The Education Amendment Act 2020 impacts ‘lift and shift’ of the existing Polytechnics business, operations, employees and enrolled students to the corresponding NZIST subsidiary in the following way:
1. Starting on the commencement date, 01-04-2020, the existing Polytechnic’s rights, assets, and liabilities will automatically shift to the name of corresponding NZIST subsidiary.
2. Both the existing Polytechnic and the corresponding NZIST subsidiary are treated as the same person for the purpose of “Inland Revenue Act”.
3. The Education Amendment Act 2020 also acts upon in general. It states that every reference to the existing Polytechnic in any enactment, instrument, agreement, deed, lease, application, notice or another document before the commencement date of 01-04-2020 must be read as a reference to corresponding NZIST subsidiary. It simply means that any existing agreement between you and the existing Polytechnic will not be updated to reflect any changes in its legal name.
Therefore, these provisions of the Education Amendment Act 2020 are clearly intended to ensure maximum operational continuity between the existing Polytechnic and the corresponding NZIST subsidiary. It is done in order to continue “business as usual” from the date of commencement.
Lastly, the business partners are key to the continuous process of operations. Therefore, they are thought to proceed with a smooth transition.
If you have any concerns regarding the changes or to understand the process of transition, kindly get in touch with NZIST Establishment Board.