This order may be cited as the Energy Companies (Bay of Plenty Electricity Limited) Vesting Order 1994.

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

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

1 September 1994 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.

(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 such number of fully paid up ordinary shares of $1 each as are provided for in this clause.

(2) The equity securities referred to in subclause (1) shall be issued on the terms specified in the articles of association of the company.

(3) Subject to subclauses (4) to (7), the equity securities referred to in subclause (1) shall be issued as follows:

• (a) to each qualifying domestic customer, the number of equity securities determined in accordance with the following formula:

  	7 683 000		= Y
  	X

  where:

  X

  is the total number of qualifying domestic customers; and

  Y

  is the number of equity securities (rounded down to the nearest whole number) to be issued to the qualifying domestic customer:

• (b) to each qualifying commercial customer, the number of equity securities determined in accordance with the following formula:

  304 + (X × 0.072) + (Y × 0.02) = Z

  where:

  X

  is the total number of units consumed by the qualifying commercial customer up to and including 100 000 kilowatt hours; and

  Y

  is the total number of units consumed by the qualifying commercial customer in excess of 100 000 kilowatt hours; and

  Z

  is the number of equity securities (rounded down to the nearest whole number) to be issued to the qualifying commercial customer:

• (c) to each qualifying farming customer, the number of equity securities determined in accordance with the following formula:

  304 + (X × 0.072) + (Y × 0.02) = Z

  where:

  X

  is the total number of units consumed by the qualifying farming customer up to and including 100 000 kilowatt hours; and

  Y

  is the total number of units consumed by the qualifying farming customer in excess of 100 000 kilowatt hours; and

  Z

  is the number of equity securities (rounded down to the nearest whole number) to be issued to the qualifying farming customer:

• (d) to each qualifying light industrial customer, the number of equity securities determined in accordance with the following formula:

  X × 0.0153437 = Y

  where:

  X

  is the total number of units consumed by the qualifying light industrial customer; and

  Y

  is the number of equity securities (rounded down to the nearest whole number) to be issued to the qualifying light industrial customer:

• (e) to each qualifying heavy industrial customer, the number of equity securities determined in accordance with the following formula:

  X × 0.00117566 = Y

  where:

  X

  is the total number of units consumed by the qualifying heavy industrial customer; and

  Y

  is the number of equity securities (rounded down to the nearest whole number) to be issued to the qualifying heavy industrial customer:

• (f) 225 000 to BOPE Trustee Limited in its capacity as trustee of the Bay of Plenty Electricity Employee Share Purchase Trust:

• (g) 5 000 000 to the following persons jointly in their capacity as trustees of the Consumer Trust:

  • (i) James Desmond Butler:

  • (ii) Malcolm Edward Law:

  • (iii) James Henry Parkinson:

  • (iv) Brian Edward Ponting:

  • (v) James David Steele.

(4) Where 2 or more persons jointly are eligible to be a qualifying customer, those persons shall, for the purposes of subclause (3), be deemed to be one qualifying customer, and the equity securities to which they are entitled under subclause (3) shall, unless the persons and the Board have agreed otherwise, be issued to them jointly.

(5) For the purposes of determining the entitlement of any person under subclause (3), the Board shall determine, in accordance with subclause (6), whether a person should be regarded as one qualifying customer or as more than 1 qualifying customer having regard to the number of electrical connections recorded in the Board's records in relation to that person.

(6) The Board may—

• (a) determine that the person should be regarded as one qualifying customer in relation to all of the electrical connections recorded in relation to that person; or

• (b) determine that the person should be regarded as a qualifying customer in relation to each of the electrical connections recorded in relation to that person; or

• (c) determine that the person should be regarded as a qualifying customer in relation to any combination or combinations of the electrical connections recorded in relation to that person, and as a qualifying customer in relation to each of the remaining electrical connections so recorded (if any).

(7) Where the Board determines that a person should be regarded as more than 1 qualifying customer for the purpose of subclause (3), a separate calculation shall be made in accordance with that subclause in relation to each electrical connection or group of electrical connections in respect of which that person is a qualifying customer.

(8) The equity securities referred to in subclause (1) shall be issued on 1 September 1994.