This will mean that the law will no longer require LIC to:
– provide herd testing nationwide at uniform prices within regions;
– obtain the Minister’s consent to amend or revoke provisions of its constitution regarding shareholding and voting; and
– obtain the Minister’s written consent prior to applying to demutualise.
The confirmation follows a shareholder vote in 2012 in favour of the restrictions being removed.
The changes will remove undue costs on LIC and will allow the co-operative to implement its global growth strategy.