Section Sch50-“ 225AA — Income Tax Act 2007: Regulations: co-operative dairy and marketing companies

“ 225AA Regulations: co-operative dairy and marketing companies “ (1) The Governor-General may from time to time, by Order in Council, make regulations for the type of company described in subsection (2) for the purposes described in subsection (3). “ (2) The type of company to which this section applies is a company that— “ (a) is 1 of the following: “ (i) a co-operative dairy company: “ (ii) a co-operative milk marketing company, as defined in section 2 of the Co-operative Companies Act 1956: “ (iii) a co-operative pig marketing company, as defined in section 2 of the Co-operative Companies Act 1956; and “ (b) is registered under Part 2 or Part 3 of the Co-operative Companies Act 1996; and “ (c) was in existence at the start of the 1988–89 income year; and “ (d) was a company to which any of sections 201 to 203 of the Income Tax Act 1976, in force at the time, applied at the time. “ (3) The purposes for which the regulations can be made are— “ (a) authorising the Commissioner to classify as income, other than as a dividend, of a shareholder of the company some or all of an amount paid to the shareholder on the surrender of a share in the company, or for a share on the liquidation of the company, that is more than the available subscribed capital per share, calculated under the slice rule, of the share: “ (b) authorising the Commissioner to allocate the income to an income year or income years as the Commissioner thinks fit: “ (c) conferring on the Commissioner a discretionary power necessary for the purposes of the regulations. “ (4) The regulations made may apply different rules in relation to different classes of companies. “ Compare: 2004 No 35 s OC 4 ” .