Hop Industry Restructuring Act 2003

1: Title
This Act is the Hop Industry Restructuring Act 2003.
1: Preliminary provisions
2: Commencement
1: Sections 12 13
2: The rest of this Act comes into force on the day after the date on which it receives the Royal assent.
3: Purpose
The purpose of this Act is—
a: to convert the New Zealand Hop Marketing Board into a co-operative company; and
b: to remove the regulatory controls on the sale and export of hops by—
i: repealing the Agriculture (Emergency Powers) Act 1934 Marketing Act 1936
ii: revoking the Hop Marketing Regulations 1939
4: Interpretation
In this Act, unless the context otherwise requires,— Board Hop Marketing Regulations 1939 chairperson company Companies Act 1993 Co-operative Companies Act 1996 hop plant Humulus lupulus hops liabilities producer
a: who has signed a Hop Supplier Agreement with the Board as at 31 July 2003; and
b: who has supplied hops from the 2003 harvesting season property
a: choses in action or money:
b: goodwill:
c: any copyright, patent, registered design, trademark, know-how, service marks, trade secrets, or other intellectual or industrial property and any applications pending for patents, trademarks, registered designs, and other intellectual or industrial property:
d: rights, interests, claims of every kind in, or to, property—
i: whether arising from, accruing under, created or evidenced by, or the subject of, an instrument or otherwise; and
ii: whether liquidated or unliquidated, actual, contingent, or prospective restructuring day rights
5: Act binds the Crown
This Act binds the Crown.
2: Restructuring of Board and other matters
Restructuring of Board
6: Board must apply to register as company
1: Before the restructuring day, the Board must apply to the Registrar of Companies to be registered—
a: as a company under the Companies Act 1993
b: as a co-operative company under the Co-operative Companies Act 1996
2: The application must comply with section 12 section 7 section 7
a: the Board may apply on behalf of the persons who are to receive the shares in the company:
b: 2 Board members may sign the application and any other documents required to accompany it:
c: the requirements of section 12(1)(d)(i)
3: A person who is named as a shareholder in the document required by section 12(1)(d)(i) 1999 No 95 s 8
7: Basis for allocation of shares in company
1: Shares in the company must be allocated to all producers.
2: The shares to be allocated to a producer must be in the same proportion as the volume of hops produced by the producer in the period of 5 years before the restructuring day bears to the total volume of hops produced by all producers in that period.
8: Conversion of Board into company
1: On the restructuring day,—
a: the Board is deemed to be a company registered under the Companies Act 1993 Co-operative Companies Act 1996
b: the Registrar of Companies must issue certificates of registration for the company; and
c: shares must be issued to producers in accordance with the application under the Companies Act 1993
2: The certificates of registration are conclusive evidence that the company was, on the restructuring day, registered as a company under the Companies Act 1993 Co-operative Companies Act 1996 1999 No 95 s 20
9: Effect of registration as company
1: The company registered is the same body corporate as the Board.
2: The deemed registration of the company does not—
a: create a new legal entity; or
b: prejudice or affect the identity of the body corporate constituted by the company or its continuity as a legal entity.
3: The Schedule 1999 No 95 s 21
10: Final report of Board
1: As soon as reasonably practicable after the restructuring day, the chairperson must arrange for a final report of the Board to be completed.
2: The report must—
a: contain audited financial statements and an annual report for the financial year ending on 31 July 2003; and
b: comply with regulations 18 and 19 of the Hop Marketing Regulations 1939
3: The chairperson must send a copy of the report to every producer. 1999 No 95 s 22 Other matters
11: Taxation
1: The issue by the company of shares on the restructuring day to a person who was a producer on 31 July 2003—
a: is not a dutiable gift for the purposes of the Estate and Gift Duties Act 1968
b: is not a dividend derived by the person for the purposes of the Income Tax Act 2007
c: is not otherwise Income Tax Act 2007
2: For the purposes of the Income Tax Act 2007
a: held those shares at all times before the restructuring day; and
b: subject to section YC 10 Income Tax Act 2007
3: For the purposes of the definition of available subscribed capital section YA 1 Income Tax Act 2007
a: must be treated as having received on the restructuring day an amount of $160,000 for the issue of ordinary shares on the restructuring day to producers; and
b: must not be treated as having received any other amount of consideration for the issue of shares to producers on the restructuring day. 1999 No 95 s 23(1)–(3) Section 11(1)(b) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 11(1)(c) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 11(1)(c) amended 1 April 2005 section YA 2 Income Tax Act 2004 Section 11(2) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 11(2)(b) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 11(3) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007
12: Consequential amendments
Amendment(s) incorporated in the Act(s)
13: Repeals and revocation
1: The following Acts are repealed:
a: Agriculture (Emergency Powers) Act 1934 (1934 No 34)
b: Marketing Act 1936 (1936 No 5)
2: The Hop Marketing Regulations 1939 (SR 1939/96)