New South Wales Bills Explanatory Notes New South Wales Bills Explanatory Notes[Index] [Search] [Download] [Bill] [Help]
DAIRY INDUSTRY (CORPORATIONS) AMENDMENT
BILL 1992
NEW SOUTH WALES
EXPLANATORY NOTE
(This Explanatory Note relates to this Bill as introduced into Parliament)
The object of this Bill is to amend the Dairy Industry Act 1979:
(a) to enable the Dairy Corporation and the Dairy Industry Conference to form, or
acquire interests in, corporations under the Corporations Law and to assist them
financially and in other ways; and
(b) to validate certain matters concerning Milk Marketing (NSW) Pty. Limited..
Clause 1 specifies the short title of the proposed Act.
Clause 2 provides for the proposed Act to commence on a day or days to be
appointed by proclamation.
Clause 3 amends the Dairy Industry Act 1979 as set out in Schedule 1.
SCHEDULE 1--AMENDMENTS
Schedule 1 (1) inserts new provisions into the Act dealing with the formation of, or
the acquisition of interests in, corporations under the Corporations Law.
Under the new provisions, the Dairy Corporation and the Dairy Industry Conference
are authorised to form, or acquire interests in, private corporations. Controlling interests
in those corporations are not to be acquired or disposed of without the approval of the
Minister.
The new provisions deal with the payment by the Dairy Corporation of the expenses
of the formation etc. of private corporations, the granting of money to private subsidiary
corporations by the Dairy Corporation and the transfer to those corporations of assets of
the Dairy Corporation.
Schedule 1 (2) provides for the General Manager of the Dairy Corporation not to be
disqualified from holding office as General Manager because he or she is a director of a
corporation formed under the new provisions.
Schedule 1 (3) validates any action taken by the Minister, the Dairy Corporation, its
General Manager and others before the commencement of the proposed Act relating to
the formation and activities of Milk Marketing (NSW) Pty. Limited if the action would
have been lawful if the proposed Act had been in force when the action was taken.