Energy Companies (Waitaki Power Limited) Vesting Order 1993

Reprint
as at 16 April 1993

Crest

Energy Companies (Waitaki Power Limited) Vesting Order 1993

(SR 1993/86)

Catherine A Tizard, Governor-General

Order in Council

At Wellington this 13th day of April 1993

Present:
The Right Hon D C McKinnon presiding in Council


Note

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 order is administered by the Ministry of Economic Development.


Pursuant to section 47(1) of the Energy Companies Act 1992, Her Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, and on the recommendation of the Minister of Energy, hereby makes the following order.

Order

1 Title
  • This order may be cited as the Energy Companies (Waitaki Power Limited) Vesting Order 1993.

2 Interpretation
  • (1) In this order, unless the context otherwise requires,—

    the Act means the Energy Companies Act 1992

    the Board means the Waitaki Electric Power Board

    the company means Waitaki Power Limited

    the Trust means the Waitaki Power Trust, being the trust referred to by that name in the establishment plan approved by the Minister in respect of the Board on 23 March 1993.

    (2) Expressions not defined in this order but defined in the Act have, in this order, the meanings so defined.

3 Appointment of date for vesting of undertaking of Board in successor company
  • 1 May 1993 is hereby appointed as the date on which the undertaking of the Board shall, by virtue of section 47(1)(a) of the Act, vest in the company.

4 Shares held by Board in company
  • On 1 May 1993, all of the shares held by the Board in the company at the close of 30 April 1993 shall, by virtue of section 47(1)(b) of the Act, vest as follows in the following persons in their capacity as trustees of the Trust:

    • (a) 20 in Derek Edward Austin:

    • (b) 20 in Ian Stuart Beckingsale:

    • (c) 20 in William Donald Borrie:

    • (d) 20 in Robert Walter Preston Cameron:

    • (e) 20 in Brian Walter Greaney.

5 Equity securities to be issued by company
  • (1) The equity securities that shall be issued by the company consequent upon the vesting in it of the undertaking of the Board shall be 13 999 900 fully paid up ordinary shares of $1 each on the terms specified in the articles of association of the company.

    (2) The equity securities referred to in subclause (1) shall be issued as follows:

    • (a) to the following persons in their capacity as trustees of the Trust:

      • (i) 2 799 980 to Derek Edward Austin:

      • (ii) 2 799 980 to Ian Stuart Beckingsale:

      • (iii) 2 799 980 to William Donald Borrie:

      • (iv) 2 799 980 to Robert Walter Preston Cameron:

      • (v) 2 799 978 to Brian Walter Greaney:

    • (b) to the following persons in their capacity as nominees on behalf of the Trust:

      • (i) one to Dennis Edward Norman:

      • (ii) one to Alan Rodney Smith.

    (3) The equity securities referred to in subclause (1) shall be issued on 1 May 1993.

6 Debt securities to be issued by company
  • (1) The debt security that shall be issued by the company consequent upon the vesting in it of the undertaking of the Board shall be a debenture of $500,000.

    (2) The debenture referred to in subclause (1) shall be issued on the following terms:

    • (a) the amount for the time being owing under the debenture shall be repayable on demand by the debentureholder:

    • (b) until repayment, the debenture shall bear interest at the rate of 9% per annum or such other rate as may be determined from time to time by the debentureholder, and interest shall be paid quarterly in arrears to the debentureholder:

    • (c) the company shall be entitled to repay the full amount for the time being owing under the debenture on any quarterly payment date, provided that it has given to the debentureholder no less than 14 days notice of its intention to do so:

    • (d) the amount for the time being owing under the debenture shall be secured against all the assets of the company by way of a floating charge over those assets:

    • (e) notwithstanding the security granted under the debenture, the company may, in the ordinary course of its business, dispose of any of its assets:

    • (f) the company shall not, while any of the amount owing under the debenture remains outstanding, create, or permit to exist, a security interest affecting any of the assets of the company without the prior written consent of the debentureholder, which consent must not be unreasonably withheld:

    • (g) the debentureholder shall be entitled to assign its rights or obligations under the debenture:

    • (h) the debenture shall, at the option of the debentureholder, become due and payable if—

      • (i) the company defaults in payment of interest due to the debentureholder; or

      • (ii) the company commits a breach of any obligation under the debenture or any other agreement creating a debt on the part of the company to the debentureholder, and, in the case of a breach that is capable of being remedied, the breach remains unremedied more than 14 days after the debentureholder has given the company a notice in writing requiring it to remedy the breach; or

      • (iii) a receiver or similar officer is appointed in respect of the company; or

      • (iv) steps are taken by any person to wind up the company; or

      • (v) the company becomes, or is deemed by any law to be, insolvent; or

      • (vi) the company stops or suspends payment of any of its debts, or threatens to do so, or begins negotiations or takes proceedings to reschedule any of its debts; or

      • (vii) the company makes, or proposes to make, an assignment, arrangement, or composition with, or for the benefit of, its creditors in relation to any of its debts:

    • (i) where the debenture becomes payable under paragraph (h), the debentureholder shall be entitled to take steps to enforce its security against the assets of the company, which steps may include the appointment of a receiver.

    (3) The debenture referred to in subclause (1) shall be issued to the following persons jointly in their capacity as trustees of the Trust:

    • (a) Derek Edward Austin:

    • (b) Ian Stuart Beckingsale:

    • (c) William Donald Borrie:

    • (d) Robert Walter Preston Cameron:

    • (e) Brian Walter Greaney.

    (4) The debenture referred to in subclause (1) shall be issued on 1 May 1993.

Marie Shroff,
Clerk of the Executive Council.


Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order is made pursuant to section 47(1) of the Energy Companies Act 1992. The order appoints 1 May 1993 as the date on which the energy undertaking of the Waitaki Electric Power Board shall vest in its successor company, Waitaki Power Limited. The order—

  • (a) provides for the vesting of the shares held by the Board in the company by virtue of section 47(1)(b) of the Act; and

  • (b) specifies the equity securities and debt securities that shall be issued by the company consequent upon the vesting in it of the undertaking of the Board; and

  • (c) specifies the persons to whom those equity securities and debt securities shall be issued.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 15 April 1993.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Energy Companies (Waitaki Power Limited) Vesting Order 1993. The reprint incorporates all the amendments to the order as at 16 April 1993, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)