New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) For the purposes of this Act, no account is to be taken of a person's business, or involvement or interest in a business, if—
(a) The ordinary business of the person consists of, or includes, the lending of money and that person has the involvement or interest only as security given for a loan or guarantee of a loan entered into in the ordinary course of the business of that person or as a result of enforcing that security; or
(b) That person has the involvement or interest by reason only of acting for another person to acquire or dispose of a security on behalf of the other person in the ordinary course of business of a sharebroker and that person is a person authorised to undertake trading activities on a stock exchange; or
(c) That person—
(i) Has the involvement or interest by reason only that he or she has been authorised by resolution of the directors or other governing body of a body corporate to act as its representative at a meeting or meetings of members, or a class of members, of another person; and
(ii) Has no discretion to determine how to represent the body corporate at the meeting or meetings; or
(d) That person—
(i) Has the involvement or interest solely by reason of being appointed as a proxy to vote at a meeting or meetings of members, or of a class of members, of another person; and
(ii) Has no discretion to determine how the proxy should be exercised at the meeting or meetings; or
(e) That person has the involvement or interest by reason only that the person is a bare trustee of a trust to which the involvement or interest is subject; or
(f) That person is involved only because the ordinary business of the person consists of or includes the selling of core assets of an electricity business, and the person does not operate those assets; or
(g) That person is involved because the person has an interest in an irrigation scheme, where—
(i) That scheme is physically connected to a generator or core generation assets and was built and is operated primarily for the purpose of irrigation; and
(ii) That person does not hold, through the person's interest in the scheme, any equity return rights or control rights in, or manage or operate, the generator or core generation assets; or
(ga) that person is involved because the person has an interest in a business that generates electricity from a geothermal energy source if—
(i) the geothermal plant was commissioned between 1 January 1998 and the date on which this paragraph comes into force, and is currently owned by the person that commissioned it; and
(ii) the output from the geothermal plant is less than 12 MW (determined according to nameplate or nameplates); or
(gb) that person is involved in the generation of reserve energy that is in accordance with the terms and conditions for that reserve energy set by the Commission, as those terms are defined in the Electricity Act 1992; or
(gc) that person is involved in the generation of electricity that is solely for the person’s own consumption or for the consumption of that person’s associates; or
(gd) that person is involved in the generation of electricity that does not have a total annual nominal capacity greater than 5 GWh per annum (determined according to nameplate or nameplates); or
(ge) that person is involved in selling no more than 5 GWh of electricity to connected customers within a local network area, in total, in a financial year; or
(h) The business, involvement, or interest is exempted by the Commission under section 81; or
(i) The business, involvement, or interest is declared, by regulations made under this Act, to be a disregarded business, involvement, or interest.
(1A) For the purposes of this Act, no account is to be taken of a person’s involvement in a line that—
(a) is not connected, directly or indirectly, to the national grid:
(b) conveys electricity only from a generator to the national grid or from the national grid to a generator:
(c) conveys less than 5 GWh per annum:
(d) conveys electricity solely for the consumption of a person who is involved in the line or for the consumption of its associates:
(e) conveys electricity (other than via the national grid) only from a generator to a local network or from a local network to a generator:
(f) conveys electricity mostly in competition with another line or lines operated by another electricity business that is not an associate of a person who is involved in the first line, provided that the competition is actual competition and not potential competition.
(2) For the purposes of subsection (1)(e), a trustee may be a bare trustee despite the fact that he or she is entitled as a trustee to be remunerated out of the income or property of the trust.
(3) This section is subject to section 80 (extensions) and to any regulations made under this Act.
Compare: 1988 No 234 s 6
Subsection (1)(b) was amended, as from 1 December 2002, by section 30 Securities Markets Amendment Act 2002 (2002 No 44) by substituting the words “person authorised to undertake trading activities on”
for the words “member of”
.
Subsection (1)(ga) was inserted, as from 8 August 2001, by section 6 Electricity Industry Reform Amendment Act 2001 (2001 No 42).
Section 19(1)(gb): inserted, on 14 October 2008, by section 13(1) of the Electricity Industry Reform Amendment Act 2008 (2008 No 71).
Section 19(1)(gc): inserted, on 14 October 2008, by section 13(1) of the Electricity Industry Reform Amendment Act 2008 (2008 No 71).
Section 19(1)(gd): inserted, on 14 October 2008, by section 13(1) of the Electricity Industry Reform Amendment Act 2008 (2008 No 71).
Section 19(1)(ge): inserted, on 14 October 2008, by section 13(1) of the Electricity Industry Reform Amendment Act 2008 (2008 No 71).
Section 19(1A): inserted, on 14 October 2008, by section 13(2) of the Electricity Industry Reform Amendment Act 2008 (2008 No 71).