LIC
06/08/2014 10:45
GENERAL
REL: 1045 HRS Livestock Improvement Corporation Limited (NS)
GENERAL: LIC: Legal restrictions to be lifted from LIC
Legal restrictions to be lifted from LIC
Following consultation, the Ministry for Primary Industries has confirmed its
intention to remove legislative requirements on LIC.
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.
ENDS
For further information, please contact Ashleigh Sattler, LIC Senior
Communications Advisor 027 617 1942
End CA:00253543 For:LIC Type:GENERAL Time:2014-08-06 10:45:07
