Mixed Ownership Model Bill
The Speaker declared the House in committee for further consideration of the Mixed Ownership Model Bill.
(In the committee)
Part 2 read again.
Maggie Barry moved, That the question be now put. The motion was ruled out of order as not being in the proper form.
David Bennett moved, That the question be now put. The Chairperson declined the motion.
Louise Upston moved, That the question be now put. The Chairperson declined the motion.
Hon Dr Nick Smith moved, That the question be now put. The Chairperson declined the motion.
Paul Goldsmith moved, That the question be now put. The Chairperson declined the motion.
Dr Paul Hutchison moved, That the question be now put.
On the question, That the question be now put, the votes were recorded as follows:
Resolved, That the question be now put.
The following amendments were tabled:
Clause 12:
After “Sections 13 to 17”, insert “of this Act” (Jacinda Ardern).
Amendment ruled out of order as not offering a serious alternative form of words.
A further 44 amendments to Part 2 in the names of various members were ruled out of order as not offering a serious alternative form of words.
The following amendment was put:
Clause 13: section 1A(2):
In new paragraph (ea), replace “ownership” with “control” (Clare Curran).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
The following amendments were tabled:
Clause 16:
After “in respect of the security that confers”, replace “the” with “that” (Clare Curran).
Amendment ruled out of order as not being in the proper form.
A further 104 amendments in the names of various members were ruled out of order as not being in the proper form.
The following amendments were put:
Amendments to Part 2 set out on Supplementary Order Paper No 42 (Hon Tony Ryall).
On the question, That the amendments be agreed to, the votes were recorded as follows:
Resolved, That the amendments be agreed to.
Amendments to Part 2 set out on Supplementary Order Paper No 44 (Jacinda Ardern).
On the question, That the amendments be agreed to, the votes were recorded as follows:
Amendments not agreed to.
Clause 16:
Amendments set out on Supplementary Order Paper No 49 (Hon Clayton Cosgrove).
On the question, That the amendments be agreed to, the votes were recorded as follows:
Amendments not agreed to.
In new section 45P(2), insert in its appropriate alphabetical order:
person means any New Zealand citizen, excluding companies, trusts, and foreign nationals
(Rt Hon Winston Peters).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 55 (Hon Trevor Mallard).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
The following amendment was tabled:
Clause 16:
Amendment set out on Supplementary Order Paper No 71 (Dr Russel Norman).
Amendment ruled out of order as being inconsistent with a previous decision of the committee.
The following amendments were put:
Clause 16:
Amendment set out on Supplementary Order Paper No 57 (Hon David Parker).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 37 (Dr Russel Norman).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment to insert new section 45QA set out on Supplementary Order Paper No 39 (Dr Russel Norman).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 61 (Dr Megan Woods).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
In new section 45R, after subsection (3), insert:
(4) Notwithstanding anything in this Act or in any other Act, the Ministers who are shareholding Ministers in any mixed ownership model company in which the Crown does not own 100% of the voting shares, may at any time acquire additional shares up to 100% of the total voting shares issued by any mixed ownership model company, and for this purpose, and notwithstanding anything contained in the constitution of the company concerned, and notwithstanding anything contained in any shareholder agreement, will give notice to any shareholder or shareholders requiring that shareholder or those shareholders to sell or surrender shares specified in the notice to the Crown and requiring the company concerned to register a transfer of the shares specified in the notice to the Crown, and on such terms and conditions and at such time or times as the shareholding Ministers shall specify in the notice or notices, and for such compensation or payment as shall be specified in the notice or notices, provided that the shareholding Ministers will not compensate or pay more to any shareholder from whom shares are acquired under this section than the amount the Crown received for those shares when sold by the Crown to the original purchaser of the shares from the Crown.
(Rt Hon Winston Peters)
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 50 (Clare Curran).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 64 (Chris Hipkins).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 48 (Hon Clayton Cosgrove).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment to insert new section 45Y set out on Supplementary Order Paper No 39 (Dr Russel Norman).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 51 (Kris Faafoi).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 59 (Grant Robertson).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
After new section 45X, insert:
New Zealand ownership
45Y New Zealand ownership
(1) No person (other than the Crown) may have an interest in shares or securities of a mixed ownership model company unless they are tax resident within New Zealand.
(2) No company, trust, or other organisation capable of owning property (other than the Crown) may have an interest in shares or securities of a mixed ownership model company unless they are tax resident within New Zealand.
(3) Any ownership of shares or securities of a mixed ownership model company that does not comply with subsections (1) and (2) is invalid and of no legal effect.
(Hon Phil Goff)
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Amendment set out on Supplementary Order Paper No 69 (Dr Russel Norman).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
New clause 16A:
Amendment set out on Supplementary Order Paper No 60 (Phil Twyford).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
On the question, That Part 2, as amended, stand part, the votes were recorded as follows:
Resolved, That Part 2, as amended, stand part.
The following amendments were tabled:
New Part 3:
Amendment set out on Supplementary Order Paper No 56 (Hon Trevor Mallard).
After clause 18, insert:
Part 3
Allowing for public to have views considered
19 No effect until referendum
Sections 3 to 18 will not take effect until—
(a) the citizens initiated referendum is held on the question ‘Do you support the Government selling up to 49% of Meridian Energy, Mighty River Power, Genesis Power, Solid Energy, and Air New Zealand” and the writ is returned pursuant to the Citizens Initiated Referenda Act 1993; or
(b) the citizens initiated referendum referred to in paragraph (a) and gazetted on 3 May 2012 lapses pursuant to the Citizens Initiated Referenda Act 1993.
20 Ability to reverse
If, pursuant to section 19(a), the citizens initiated referendum is returned with an answer of “No” greater than 50% of the votes cast, the Governor-General may, by Order in Council suspend sections 3 to 18 permanently.
(Hon Trevor Mallard)
Amendments to insert new Parts ruled out of order as being more properly associated with Part 2, consideration of which had been completed.
After clause 18, insert:
Part 3
Provisions relating to the restoration of companies to State-Owned Enterprises Act 1986
19 Outline of Part
This Part sets out the provisions that apply when an Order in Council is made under sections 3B and 3C of the Public Finance Act 1989.
20 Mixed ownership model company restoration statement
(1) The Minister must present to the House of Representatives a mixed ownership model company restoration statement as soon as possible after an Order in Council is made under sections 3B and 3C of the Public Finance Act 1989.
(2) The mixed ownership model company restoration statement must include the following information:
(a) the reasons for the Order in Council; and
(b) an outline of the fiscal impact on the Crown accounts.
21 Additional information required for annual report
(1) Each company subject to the Order in Council is required to issue a report outlining the effect of the Order in Council, to the extent there is one, on the operation and governance of the company.
(2) For the purposes of subsection (1), the report should be included in the Annual Report as required by section 15 of the State-Owned Enterprises Act 1986 for the applicable financial year.
(Chris Hipkins)
Amendment to insert a new Part ruled out of order as being more properly associated with Part 2, consideration of which had been completed.
On the question, That Schedule 1 stand part, the votes were recorded as follows:
Resolved, That Schedule 1 stand part.
The following amendments were tabled:
Schedule 2:
Amendments set out on Supplementary Order Paper No 44 (Jacinda Ardern).
Amendments ruled out of order as being inconsistent with a previous decision of the committee.
On the question, That Schedule 2 stand part, the votes were recorded as follows:
Resolved, That Schedule 2 stand part.
Clauses 1 and 2 read.
Michael Woodhouse moved, That the question be now put. The Chairperson declined the motion.
Dr Cam Calder moved, That the question be now put. The Chairperson declined the motion.
Todd McClay moved, That the question be now put. The Chairperson declined the motion.
David Bennett moved, That the question be now put. The Chairperson declined the motion.
Scott Simpson moved, That the question be now put. The Chairperson declined the motion.
Maggie Barry moved, That the question be now put. The Chairperson declined the motion.
Tim Macindoe moved, That the question be now put.
On the question, That the question be now put, the votes were recorded as follows:
Resolved, That the question be now put.
The following amendments were put:
Clause 1:
Amendment set out on Supplementary Order Paper No 45 (Dr David Clark).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Replace “Mixed Ownership Model Act 2012” with “Asset Privatisation Act 2012” (Rt Hon Winston Peters).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
Replace “Mixed Ownership Model Act 2012” with “Privatisation of Public Property Act 2012” (Hon Lianne Dalziel).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
After the word “Mixed”, insert “Up” (Hon Damien O’Connor).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
On the question, That clause 1 stand part, the votes were recorded as follows:
Resolved, That clause 1 stand part.
The following amendment was put:
Clause 2:
Amendment set out on Supplementary Order Paper No 53 (Chris Hipkins).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
The following amendment was tabled:
Amendment set out on Supplementary Order Paper No 58 (Grant Robertson).
Amendment ruled out of order as referring to an indeterminate event and not providing sufficient certainty.
The following amendment was put:
Amendment set out on Supplementary Order Paper No 70 (Dr Russel Norman).
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
The following amendment was tabled:
Before subclause (1), insert:
(1AA) Despite any other provision in this Act, subsections (1) and (2) have no effect unless the Waitangi Tribunal, as a result of its inquiry into Wai 2357, gives clear and unequivocal support to the sale of shares in Genesis Power Limited, Meridian Energy Limited, Mighty River Power Limited, and Solid Energy New Zealand Limited.
(Hone Harawira)
Amendment ruled out of order as referring to an indeterminate event and not providing sufficient certainty.
The following amendments were put:
Amendments set out on Supplementary Order Paper No 47 (Hon David Parker).
On the question, That the amendments be agreed to, the votes were recorded as follows:
Amendments not agreed to.
Replace subclauses (1) and (2) with:
(1) This Act comes into force on a date appointed by the Governor-General by Order in Council, except as otherwise provided for in this section.
(2) One or more Orders in Council may be made bringing different provisions into force on different dates.
(3) Part 2 and Schedules 1 and 2 come into force on the day after the date on which this Act receives the Royal assent.
(Iain Lees-Galloway)
On the question, That the amendment be agreed to, the votes were recorded as follows:
Amendment not agreed to.
On the question, That clause 2 stand part, the votes were recorded as follows:
Resolved, That clause 2 stand part.
At 10.06 pm the Chairperson left the Chair to report progress.
