State-Owned Enterprises Act 1986

State-Owned Enterprises Amendment Act 1996

Public Act1996 No 82
Date of assent26 July 1996
Commencementsee section 1
1 Short Title and commencement

  • (1) This Act may be cited as the State-Owned Enterprises Amendment Act 1996 and shall be read together with and deemed part of the State-Owned Enterprises Act 1986 (hereinafter referred to as “the principal Act”).

    (2) This Act shall come into force on a date to be appointed by the Governor-General by Order in Council, and 1 or more Orders in Council may be made bringing different provisions into force on different dates.

    (3) A date may be appointed pursuant to subsection (2) for bringing sections 4, 5, and 7 into force only if the Governor-General is satisfied, at the time of the making of the Order in Council, that at least 50% of the ordinary shares in Works and Development Services Corporation (NZ) Limited are no longer held by Ministers of the Crown on behalf of the Crown.

    (4) A date may be appointed pursuant to subsection (2) for bringing section 6 into force only if the Governor-General is satisfied, at the time of the making of the Order in Council, that none of the ordinary shares in Works and Development Services Corporation (NZ) Limited is held by Ministers of the Crown on behalf of the Crown.

    Section 1(2): section 3 brought into force, on 27 August 1996, by the State-Owned Enterprises Amendment Act Commencement Order 1996 (SR 1996/236).

2 Expiry

  • This Act shall expire and be deemed to have been repealed on the close of the day that is 2 years after the date on which this Act receives the Royal assent unless an Order in Council is made under section 1(2) bringing the provisions of this Act into force before the close of that day.

3 Provision for Works and Development Services Corporation (NZ) Limited to cease to be State enterprise

  • (1) Amendment(s) incorporated in the Act(s).

    (2) Notwithstanding the coming into force of subsection (1), section 22 of the principal Act shall, so long as Ministers of the Crown continue to hold shares in Works and Development Services Corporation (NZ) Limited (in this section called the Corporation), continue to apply as if—

    • (a) the Corporation were a State enterprise; and

    • (b) the Minister of Finance and the Minister for State Owned Enterprises were the shareholding Ministers for the Corporation.

    (3), (4) Amendment(s) incorporated in the Act(s).

    (5) Notwithstanding the coming into force of subsection (4) and whether or not all or any of the shares in the Corporation are held by Ministers of the Crown on behalf of the Crown, sections 23 to 30 of the principal Act and any Order in Council made at any time pursuant to any of those sections shall continue to apply after the coming into force of subsection (4) as if—

    • (a) the Corporation were a State enterprise and a company named in Schedule 2 of that Act; and

    • (b) the Minister of Finance and the Minister for State Owned Enterprises were the shareholding Ministers for the Corporation.

    (6) Amendment(s) incorporated in the Act(s).

    (7) Each Minister of the Crown who holds shares in the Corporation on behalf of Her Majesty the Queen may exercise all or any of Her Majesty's rights and powers as the holder of those shares.