Energy Companies (Power New Zealand Limited) Vesting Order 1994

Reprint
as at 17 June 1994

Crest

Energy Companies (Power New Zealand Limited) Vesting Order 1994

(SR 1994/123)

Catherine A Tizard, Governor-General

Order in Council

At Wellington this 13th day of June 1994

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 (Power New Zealand Limited) Vesting Order 1994.

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

    account holder means a person—

    • (a) who, at the close of 27 March 1994, was a party to an agreement with the Waitemata Electric Power Board for the provision, by that Board, of a network connection to the person; and

    • (b) who was, as at the close of 27 March 1994, provided with a network connection; and

    • (c) from whom the company has accepted an application

    application means an application to be allocated equity securities in accordance with clause 4, where the application is received by the company in the form, and by the date, required by the company

    area of supply means the area of supply specified in the schedule to the licence issued to the Thames Valley Electric Power Board under section 20 of the Electricity Act 1968 by the Minister of Energy on 14 May 1990, and published in the Gazette on 31 May 1990 at page 1937

    company means Power New Zealand Limited

    line charge means the charge payable by an account holder as consideration for the provision by the Waitemata Electric Power Board of a network connection to that account holder

    local authorities means—

    • (a) Hauraki District Council:

    • (b) Matamata Piako District Council:

    • (c) Rotorua District Council:

    • (d) South Waikato District Council:

    • (e) Thames Coromandel District Council:

    • (f) Waipa District Council:

    • (g) Waikato District Council:

    • (h) Western Bay of Plenty District Council

    meter means a meter for the measurement of electricity consumption

    network connection means a physical connection between an electricity system operated by the Waitemata Electric Power Board and any premises, being premises at which the Board maintained, at the close of 27 March 1994, 1 or more meters

    qualifying elector means a person—

    • (a) who, at the close of 27 March 1994,—

      • (i) was listed as an elector on a roll in relation to 1 or more of the local authorities; or

      • (ii) was entitled to be listed as an elector on a roll in relation to 1 or more of the local authorities; and

    • (b) in respect of whom—

      • (i) in the case of a person to whom paragraph (a)(i) applies, the address shown against the person's name on any such roll is within the area of supply; or

      • (ii) in the case of a person to whom paragraph (a)(ii) applies, the address in respect of which the person is entitled to be listed on any such roll is within the area of supply; and

    • (c) from whom the company has accepted an application

    roll has the meaning given to that term by section 2 of the Local Elections and Polls Act 1976

    total line charges means the total number of line charges payable by account holders as at the close of 27 March 1994

    Waitemata Electricity Trust means the trust referred to by that name in the joint establishment plan approved by the Minister in respect of the Waitemata Electric Power Board on 3 June 1994.

    (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 Boards in successor company
  • 1 July 1994 is hereby appointed as the date on which—

    • (a) the undertaking of the Waitemata Electric Power Board; and

    • (b) the undertaking of the Thames Valley Electric Power Board—

    shall, by virtue of section 47(1)(a) of the Act, vest in the company.

4 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 undertakings of the Boards shall be—

    • (a) 135 000 000 fully paid up ordinary shares of 50 cents each; and

    • (b) 1 fully paid up redeemable preference share of $1 on the terms specified in the articles of association of the company.

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

    • (a) subject to subclause (4), 63 990 000 to account holders as follows:

      • (i) where 63 990 000 is a multiple of total line charges, the equity securities shall be issued to account holders in accordance with the following formula:

         

        Z =

        63 990 000 × X

         
         

        Y

         

        where—

        X
        is the number of line charges that were payable by the account holder as at the close of 27 March 1994; and
        Y
        is total line charges; and
        Z
        is the number of equity securities to be issued to the account holder; or
      • (ii) where 63 990 000 is not a multiple of total line charges,—

        • (A) the number of equity securities that corresponds to the highest multiple of total line charges that is less than 63 990 000 (the highest multiple) shall be issued to account holders in accordance with the following formula:

           

          Z =

          W × X

           
           

          Y

           

          where—

          W
          is the highest multiple; and
          X
          is the number of line charges that were payable by the account holder as at the close of 27 March 1994; and
          Y
          is total line charges; and
          Z
          is the number of equity securities to be issued to the account holder; and
        • (B) subject to subclauses (6) and (7), each of the remaining equity securities shall be issued to an account holder until all of the equity securities have been issued:

    • (b) 607 500 to Waitemata Electricity Limited in its capacity as trustee of the Waitemata Electricity Share Allocation Trust:

    • (c) 202 500 to the Waitemata Electricity Shareholders Society (Incorporated):

    • (d) 16 200 000 to the Waitemata Electricity Shareholders Society (Incorporated) in its capacity as trustee of the Waitemata Electricity Trust:

    • (e) 42 930 000 to qualifying electors as follows:

      • (i) where 42 930 000 is a multiple of the total number of applications accepted by the company from qualifying electors, the equity securities shall be issued to qualifying electors in accordance with the following formula:

         

        Z =

        42 930 000 × X

         
         

        Y

         

        where—

        X
        is the number of applications accepted by the company from the qualifying elector; and
        Y
        is the total number of applications accepted by the company from all qualifying electors; and
        Z
        is the number of equity securities to be issued to the qualifying elector; or
      • (ii) where 42 930 000 is not a multiple of the total number of applications accepted by the company from qualifying electors,—

        • (A) the number of equity securities that corresponds to the highest multiple of the number of applications accepted by the company from qualifying electors that is less than 42 930 000 (the highest multiple) shall be issued to qualifying electors in accordance with the following formula:

           

          Z =

          W × X

           
           

          Y

           

          where—

          W
          is the highest multiple; and
          X
          is the number of applications accepted by the company from the qualifying elector; and
          Y
          is the total number of applications accepted by the company from all qualifying electors; and
          Z
          is the number of equity securities to be issued to the qualifying elector; and
        • (B) subject to subclauses (6) and (8), each of the remaining equity securities shall be issued to a qualifying elector until all of the equity securities have been issued:

    • (f) 270 000 to Valley Power Share Allocation Limited in its capacity as trustee of the Valley Power Share Allocation Trust:

    • (g) 1 669 680 to Hauraki District Council:

    • (h) 3 090 960 to Matamata Piako District Council:

    • (i) 9 720 to Rotorua District Council:

    • (j) 2 538 000 to South Waikato District Council:

    • (k) 3 085 560 to Thames Coromandel District Council:

    • (l) 146 880 to Waipa District Council:

    • (m) 29 160 to Waikato District Council:

    • (n) 230 040 to Western Bay of Plenty District Council.

    (3) The equity security referred to in subclause (1)(b) shall be issued to The New Zealand Guardian Trust Company Limited.

    (4) Where at the close of 27 March 1994, 2 or more persons jointly had an agreement with the Waitemata Electric Power Board for the provision, by the Board, of a network connection, those persons shall, for the purposes of subclause (2)(a), be deemed to be one account holder.

    (5) Where a person is a qualifying elector by virtue of being listed or entitled to be listed on a roll in relation to more than 1 of the local authorities, that person may make an application in respect of each of those local authorities.

    (6) The account holders to whom equity securities shall be issued in accordance with subclause (2)(a)(ii)(B), and the qualifying electors to whom equity securities shall be issued in accordance with subclause (2)(e)(ii)(B), shall be selected by the directors of the company by lot.

    (7) No account holder shall be entitled to be issued more than 1 equity security under subclause (2)(a)(ii)(B) in respect of each line charge payable by the account holder as at the close of 27 March 1994.

    (8) No qualifying elector shall be entitled to be issued more than 1 equity security under subclause (2)(e)(ii)(B) in respect of any one application.

    (9) The equity securities referred to in subclause (1) shall be issued on 30 November 1994.

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 July 1994 as the date on which the energy undertakings of the Waitemata Electric Power Board and the Thames Valley Electric Power Board shall vest in their successor company, Power New Zealand Limited. The order—

  • (a) specifies the equity securities that shall be issued by the company consequent upon the vesting in it of the undertakings of the Boards; and

  • (b) specifies the persons to whom those equity securities shall be issued.


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

Date of notification in Gazette: 16 June 1994.


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 (Power New Zealand Limited) Vesting Order 1994. The reprint incorporates all the amendments to the order as at 17 June 1994, 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)