Mixed Ownership Model Bill - Amendment paper No 064
Mixed Ownership Model Bill - Amendment paper No 064
Mixed Ownership Model Bill - Amendment paper No 064
No 64
House of Representatives
Supplementary Order Paper
Tuesday, 19 June 2012
Mixed Ownership Model Bill
Proposed amendment
Chris Hipkins, in Committee, to move the following amendment:
Clause 16
In clause 16, in new clause 45T(2A), after “were exercised in contravention of subsection (1)(c)”
(line 30 on page 9), insert “unless those votes that should have been invalid under subsections (1)(c) and (2) would have been sufficient to change the outcome of the decision”
.
Explanatory note
This Supplementary Order Paper amends the Mixed Ownership Model Bill. The Bill as reported from the Finance and Expenditure Committee recommended the addition of an exception to not being able to vote while breaching the 10% limit—for the company to not be aware of the breach. This amendment seeks to limit the scope of the select committee recommendation to apply only where the votes cast would not have changed the actual outcome of the ballot. Given that the Bill makes the voting ability invalid it would not be appropriate to hold decisions that could not have been made legally to be valid.