This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on the 28th day after the date of its notification in the Gazette, is required for the purpose of facilitating the transfer of certain assets and liabilities from the Crown to Meridian Energy Limited (Meridian) under the State-Owned Enterprises Act 1986 (the Act). Certain provisions of the State-Owned Enterprises Act 1986 continue to apply to Meridian as a mixed ownership model company, despite it ceasing to be a State enterprise, under section 45W of the Public Finance Act 1989.
The assets and liabilities are those that were the subject of a grant made by way of a deed (being a deed granting easements) entered into by the Crown and Meridian under section 23(1)(c) of the Act. The combined effect of the grant and the vesting of the assets and liabilities under this order is to complete the transfer of the assets and liabilities to Meridian, and to enable registration of the deed to take place.
Clause 4(1) vests the assets and liabilities in Meridian. Clause 4(2) provides that, to avoid doubt, the vesting under clause 4(1) does not affect the status or effect of the deed, either before or after this order comes into force.
Clause 5(1) directs the Registrar-General of Land to register the deed. This provision is necessary because the assets and liabilities relate to interests in Crown land, and may not otherwise be registrable. Clause 5(2) provides that, to avoid doubt, clause 5(1) applies despite the fact that the Registrar may not otherwise have the power to register the deed or that the deed may not otherwise be registrable.