Energy Companies Act 1992

Reprint as at 1 December 2014

Coat of Arms of New Zealand

Energy Companies Act 1992

Public Act
 
1992 No 56
Date of assent
 
25 June 1992
Commencement
 
see section 1(2)–(4)
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

Title
1Short Title and commencement
2Interpretation
3Act to bind the Crown
4Interim trustees
5Term of office of interim trustees
6Disqualification of interim trustees
7Removal from office
8Appointment to fill casual vacancies
9Chairperson and Deputy Chairperson
10Quorum
11Voting at meetings
12Procedure
13Application of certain Acts to interim trustees
14Trustee Act 1956, etc, not to apply to interim trustees
15Board may meet costs and expenses of interim trustees
16Salaries and allowances
17Amounts of salaries and meeting allowances
18Establishment plan
19Joint establishment plan
20Local authorities may form 1 or more energy companies
21Establishment plan may provide for use of existing company
22Share allocation plan
23Consultation with interim trustees
24Public consultation on establishment plan
25Extension of time for submission of establishment plan
26Future financial stability of company to be considered
27Approval of establishment plan
28Approval of revised establishment plan
29Establishment plan not to be approved unless share allocation plan endorsed
30Allocation of shares where share allocation plan not endorsed
31Failure to submit establishment plan
32Formation and registration of energy company
33Use of existing company
34Board and local authority may jointly form energy company
35Minister may act in default of Board or local authority
36Principal objective to be successful business
37Directors and their role
38First directors of energy company formed by Board
38ADirectors of existing company
39Statement of corporate intent
40Modifications of statement of corporate intent
41Obligation to make statement of corporate intent available
42Circumstances in which accountability provisions not to apply
43Savings of certain transactions
44Reports and financial statements
45Auditor-General to be auditor of energy companies and subsidiaries
46Protection from disclosure of sensitive information
46AAuditing of approved persons
47Transfer of undertaking of Board to successor company
48Issue of equity securities and debt securities
49Depreciation funds to vest in energy company free of all trusts
50Consequential provisions on transfer of undertaking of Board to successor company
51Employees of Board
52Books and documents to remain evidence
53Registers
54Taxes and duties
55Savings as to Board’s special rates
56Local authorities to transfer energy undertakings to energy companies
57Liabilities in respect of undertakings
58Certain matters not affected by transfer of undertaking to energy company
59Consequential provisions on transfer of undertaking of local authority to energy company
60Protection of conditions of employment upon transfer
61Employment of transferred employees deemed to be continuous
62Taxes and duties
63Transfer of leases, licences, etc, to energy company
64Exclusion of Public Bodies Leases Act 1969
65Prohibition on guarantees, etc
65ARestriction on power of local authority to lend to energy company
66Prohibition on transfer of regulatory functions
67Duty to act in furtherance of objectives of this Part
68Issue of shares on incorporation of energy company
69Modification of provisions of Public Works Act 1981
69APreparation of accounts
70Waikato Electricity Authority
71Waikato Electricity Authority to prepare share allocation plan
72Approval of plan
73Approval of revised plan
74Failure to submit plan
75Valuation to be submitted with plan
76Transfer of assets and shares
77Provisions to apply in respect of Waikato Electricity Authority and WEL Energy Group Limited
78WEL Energy Group Limited deemed to be energy company for certain purposes
79Repeal of Waikato Electricity Authority Act 1988 and amendments
80WEL Energy Group Limited declared to be administering body
81Undertakings transferred before commencement of this Act
82Validation of transfer of certain energy undertakings
83Electric Power Trusts dissolved
84Remuneration of trustees appointed under Electric Power Boards Amendment Act 1990
84AContinuation in office of members of Central Canterbury Electric Power Board
85Public availability of documents
86Supply of information
86ASupply of computer compiled lists and computer tapes containing electoral information to Electric Power Boards and energy companies
87Local authority shareholding in energy companies
88Relinquishment by local authority of controlling interest in energy company
89Amendments to Local Government Act 1974
89AFurther amendment to Local Government Act 1974 [Repealed]
90Amendment to Immigration Act 1987
91Amendment to Electric Power Boards Act 1925
92Amendments to Waikato Electricity Authority Act 1988 [Repealed]
93Amendments to Electric Power Boards Amendment Act 1989
94Amendment to Electric Power Boards Amendment Act 1990
95Repeal of Auckland Electric Power Board Act 1978 and related amendments
96Consequential amendments and repeals
Reprint notes

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