Saturday, March 30, 2024

Legal restrictions to be lifted from LIC

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Following consultation, the Ministry for Primary Industries has confirmed its intention to remove legislative requirements on LIC. 
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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.

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