State-Owned Enterprises (Contact Energy Limited) Amendment Act 1998

State-Owned Enterprises (Contact Energy Limited) Amendment Act 1998

Public Act1998 No 99
Date of assent6 October 1998

An Act to amend the State-Owned Enterprises Act 1986 in relation to Contact Energy Limited

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title and commencement
  • (1) This Act may be cited as the State-Owned Enterprises (Contact Energy Limited) Amendment Act 1998, and is part of the State-Owned Enterprises Act 1986 (the principal Act).

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

    (3) A date may be appointed under subsection (2) for bringing section 3(7) and (9) 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 Contact Energy Limited are no longer held by Ministers of the Crown on behalf of the Crown.

    (4) [Repealed]

    Subsection (4) was substituted, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35).

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  • This Act expires and is deemed to have been repealed on the close of the day that is 2 years after the date on which this Act receives the Royal assent unless an Order in Council is made under section 1(2)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

3 Provision for Contact Energy Limited to cease to be State enterprise
  • (1) The principal Act is amended by omitting from Schedule 1 the item Contact Energy Limited.

    (2) However, so long as Ministers of the Crown continue to hold shares in Contact Energy Limited (the company) on behalf of the Crown, section 22 of the principal Act continues to apply as if—

    • (a) The company were a State enterprise; and

    • (b) The Minister of Finance and the Minister for the time being responsible for Contact Energy Limited were the shareholding Ministers for the company.

    (3) The principal Act is amended by omitting from Schedule 2 the item Contact Energy Limited.

    (4) However, sections 23 to 30 of the principal Act, and any Order in Council made at any time under any of those sections, continue to apply after the coming into force of subsection (3) as if—

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

    • (b) The Minister of Finance and the Minister for the time being responsible for Contact Energy Limited were the shareholding Ministers for the company.

    (5) Subsection (4) applies whether or not all or any of the shares in the company are held by Ministers of the Crown on behalf of the Crown.

    (6) Each Minister of the Crown who holds shares in the company 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.

    (7) The Ombudsmen Act 1975 is amended by omitting from Part 2 of Schedule 1 the item Contact Energy Limited.

    (8) [Repealed]

    (9) The State-Owned Enterprises Order 1995 (SR 1995/250) is consequentially revoked.

    Subsection (8) was repealed, as from 1 April 2005, by section YA 2 Income Tax Act 2004 (2004 No 35).