Act Repealed Latest version as at 12 October 1979 (as enacted) | 1979 No 7

Waitemata City (Passenger Transport) Act 1979

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Contents

Short Title

Interpretation

Power to acquire rights and interests in passenger transport services

Power to acquire shares in company

Commerce Act 1975 not to apply

Council may advance money

Company to borrow only from Council

Waitemata City (Passenger Transport) Act 1979

Local Act		1979 No 7
Date of assent		12 October 1979

	Title
1	Short Title
2	Interpretation
3	Power to acquire rights and interests in passenger transport services
4	Power to acquire shares in company
5	Commerce Act 1975 not to apply
6	Council may advance money
7	Company to borrow only from Council

An Act to empower the Waitemata City Council to carry on passenger transport services

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title

This Act may be cited as the Waitemata City (Passenger Transport) Act 1979.

2 Interpretation

In this Act, unless the context other-wise requires,—

“Authority” means any local or regional authority:

“Company” means the Whenuapai Bus Company Limited:

“Council” means the Waitemata City Council:

“District” means the district of the Council.

3 Power to acquire rights and interests in passenger transport services

Subject to the provisions of Part VII of the Transport Act 1962, the Council may acquire and dispose of any right or interest operated by the company in any service for conveying passengers to and from any place within the district, or any part thereof, or partly within and partly out-side the district, and may operate, maintain, and regulate any such service alone or in conjunction with any other person or persons, including any authority or company.

4 Power to acquire shares in company

The Council shall have the power to purchase, acquire, subscribe for, hold, and dispose of the whole or any part of the shares in the company and, while the Council holds such shares in the company, the following provisions shall apply, notwithstanding anything to the contrary in any Act or rule of law:

(a)

The Council may exercise all the rights, powers, and remedies vested in the shareholders by the Companies Act 1955 or by the Memorandum of Association or the Articles of Association of the company for the purpose of conducting the business and affairs of the company in accordance with and subject to the provisions of this Act and of disposing of the shares and of dissolving or winding up such company:

(b)

Officers or elected members of the Council or any nominee or nominees of the Council shall be capable of being appointed as and remaining as directors of the company:

(c)

The income derived by the company in which all the shares are held by or on behalf of the Council, as and from the date on which the Council acquired all of the shares, shall be deemed for all purposes to become the income of the Council:

(d)

Notwithstanding anything in the Companies Act 1955, the accounts of the company, while the Council has an interest in it, shall be audited by the Audit Office, which for that purpose shall have and may exercise all such powers as it has under the Public Finance Act 1977 in respect of public money and public stores and the audit of Authorities’ accounts:

(e)

The company shall be deemed to have power to transfer the whole or any part of its property or under-taking to the Council, with or without consideration, but no such transfer shall operate to affect the rights existing at the time of transfer of any creditor of the company, whether secured or unsecured, and such rights shall if necessary enure against the Council.

5 Commerce Act 1975 not to apply

The provisions of the Commerce Act 1975 shall not apply to the purchase or acquisition of any rights or interests by the Council pursuant to this Act.

6 Council may advance money

(1)

The Council, either alone or in conjunction with any other person or persons (including any authority or public body), may advance or grant or provide assistance to the company, out of money held or lawfully borrowed by the Council for the purpose, such sum or sums as the Council may from time to time consider necessary or expedient for the conduct of the business of the company.

(2)

Any such advances shall be included in the accounts of the Council and the Council may—

(a)

Subsidise the company or contribute towards the service provided by the company; and

(b)

With the consent of the Local Authorities Loans Board and subject to such terms and conditions as that Board thinks fit to impose, guarantee the financial obligations of the company.

(3)

Where the Council becomes liable to make any payment under any such guarantee, it may make the payment out of the general revenues of the district or out of any money borrowed under this section.

(4)

For the purpose of providing funds to enable it to make any payment for which it becomes liable pursuant to this section, or for the purpose of refunding to the general revenues of the district any money paid thereout under this section, the Council may borrow money by way of special loan under the Local Authorities Loans Act 1956, by special order, and, notwithstanding anything in section 34 of that Act, without the prior consent of the ratepayers.

7 Company to borrow only from Council

While the Council holds any shares in the company, the company shall borrow money only from the Council unless specifically authorised to do otherwise by resolution of the Council.

Waitemata City (Passenger Transport) Act 1979