Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Bill to give co-ops clarity passes unanimously

Bay of Plenty MP Todd Muller’s Members’ Bill giving clarity around dividend rules has passed its final reading in Parliament with unanimous support.

“My Members’ Bill, the Companies (Clarification of Dividend Rules in Companies) Amendment Bill, will amend the Companies Act 1993 to provide legal certainty around dividend rules,” Mr Muller says.

“I’m delighted this simple amendment, which received cross-party support as well as the support of Cooperative Business New Zealand and Zespri, has passed.

“It clears up long-standing doubt around the ability of a company’s constitution to provide for ‘dry shares’, which do not carry a right to receive dividends in certain circumstances and are typically used in cooperatives.

“Most of my professional career has been spent in New Zealand’s agricultural sector, where cooperatives flourish, and I know first-hand the issues that have arisen as a result of the confusion previously inherent in the Companies Act 1993.

“Previously, conflicting interpretations of sections 36 and 53 of the Act called the provision of dry shares into question, creating challenges for a number of businesses.

“Now, companies can confidently provide a class of shares that does not confer the right to receive dividends in circumstances specified by their constitution.

“This law will give much-needed clarity to companies and shareholders and builds on the work the previous National Government did to make doing business easier.”

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Madrid Climate Talks: Decade Ending 2019 Likely To Be Hottest On Record

Exceptional global heat driven by greenhouse gas emissions mean this decade will most likely go down as the warmest on record, according to the World Meteorological Organization...

The agency also finds that 2019 is on track to be the second or third warmest year in history, with the global average temperature during January through October, roughly 1.1 degrees Celsius above the pre-industrial era.

“If we do not take urgent climate action now, then we are heading for a temperature increase of more than 3°C by the end of the century, with ever more harmful impacts on human wellbeing.” More>>

 

NZ First Conflicts Of Interest: New Details Around Timeline

New information has emerged showing it was the New Zealand First chief of staff who identified potential conflicts of interest between a forestry company and two senior government ministers, sparking a series of declarations. More>>

Earlier:

Donations:

Five New Cancer Meds In Six Months: Pharmac Funds More Cancer Medicines, Faster Assessment

PHARMAC has confirmed that two new medicines – olaparib for ovarian cancer and fulvestrant for breast cancer – have been approved for funding... Rituximab and bortezomib, which are already funded, have also been approved for widened access following successful commercial proposals from new suppliers. More>>

ALSO:

Gordon Campbell: On Stoking Fears About Cannabis Law Reform

It was always going to be hard to have a rational debate on cannabis reform. Far easier for politicians to win votes by stoking alarm... More>>

ALSO:

Tūhoronuku Mandate Recognition Ends: "New Opportunity" For Ngāpuhi Treaty Negotiations

The Crown is providing an opportunity for the hapu of Ngāpuhi to rebuild its framework from the ground up for collective negotiations to deal with its historical Treaty claims... More>>

ALSO:

Pike River: Next Phase Of Recovery Underway

“Fresh air will be pumped into the Pike River Mine drift this week, following acceptance of the plan for re-entry beyond the 170m barrier by New Zealand’s independent health and safety regulator WorkSafe." More>>

ALSO:

Peters Stoic: Russia On Afghan Firing Range Deaths

The foreign minister won't be calling in the Russian ambassador concerning comments made about New Zealand soldiers in Afghanistan. In a media briefing late last month, Russian Foreign Ministry spokesperson Maria Zakharova said New Zealand must investigate crimes against civilians. More>>

ALSO:

Christchurch Call: Online Crisis Response Workshop In Wellington

Governments and tech companies are holding a two-day workshop, hosted by YouTube/Google in Wellington, to test the Christchurch Call Shared Crisis Response Protocol. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels