503. Text is incorporated into the Bound Volume.] 
Hon RICK BARKER (Minister of Internal Affairs) 
 on behalf of the  
Minister of Customs 
: I move  
That the Customs and Excise Amendment Bill (No 3) be now read a second time 
. This bill was introduced into Parliament in December 2007 and it has three purposes: to reform the statutory appeal review rights and the forfeiture and seizure regime in the Customs and Excise Act to provide greater flexibility for the Customs Service to deal with ad hoc arrivals and departures of craft and to give the service better control over illegal tobacco manufacturing operations.  
The matter of appeal rights arose as a result of a Law Commission report on the forfeiture regime in the Customs and Excise Act. The Government has agreed to reform the appeal rights available to allow the owners of goods that have been seized the right to be able to reclaim the goods in a much less complicated way. The Law Commission concluded that it should be possible to challenge the seizure by an initial internal review process which would involve little or no expense to the challenger and should be accomplished without delay. To give effect to this the appeal rights in the Act are being repealed by this bill and are being replaced with a Customs Service internal review process. Applicants who are dissatisfied with decisions resulting from an internal review will be able to appeal those decisions to the Customs Appeal Authority.  
In relation to ad hoc arrivals and departures I tell the House that all arriving craft and those departing New Zealand are required to do so at a nominated customs place. There is currently very limited power to make exceptions and this bill will allow that flexibility to be there. On the matter of tobacco I can say that in a recent case the court determined that the amount of tobacco a person could hold for personal use was quite substantial. The argument at the select committee was whether this new determination should be done through statute or by delegated legislation. The select committee gave this matter careful consideration and the Minister of Customs also discussed the matter with the Law Commission. The happy result was the acceptance of the recommendation of the majority of the committee that the personal use exemption should be moved from delegated legislation into primary legislation and clause 6A gives effect to this decision. On behalf of the Minister of Customs I commend the bill to the House.
Vote: Affordable Housing: Enabling Territorial Authorities Bill — Third Reading 
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Vote: Affordable Housing: Enabling Territorial Authorities Bill — Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18503. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That the Affordable Housing: Enabling Territorial Authorities Bill be now read a third time. 
Ayes 66 
New Zealand Labour 49; New Zealand First 7; Green Party 4; Maori Party 4; Progressive 1; Independent: Field. 
Noes 52 
New Zealand National 47; ACT New Zealand 2; United Future 2; Independent: Copeland. 
Bill read a third time.
Barker Rick: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
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Barker Rick: Customs and Excise Amendment Bill (No 3) — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18517. Text is incorporated into the Bound Volume.] 
Hon RICK BARKER (Minister of Internal Affairs) 
on behalf of the Minister of Customs 
: 
 I move  
That the Customs and Excise Amendment Bill (No 3) be now read a third time 
. This bill has been through its second reading and the Committee stage and now has its final reading. It has received widespread support from the House because it seeks to reform the statutory review rights in the case of the forfeiture and seizure of goods under the Customs and Excise Act it gives the Customs Service a greater flexibility to deal with ad hoc arrivals and it gives better control over illegal operations.  
One of the key decisions of the Foreign Affairs Defence and Trade Committee which has now been agreed to by the Committee is to set in statute the amount of tobacco that a person can have for personal use. Rather than the amount for personal use being set by delegated legislation it has been set at 15 kilograms. Just to put it on the record that amount equates to I am told by the Ministry of Health people 58 to 103 cigarettes a day for 365 days. I am not saying that amount will now be compulsory but one would have to say it is on the generous side. So 15 kilograms of tobacco will now be in law once this bill has passed as the maximum amount defined as being for personal use and that clarification will be very helpful to the Customs Service when it is dealing with these issues.  
I commend the bill to the House.
Dalziel Lianne: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
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Dalziel Lianne: Companies (Minority Buy-out Rights) Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18524. Text is incorporated into the Bound Volume.] 
Hon LIANNE DALZIEL (Minister of Commerce) 
: 
 I move  
That the House take note of the Commerce Committee’s report on the Companies (Minority Buy-out Rights) Amendment Bill and that the bill be now read a second time 
. The objective of the Companies (Minority Buy-out Rights) Amendment Bill is to make technical amendments to the minority buy-out provisions in the Companies Act 1993 to ensure that they function efficiently cost-effectively and appropriately. The minority buy-out provisions provide an exit regime for shareholders of companies who have unsuccessfully opposed certain types of fundamental changes to the structure or operations of the company by virtue of a special resolution. The regime then entitles them to have their shares purchased by the company at an appraised price.  
The rationale behind these provisions is that if the company’s structure or operations change significantly after the shareholder enters the company the shareholder should be entitled to decide to exit the company but also be afforded some specific protection against financial loss by reason of the decision to leave the company. The provisions have been amended largely in accordance with the recommendations made in the Law Commission report on minority buy-outs.  
The Law Commission commenced a review of the minority buy-out provisions after Justice Doogue criticised the provisions in  
Natural Gas Corporation Holdings Ltd v Infratil 1998 Ltd 
 stating that the existing regime was lacking in information for shareholders particularly as to valuation method and date. This bill addresses those concerns. Since the first reading of the bill the Commerce Committee has recommended a number of amendments to strengthen the bill which I am sure will help it achieve its objectives.  
I conclude by thanking the officials and members of the Commerce Committee for their work in considering the bill and acknowledging the contributions of those who provided submissions on the bill. I commend the bill to the House.
Vote: Policing Bill — Third Reading 
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Vote: Policing Bill — Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18585. Text is incorporated into the Bound Volume.] 
A party vote was called for on the question  
That the Policing Bill be now read a third time. 
Ayes 108 
New Zealand Labour 48; New Zealand National 44; New Zealand First 7; Green Party 4; United Future 2; Progressive 1; Independents: Copeland Field. 
Noes 2 
Maori Party 2. 
Bill read a third time.
Duynhoven Harry: Electricity Industry Reform Amendment Bill — Second Reading In Committee Third Reading 
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Duynhoven Harry: Electricity Industry Reform Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18563. Text is incorporated into the Bound Volume.] 
Hon HARRY DUYNHOVEN (Associate Minister of Energy) 
 on behalf of the  
Minister of Energy 
: I move  
That the Electricity Industry Reform Amendment Bill be now read a third time 
. This bill will encourage lines companies to invest in permitted generation particularly renewable generation and it amends the Electricity Industry Reform Act 1998. That was a ridiculous ideologically driven Act passed by Max Bradford and the National Party with considerable opposition from people like myself Peter Brown from New Zealand First and others who have since come along and said that they absolutely agreed with what was done by the Opposition of that time in fighting that legislation. That legislation forced local electricity businesses to be split up into lines companies retailers and generators. It all but stopped local lines companies generating electricity despite their long history of doing so cost effectively. For example in my own area the New Plymouth Municipal Electricity Department had a very good little local hydro station which it was forced of course to separate off from the lines business. 
This bill makes four main policy changes which were outlined earlier each of which will enable lines companies to get back to generating renewable electricity. 
I thank the Commerce Committee for its work on the bill and also those who made submissions. I also thank all those who have spoken in the debate because they have raised issues that were raised during the process of this bill through the Commerce Committee. I commend the Electricity Industry Reform Amendment Bill to the House.
Hobbs Marian: Walking Access Bill — In Committee 
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Hobbs Marian: Walking Access Bill — In Committee 
[Sitting date: 02 September 2008. Volume:649;Page:18592. Text is incorporated into the Bound Volume.] 
The ASSISTANT SPEAKER (Hon Marian Hobbs) 
: Before I make the next announcement I thank the staff. It has been a long time and people have been working really hard over these last few days.
Duynhoven Harry: Electricity Industry Reform Amendment Bill — Second Reading In Committee Third Reading 
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Duynhoven Harry: Electricity Industry Reform Amendment Bill — Second Reading In Committee Third Reading 
[Sitting date: 02 September 2008. Volume:649;Page:18554. Text is incorporated into the Bound Volume.] 
Hon HARRY DUYNHOVEN (Associate Minister of Energy) 
: 
 As the Associate Minister of Energy it is a pleasure to rise to support the Electricity Industry Reform Amendment Bill. I gave the first reading speech on behalf of the Minister the Hon David Parker on this bill. 
Can I just ask the previous speaker from the National Party whose conservation policy was announced this afternoon by the Labour Party whether National might announce another energy policy and whether National will sell the electricity assets that belong to the three State-owned enterprises belonging to the people of New Zealand. Will National sell them? There is absolute silence. The second issue is whether National’s policy is to go nuclear. Those are the two issues that the people of New Zealand are really interested in. 
In talking about this bill I say that it is absolutely needed simply because of the mess that was inherited and the number of things that over the years have proven to be deficiencies which we are now addressing. 
I commend the Hon David Parker and I commend the select committee. I think the bill is excellent and I am sure the House will pass it—perhaps not unanimously but all the thinking people in the House will pass it