Dairy Industry Reform Bill Passes

by Desk Editor on Tuesday, July 24, 2012 — 4:56 PM

Legislation reforming the dairy industry and allowing Fonterra members to trade shares in the co-operative has passed into law.

The Dairy Industry Restructuring Amendment Bill passed ts third reading by 64 to 57 with National, Maori Party, ACT and United Future supporting.

Agriculture Minister David Carter said the bill would allow Fonterra dairy farmers to trade shares if they agree to it (Farmers have voted in favour, but further votes are to be held on the issue).

Carter said it was a shame Labour would not support the bill and attacked suggestions that the legislation would result in foreign ownership.

Labour’s agriculture spokesman Damien O’Connor said Labour could not support the bill as it did not set a cap on the limit on the number of shares that could be traded.

Fonterra is to set a cap, but O’Connor said this should be put into legislation.

MPS then began the first reading of the Families Commission Amendment Bill

The Families Commission Amendment Bill folds the commission down to a single Families Commissioner and other members, amends some functions of the Commission and provides for the appointment of a Social Science Experts Panel to provide academic peer review and guidance.

ParliamentToday.co.nz is a breaking news source for New Zealand parliamentary business featuring broadcast daily news reports.

Content Sourced from scoop.co.nz
Original url

Previous post:

Next post: