Dairy Industry Restructuring Act 2001 (No. 51 of 2001).

This Act, consisting of 169 Sections divided into two Parts and completed by eight Schedules, provides for the restructuring and regulation of dairy industry. The purpose of this Act is to: provide for the transition of the New Zealand Dairy Board to a wholly-owned subsidiary of new co-op and its conversion into a company 12 months after the commencement; remove restrictions on the export of dairy products except for exports to designated markets; provide that Livestock Improvement Corporation Limited is established as a co-operative company that is owned by purchasers of its goods and services and provide for regulation of the core database; promote the efficient operation of dairy markets in New Zealand by regulating the activities of new co-op to ensure New Zealand markets for dairy goods and services are contestable; provide for transitional arrangements following the removal of restrictions on the export of dairy products; make provision in relation to certain taxation consequences relating to the amalgamation; require co-operative dairy companies to enable supplying shareholders to transfer their shares to sharemilkers by agreement.