This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on 31 December 2003, provides for Transmission Holdings Limited (THL) (the company which, through its subsidiaries, holds and operates the transmission business of Television New Zealand Limited (TVNZ)) to be separated from TVNZ, and to become a State enterprise, on 31 December 2003.
The order does this by approving the separation proposal prepared by TVNZ in accordance with section 8 of the Television New Zealand Act 2003, dated 4 November 2003, and submitted by TVNZ to the shareholding Ministers on 6 November 2003.
The effect of this is that, under that Act, on 31 December 2003,—
THL becomes a State enterprise; and
all of the shares in THL transfer to the shareholding Ministers; and
the property, rights, and liabilities held by THL and its subsidiary companies are transferred out of TVNZ.
Also, under the order, on 31 December 2003,—
THL becomes subject to the Ombudsmen Act 1975; and
THL becomes subject to the Official Information Act 1982; and
THL is added to Schedule 18 of the Income Tax Act 1994, which means that it will be taxed as a State enterprise; and
THL is added to Schedules 1 and 2 of the State-Owned Enterprises Act 1986.