New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 November 2010
| Public Act | 1992 No 56 |
| Date of assent | 25 June 1992 |
| Commencement | see section 1(2)–(4) |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Ministry of Economic Development.
1 Short Title and commencement
5 Term of office of interim trustees
6 Disqualification of interim trustees
8 Appointment to fill casual vacancies
9 Chairperson and Deputy Chairperson
13 Application of certain Acts to interim trustees
14 Trustee Act 1956, etc, not to apply to interim trustees
15 Board may meet costs and expenses of interim trustees
17 Amounts of salaries and meeting allowances
20 Local authorities may form 1 or more energy companies
21 Establishment plan may provide for use of existing company
23 Consultation with interim trustees
24 Public consultation on establishment plan
25 Extension of time for submission of establishment plan
26 Future financial stability of company to be considered
27 Approval of establishment plan
28 Approval of revised establishment plan
29 Establishment plan not to be approved unless share allocation plan endorsed
30 Allocation of shares where share allocation plan not endorsed
31 Failure to submit establishment plan
32 Formation and registration under Companies Act 1955 of energy company
34 Board and local authority may jointly form energy company
35 Minister may act in default of Board or local authority
36 Principal objective to be successful business
38 First directors of energy company formed by Board
38A Directors of existing company
39 Statement of corporate intent
40 Modifications of statement of corporate intent
41 Obligation to make statement of corporate intent available
42 Circumstances in which accountability provisions not to apply
43 Savings of certain transactions
45 Auditor-General to be auditor of energy companies and subsidiaries
46 Protection from disclosure of sensitive information
46A Auditing of approved persons
Part 5
Transfer of energy undertakings to energy companies
Transfer of undertaking of Boards
47 Transfer of undertaking of Board to successor company
48 Issue of equity securities and debt securities
49 Depreciation funds to vest in energy company free of all trusts
50 Consequential provisions on transfer of undertaking of Board to successor company
52 Books and documents to remain evidence
55 Savings as to Board's special rates
Transfer of undertaking of local authorities
56 Local authorities to transfer energy undertakings to energy companies
57 Liabilities in respect of undertakings
58 Certain matters not affected by transfer of undertaking to energy company
59 Consequential provisions on transfer of undertaking of local authority to energy company
60 Protection of conditions of employment upon transfer
61 Employment of transferred employees deemed to be continuous
63 Transfer of leases, licences, etc, to energy company
64 Exclusion of Public Bodies Leases Act 1969
65 Prohibition on guarantees, etc
65A Restriction on power of local authority to lend to energy company
66 Prohibition on transfer of regulatory functions
67 Duty to act in furtherance of objectives of this Part
68 Issue of shares on incorporation of energy company
69 Modification of provisions of Public Works Act 1981
Part 6
Waikato Electricity Authority
70 Waikato Electricity Authority
71 Waikato Electricity Authority to prepare share allocation plan
75 Valuation to be submitted with plan
76 Transfer of assets and shares
77 Provisions to apply in respect of Waikato Electricity Authority and WEL Energy Group Limited
78 WEL Energy Group Limited deemed to be energy company for certain purposes
79 Repeal of Waikato Electricity Authority Act 1988 and amendments
80 WEL Energy Group Limited declared to be administering body
Part 7
Miscellaneous provisions
81 Undertakings transferred before commencement of this Act
82 Validation of transfer of certain energy undertakings
83 Electric Power Trusts dissolved
84 Remuneration of trustees appointed under Electric Power Boards Amendment Act 1990
84A Continuation in office of members of Central Canterbury Electric Power Board
85 Public availability of documents
86A Supply of computer compiled lists and computer tapes containing electoral information to Electric Power Boards and energy companies
87 Local authority shareholding in energy companies
88 Relinquishment by local authority of controlling interest in energy company
Amendments to other enactments
89 Amendments to Local Government Act 1974
89A Further amendment to Local Government Act 1974 [Repealed]
90 Amendment to Immigration Act 1987
91 Amendment to Electric Power Boards Act 1925
92 Amendments to Waikato Electricity Authority Act 1988 [Repealed]
93 Amendments to Electric Power Boards Amendment Act 1989
94 Amendment to Electric Power Boards Amendment Act 1990
Consequential amendments and repeals
95 Repeal of Auckland Electric Power Board Act 1978 and related amendments
96 Consequential amendments and repeals
Schedule 1
Amendments consequential on repeal of Waikato Electricity Authority Act 1988
Schedule 2
Amendments consequential on repeal of Auckland Electric Power Board Act 1978
An Act—
(a) to provide for the formation of energy companies, the vesting in such companies of the undertakings of Electric Power Boards and the electricity and gas undertakings of local authorities, and for the dissolution of Electric Power Boards; and
(b) to repeal the Electric Power Boards Act 1925, the Auckland Electric Power Board Act 1978, and the Waikato Electricity Authority Act 1988
