Any person may propose that a levy be authorised to fund eligible costs relating to eligible infrastructure.

The proposer must give the proposal to the recommender.

A levy proposal for the authorisation of a levy must include the following information:

The recommender must notify the responsible Minister of any levy proposal that the recommender receives.

The recommender—

A proposer must give to the recommender any additional information required by the recommender for the purpose of assessing a levy proposal.

A proposed responsible infrastructure authority may endorse the technical specifications of proposed eligible infrastructure if satisfied that—

The proposed responsible infrastructure authority may give an infrastructure endorsement on request by the proposer, a person acting on behalf of the proposer, or the recommender.

The person who requests an infrastructure endorsement must give to the proposed responsible infrastructure authority all additional information required by the authority for the purpose of giving the endorsement.

For the purpose of subsection (1)(a), the proposed responsible infrastructure authority may require that specified conditions that the authority considers appropriate be included in the vesting agreement relating to the proposed eligible infrastructure.

A proposed responsible levy authority may endorse the proposed levy unless the authority can demonstrate that the proposed levy will compromise its ability to collect rates during the proposed levy period.

The proposed responsible levy authority may give a levy endorsement on request by the proposer, a person acting on behalf of the proposer, or the recommender.

Giving an infrastructure endorsement or a levy endorsement does not—

A proposed responsible infrastructure authority or proposed responsible levy authority must give the recommender and the person who requested an infrastructure endorsement or a levy endorsement written notification of its decision about the endorsement (including a decision not to give the endorsement) and the reasons for that decision.

Protected Māori land may be included in a proposed levy area only if the owners of that land consent to its inclusion.

The owners must give any consent in writing to the proposer and the recommender.

The recommender must not recommend a levy proposal to the responsible Minister unless the recommender has received—

In deciding whether to recommend a levy proposal, the recommender must take into account only—

The recommender—

A report under this section must contain—

The recommender must give to the responsible Minister—

The responsible Minister may recommend to the Governor-General in Council that a levy order be made only if the responsible Minister is satisfied that authorising the proposed levy is appropriate having regard to the matters set out in subsection (4) and in accordance with subsections (5) and (6).

The responsible Minister may recommend that a levy order be made only after receiving a recommendation report that includes all endorsements and consents under sections 20, 21, and 24.

The responsible Minister—

The responsible Minister must take only the following matters into account:

The responsible Minister may recommend that a levy order apply section 99 only if satisfied that the exercise by a responsible SPV of the powers referred to in section 99(2) is reasonably necessary to complete the construction of the relevant eligible infrastructure.

The responsible Minister may recommend that a levy order apply either or both of the limits in section 142 only if satisfied that the recommendation is not likely to unfairly prejudice any creditor of the responsible SPV in the relevant circumstances.

Before recommending a levy order, the responsible Minister must consult the Ministers responsible for the following Acts:

Before making a recommendation under section 27(6), the responsible Minister must consult the Minister responsible for the Companies Act 1993 and the Minister responsible for the Property Law Act 2007.

The Governor-General may, by Order in Council made on the recommendation of the responsible Minister, authorise the use of a levy for the purpose of funding eligible costs relating to eligible infrastructure.

An order under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

If a levy order is made, the monitor must publish the recommender’s report received by the responsible Minister under section 26.

A levy order must—

The description of eligible infrastructure under subsection (1)(b) must be—

For the purposes of subsection (1)(d),—

For the purposes of subsection (1)(e),—

The levy order may authorise a levy to be set for all leviable land in the levy area—

If subsection (1)(b) applies, the levy order must identify the categories of leviable land that are defined in terms of 1 or more of the matters listed in Schedule 2 of the Local Government (Rating) Act 2002, as modified by subsection (3) and with all other necessary modifications.

Clause 5 of Schedule 2 of the Local Government (Rating) Act 2002 applies as if—

The levy order must set out how liability for the levy is to be assessed for rating units.

The levy order must identify a factor or factors listed in Schedule 3 of the Local Government (Rating) Act 2002, as modified by subsection (5) and with all other necessary modifications, to be used to assess liability for the levy.

Despite subsection (2), the levy order may provide for the calculation of the liability for the levy as a fixed amount for each rating unit in the levy area.

If the levy is set differentially under section 32(1)(b), the levy order does not have to require a levy to be assessed using the same factors for each category of land.

Clauses 8, 9, and 10 of Schedule 3 of the Local Government (Rating) Act 2002 apply as if they referred—

A levy order may—

This subpart applies when a levy order comes into force.

Land within a levy area is leviable under this Act to the extent that it is rateable under sections 7 to 9 of the Local Government (Rating) Act 2002.

The ratepayer for a rating unit is liable to pay all levy that is due on the unit.

The ratepayer for a separate rating area is liable to pay all levy that is due on the separate rating area.

However,—

In any calculation of the levy liability of trustees under section 93 of the Local Government (Rating) Act 2002, any rates assessed under that Act must first be deducted from the income referred to in that section.

Levy must be paid, and instalments of levy must be paid, on the dates set under section 24 of the Local Government (Rating) Act 2002 for the payment of rates and rates instalments.

The levy period specified in a levy order must not exceed 50 years.

The levy period begins at the start of the first year of the levy period.

The responsible SPV must set the amount of levy for each levy year.

Each levy must—

In setting the levy, the responsible SPV must calculate it in accordance with the levy order.

The responsible SPV must ensure that the process of confirmation of an annual levy set out in sections 42 to 50 is completed in time for a resolution under section 45 or, if applicable, section 50 to be given to the monitor and the responsible levy authority by 10 May before the start of the levy year for which the annual levy is being set.

A responsible levy authority must give to a responsible SPV all rating information from the authority’s rating information database that the responsible SPV reasonably requests in order to set annual levy.

The responsible SPV must prepare a proposed annual levy resolution for each levy year.

A proposed annual levy resolution must contain information that is sufficient to enable the responsible levy authority to correctly assess the levy on all rating units in the levy area that are subject to the levy.

If a levy order authorises a levy to be applied to more than 1 category of land, a proposed annual levy resolution must specify, for each category of land, the amount of levy to be assessed and the factor or factors to be used in the assessment.

The proposed annual levy resolution must also include the total amount of levy revenue that the SPV intends to collect in the levy year to which the resolution relates, including the levy revenue expected from each category of land.

The responsible SPV must give to the monitor—

The monitor must review the proposed annual levy resolution and report and determine whether the proposed resolution is in accordance with the levy order.

If the monitor is satisfied that the proposed annual levy resolution is in accordance with the levy order, the monitor must—

On being notified of the monitor’s confirmation of a proposed annual levy resolution, the responsible SPV must, by written resolution, set the annual levy for the coming levy year in accordance with that confirmation.

The responsible SPV must, no later than 10 working days after the day on which the resolution is made, send a copy of the resolution to the monitor and the responsible levy authority.

The monitor must publish a resolution no later than the day that is 5 working days after receiving it under section 45(2).

If the monitor is not satisfied that the proposed annual levy resolution complies with the levy order, the monitor must notify the responsible SPV of—

On receiving a notification under section 47, the responsible SPV must prepare and give to the monitor a revised proposed annual levy resolution for confirmation.

Sections 42 to 47 apply in relation to the revised proposed resolution.

If the monitor does not confirm the revised proposed annual levy resolution, the monitor may—

The monitor—

On receiving a direction under section 49, the responsible SPV must,—

The responsible SPV may correct an annual levy resolution at any time before the end of the levy year for which the levy was set if—

The responsible SPV may correct the annual levy only if—

The notice must include the reason why the SPV has determined that it is desirable to correct the annual levy.

If correcting the annual levy results in a change to the amount of levy to be assessed for any rating unit or separate rating area,—

In this section, public notice has the same meaning as in section 5 of the Local Government (Rating) Act 2002.

This section applies if a levy order includes a requirement under section 34(b).

If the amount of the responsible SPV’s forecast excess levy exceeds the amount specified by the levy order, the SPV must reduce the maximum levy revenue by reducing either or both of the following:

The responsible SPV must notify the monitor of a reduction in the maximum levy revenue.

The monitor must publish a notice of the reduced maximum levy revenue no later than the day that is 5 working days after being notified of it.

The responsible SPV is authorised to administer a levy that is authorised by a levy order.

However, the responsible levy authority must administer the levy on behalf of the responsible SPV in accordance with—

The responsible levy authority and the responsible SPV must take all reasonable steps to enter into a levy administration agreement under which the responsible levy authority will administer a levy on behalf of the responsible SPV, including by assessing and collecting the levy and recovering unpaid levy.

The agreement must be consistent with this Part.

If the responsible SPV and the responsible levy authority cannot agree on all terms of a levy administration agreement, they must refer the issue to the monitor.

The monitor must determine all outstanding terms of the agreement within 20 working days.

The terms of the agreement are—

This section applies if—

The responsible levy authority—

A levy assessed in respect of a rating unit is a charge against that unit.

Subsection (1) does not apply in respect of a levy due on a separate rating area.

A person must not refuse to pay a levy on the ground that the levy is invalid unless the person brings proceedings to challenge the validity of the levy on the ground that the responsible levy authority or the responsible SPV is not empowered to set or assess the levy on the particular rating unit or separate rating area.

The responsible levy authority must pay to the responsible SPV all levy revenue that the authority collects, and all unpaid levy that the authority recovers, on behalf of the SPV under this subpart.

However, this obligation is subject to the terms of the levy administration agreement between the authority and the SPV.

The responsible levy authority must include in its rating information database levy-related information about rating units and separate rating areas in the levy area, including all information that relates to any rating unit or separate rating area that is required to—

The sections of the Local Government (Rating) Act 2002 that are set out in subsection (3) apply to the inclusion of that information in the database, except that any reference in—

The sections are—

If an objection under section 29 of the Local Government (Rating) Act 2002 (as applied to levy-related information) is not upheld, the objector may refer the objection to the monitor to consider whether the levy was incorrectly assessed.

Objections must be referred in writing and lodged with the monitor.

The monitor must consider any written objection lodged with it under this section.

After considering the objection, the monitor must—

The monitor must comply with subsection (4) no later than 30 working days after the day on which the objection is lodged with the monitor.

If directed by the monitor, the responsible levy authority must—

The responsible SPV must give to the responsible levy authority all levy-related information that—

The following sections of the Local Government (Rating) Act 2002 apply to levies under this Act:

The responsible levy authority must include information relating to levy liability in the rates record for each rating unit and separate rating area in the levy area.

The sections of the Local Government (Rating) Act 2002 that are set out in subsection (7) apply to that levy-related information (except that, in section 37(3) of that Act, the reference to section 27(4) must be read as a reference to that provision as applied by section 61(2)(a) of this Act).

A levypayer may object to the levy-related information in a rates record on the ground that it is incorrectly recorded.

Objections must be lodged with the responsible levy authority.

If an objection is lodged,—

If the responsible levy authority notifies the levypayer that the objection is not upheld,—

For the purposes of subsection (2), the sections are—

The responsible levy authority, whether or not an objection has been made, may correct an error in levy-related information in—

The sections of the Local Government (Rating) Act 2002 that are set out in subsection (3) apply to the issue of an amended levy assessment by the responsible levy authority.

In applying those sections, a reference—

For the purposes of subsection (1), the sections are—

A responsible levy authority must assess the levy to be paid by a levypayer—

The levy liability of a rating unit or separate rating area is not affected by a change to any factor (listed in Schedule 3 of the Local Government (Rating) Act 2002, as applied by section 33(5) of this Act) in relation to the rating unit or separate rating area during the levy year for which the levy is assessed.

The responsible levy authority must treat 2 or more rating units as 1 unit for assessing levy if the rating units are treated as 1 unit under section 20 or 20A of the Local Government (Rating) Act 2002.

A responsible levy authority must give to a levypayer in the levy area notice of the levypayer’s liability for a levy on a rating unit or separate rating area—

A levypayer is liable for the levy on a rating unit or separate rating area when the responsible levy authority delivers the notice of levy liability to the levypayer.

This section sets out the levy liability information that the responsible levy authority must include in a levy assessment.

The following sections of the Local Government (Rating) Act 2002 apply to a rates assessment that includes levy liability:

The responsible levy authority must deliver to a levypayer a levy invoice for a period for which levy payment is due, and section 46 (rates invoice) of the Local Government (Rating) Act 2002 applies to the levy invoice.

The authority may deliver the levy invoice—

A levy invoice must include the name and address of the responsible SPV.

The authority must ensure that a rates invoice clearly distinguishes a levy from rates.

The following sections of the Local Government (Rating) Act 2002 apply to a levy assessment and a levy invoice:

The following sections of the Local Government (Rating) Act 2002 apply to the collection of a levy:

Section 54 of the Local Government (Rating) Act 2002 applies in relation to the combined amount of rates and levy to be collected, and the responsible levy authority must inform the responsible SPV of any amounts of levy not collected under that section.

The responsible levy authority may impose penalties in addition to a levy that is not paid by the due date.

The amount of the penalty is the amount of penalty authorised by the authority in relation to unpaid rates under section 57 of the Local Government (Rating) Act 2002.

Section 58 (imposition of penalty) of the Local Government (Rating) Act 2002 applies to those penalties.

The responsible SPV and the responsible levy authority must take all reasonable steps to agree on the terms of a levy remission policy and a levy postponement policy for the purposes of this Act.

A levy remission policy may provide that there is to be no remission of levy, and a levy postponement policy may provide that there is to be no postponement of the requirement to pay a levy.

A levy remission policy must not contain any provision in relation to development contributions or financial contributions previously received by the responsible levy authority (see sections 94 to 98).

The responsible SPV must give a copy of its levy remission policy and levy postponement policy to—

The monitor must publish the policies.

The responsible levy authority must also publish the policies.

For the purpose of agreeing on the terms of a levy remission policy or a levy postponement policy (or agreeing not to have 1 or either of those policies) in relation to rating units or separate rating areas located on Maori freehold land, the responsible SPV and the responsible levy authority must have regard to the matters and objectives set out in Schedule 11 of the Local Government Act 2002, which applies with all necessary modifications.

Section 114A of the Local Government (Rating) Act 2002 (remission of rates for Maori freehold land under development) applies to a levy under this Act.

However, the responsible levy authority may remit a levy under section 114A of the Local Government (Rating) Act 2002 only with the consent of the responsible SPV.

In this section, Maori freehold land has the same meaning as in section 11(2).

The responsible levy authority must remit all or part of the levy on a rating unit or separate rating area in accordance with the levy remission policy agreed under section 76.

The authority must give notice to the levypayer identifying the remitted levy.

The authority must record the remitted levy—

The responsible levy authority must postpone the requirement to pay all or part of the levy on a rating unit in accordance with the levy postponement policy agreed under section 76.

The authority must give notice to the levypayer—

The sections of the Local Government (Rating) Act 2002 that are set out in subsection (4) apply to the postponement of the requirement to pay a levy.

The sections are—

This section applies if—

The responsible levy authority must notify the responsible SPV—

On receiving the notice, the responsible SPV may write off any unpaid levy—

The responsible SPV must—

The responsible levy authority may recover unpaid levy under sections 61, 62, 75A, 75B, 83A, 83B, and 84 of the Local Government (Rating) Act 2002.

The responsible levy authority may take recovery action in relation to unpaid levy and unpaid rates payable on Maori freehold land and the provisions of Part 4 of the Local Government (Rating) Act 2002 apply to that recovery.

The responsible SPV may take recovery action under Part 3 of the Local Government (Rating) Act 2002 in relation to unpaid levy if the responsible levy authority informs the SPV under section 57(2)(a) that the authority will not recover that unpaid levy.

The following sections of the Local Government (Rating) Act 2002, as further modified in accordance with sections 83 to 85 of this Act, apply to that recovery:

A responsible SPV may commence proceedings to recover as a debt due a levy that remains unpaid for 4 months after the due date for payment.

Sections 62A to 76 (other than sections 75 to 75B) of the Local Government (Rating) Act 2002 apply to those proceedings.

Section 84 of this Act applies instead of sections 75 to 75B of the Local Government (Rating) Act 2002.

This section applies to the proceeds of a sale or lease under section 71 or 72 of the Local Government (Rating) Act 2002.

Those proceeds must be applied in the following order:

For the purposes of subsection (2)(d), if levies are imposed under more than 1 levy order, the proceeds of sale that are applied to the levies must be applied in the order in which those orders were made.

The responsible SPV may take recovery action in relation to unpaid levy payable on Māori freehold land, and the provisions of Part 4 of the Local Government (Rating) Act 2002 apply to that recovery.

The responsible levy authority must make available to the responsible SPV all information necessary to enable the SPV to recover unpaid levy under this subpart.

A responsible SPV must ensure that the amount of levy collected over the levy period under a levy order does not exceed the maximum levy revenue.

A responsible SPV may apply levy revenue only to pay eligible costs authorised by the levy order (or otherwise as expressly permitted or required by this Act).

A responsible SPV and the responsible infrastructure authority must enter into a vesting agreement that specifies the circumstances and conditions for the transfer of eligible infrastructure to the responsible infrastructure authority.

A vesting agreement must include all specified conditions required by the responsible infrastructure authority under section 20(4), other than any condition the responsible infrastructure authority modifies or waives.

The responsible SPV must transfer eligible infrastructure to the responsible infrastructure authority, and the authority must accept the transfer, in accordance with that agreement.

A responsible SPV must pay any excess levy to the responsible levy authority.

If the total amount of excess levy is equal to or greater than the excess levy threshold under section 92 at the end of the levy period, the responsible levy authority must—

If the total amount of excess levy is less than the excess levy threshold under section 92, the responsible levy authority may retain the excess levy.

For the purposes of section 91, excess levy threshold means an amount calculated, as at the end of the levy period, in accordance with the following formula:

The monitor must, before the start of each levy year after the commencement of this Act (unless $e would not be increased as a result of paragraph (a)),—

The responsible SPV may enter an agreement with the responsible levy authority under which the SPV assigns to the authority the SPV’s right to any amount of levy that is uncollected at the end of the levy period.

If an agreement is entered, the relevant provisions of the Local Government (Rating) Act 2002 apply to the collection and recovery of the uncollected levy in the same way that they apply in relation to rates under that Act.

In this section, levy is uncollected if—

This section and sections 95 to 98 apply if the responsible levy authority has, before the levy order comes into force, received (or required but not yet received) previous contributions in relation to any eligible infrastructure.

In this section and sections 95 to 98, previous contribution means either or both of the following:

As soon as practicable after the relevant levy order comes into force, the responsible levy authority must give the responsible SPV a list of previous contributions.

The list of previous contributions must, so far as information available to the responsible levy authority allows,—

The responsible SPV may, by written notice sent within 60 days after receiving a list of previous contributions, direct the responsible levy authority—

The responsible levy authority must comply with those directions, and sections 85(2) and 86 of the Local Government (Rating) Act 2002 apply to the remission of the levy.

The proportion of levy for the purposes of subsection (1)(b) is calculated in accordance with the following formula:

In this section, costs of construction, in relation to eligible infrastructure, means the costs of the construction of that infrastructure that are set out in section 9(3).

If the responsible SPV does not make a direction under section 96, the responsible levy authority must refund or return the amount of the previous contribution identified in respect of each rating unit or separate rating area in the list of previous contributions to the current ratepayer for that rating unit or separate rating area.

Sections 209 and 210 of the Local Government Act 2002 do not apply to previous contributions—

This section applies to eligible infrastructure only if a levy order applies this section (see section 34(g)(i)).

A responsible SPV may exercise the powers of a local authority or a territorial authority under section 181 of the Local Government Act 2002 for the construction of eligible infrastructure in a levy area (and, for that purpose, section 181 and Schedule 12 of that Act apply with all necessary modifications).

This section and sections 101 to 105 apply only if applied by a levy order (see section 34(g)(ii)).

For the purposes of providing water services infrastructure in the levy area, the responsible SPV may—

However, the responsible SPV must exercise the powers under subsection (2) in accordance with any conditions that the person who has jurisdiction over the road or land imposes.

Before a responsible SPV proceeds to open or break up any road or public land under section 100(2)(b), the SPV must give to the person who has jurisdiction over the road or land written notice of the intention to carry out the work.

Subsection (1) is subject to section 104.

Every notice must specify the location of the proposed work, the nature of the work to be carried out, and the reasons for it.

The person who has jurisdiction over the road or land must notify the responsible SPV in writing of any conditions imposed under section 100(3).

Notification must be given not later than the day that is 20 working days after the person receives written notice of the intention to carry out work.

If the person who has jurisdiction over the road or land fails to notify the responsible SPV in accordance with section 102, the conditions are not imposed and the SPV may commence work.

If work is urgent and necessary because of any defective equipment or other emergency, a responsible SPV—

A responsible SPV may appeal to the District Court against any condition imposed under section 100(3) on the grounds that the condition is unreasonable.

An appeal must be made not later than the day that is 45 working days after the date of notification of the conditions imposed, or within any further time that the District Court may allow.

In its determination of any appeal, the District Court may confirm, modify, or cancel the condition.

The decision of the District Court in the determination of an appeal under this section is final.

In this subpart,—

A responsible SPV must—

An SPV must ensure that there are kept at all times accounting records that—

The SPV must establish and maintain a satisfactory system of control of its accounting records.

The accounting records must be kept—

An SPV must ensure that, within 4 months after the end of each levy year, financial statements that comply with generally accepted accounting practice are completed in relation to the SPV and that levy year.

An SPV must ensure that its financial statements are audited by a qualified auditor.

An auditor must, in carrying out an audit for that purpose, comply with all applicable auditing and assurance standards.

An SPV must,—

The monitor must publish the annual report.

An SPV’s annual report must contain—

The annual report must include the following information for the levy year to which it relates:

For the purposes of section 112(2)(f), the monitor may (by written notice at least 4 months before the start of a levy year) require an SPV to include additional information in its annual report for that year.

The monitor must publish any requirement given under this section.

A responsible levy authority or a responsible infrastructure authority must not give to any person any guarantee, indemnity, or security in relation to the performance of any obligation by an SPV.

A responsible levy authority must not lend money or provide credit to an SPV.

In this section, lend money or provide credit—

The Crown is not liable to contribute to the payment of any debts or liabilities of an SPV.

This section does not apply to a liability for any sum of a kind described in section 49(2) of the Public Finance Act 1989.

If an SPV is named as issuer or is otherwise named with its consent in a disclosure document, that document must contain a statement that the financial products being offered under the document are not guaranteed by the Crown.

Subsection (1) does not apply if the financial products offered under the document are expressly guaranteed by the Crown under the Public Finance Act 1989.

If an SPV enters into a loan agreement or an incidental arrangement, that agreement or arrangement must state that the loan or other liability under the agreement or arrangement is not guaranteed by the Crown.

Subsection (3) does not apply to any liability for any sum of a kind described in section 49(2) of the Public Finance Act 1989.

In this section,—

The Governor-General may, by Order in Council made on the recommendation of the responsible Minister, appoint a government agency as monitor for the purposes of this Act.

An order under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

The monitor’s functions are to—

In addition, the monitor may exercise all powers that are—

The monitor must publish general information about the levy scheme established by this Act, to enhance public understanding of how a levy order applies to a levy area and how levy liability applies to rating units.

In addition, the monitor must publish information about a specific levy area, levy order, and responsible SPV, including—

The monitor may direct a responsible SPV or a responsible levy authority to give the monitor any information or other assistance that the monitor considers to be reasonably necessary for the performance of the monitor’s functions and duties and the exercise of the monitor’s powers (including all information requested by the monitor from the authority’s rating information database and rates records).

The SPV or authority must comply with the direction.

This section applies if a restricted change of control occurs.

The monitor may direct the SPV not to pay any specified distributions to prohibited persons, and the SPV must comply with that direction.

In this section,—

The monitor may inquire into any aspect of an SPV’s operations if the monitor—

This section applies whether or not the monitor has conducted an inquiry under section 123.

If the monitor reasonably believes that a significant problem relating to a responsible SPV exists, the monitor must direct the SPV—

A direction must—

The responsible SPV must comply with a direction given under this section.

If the monitor is satisfied that a remedial plan prepared by the SPV will address the significant problem,—

If the monitor is not satisfied that a remedial plan prepared by the responsible SPV will address the significant problem, the monitor must give a direction to the SPV under subsection (2)(a).

The preparation of a remedial plan does not prevent the monitor from giving a direction under subsection (2)(a).

If a responsible SPV fails to address a significant problem in accordance with section 124, the monitor may recommend to the responsible Minister that a Crown Manager be appointed to the SPV.

The responsible Minister may, by notice, appoint a person as Crown Manager to a responsible SPV if—

The notice of appointment must include—

In addition, the notice of appointment may include limits or conditions on—

The responsible Minister must notify the appointment of a Crown Manager—

A Crown Manager must perform the functions and duties and exercise the powers of the responsible SPV under this Act—

The functions and powers of a Crown Manager include all matters for which the responsible SPV is responsible under this Act.

The Crown Manager may—

The board of directors or other governing body of the SPV—

A Crown Manager must inform the responsible Minister and the monitor about—

The monitor, if satisfied that the significant problem has been addressed, must inform the responsible Minister.

The responsible Minister may terminate the appointment of a Crown Manager at any time.

No compensation is payable to the Crown Manager in relation to the termination of their appointment.

The Crown Manager is not liable for any act done in good faith in the performance or intended performance of their functions or duties or the exercise of their powers.

A responsible SPV owes as a debt to the Crown any costs that the Crown incurs for the appointment of a Crown Manager to the SPV, including the payment of remuneration and expenses to the Crown Manager.

The SPV must not pay those costs by increasing the levy or extending the levy period.

A Crown Manager is entitled—

In this section, fees framework means the framework determined by the Government from time to time for the classification and remuneration of statutory and other bodies in which the Crown has an interest.

Except as set out in this subpart, the usual rights and remedies available to creditors apply in relation to SPVs.

The Receiverships Act 1993 applies to a receiver of an asset of an SPV appointed under this subpart with the modifications set out in this subpart.

This section applies if an SPV gives a charge over any asset of the SPV as security for any loan or for the performance of any obligation.

The instrument that creates or evidences the terms and conditions of the charge may provide for the appointment of a receiver of that asset on terms agreed by the parties.

This section applies subject to the Personal Property Securities Act 1999, and does not limit any other rights or remedies of the holder of a charge over any asset of an SPV.

The court may, on application by any creditor of a responsible SPV, appoint a receiver to exercise the powers, and perform the functions, of the SPV under this Act in relation to a levy.

The court must, as it considers appropriate, specify—

Before appointing a receiver, the court must have regard to—

This section does not limit the proceedings that may be brought against an SPV or the circumstances in which a court may appoint a receiver of an SPV’s other assets.

This section is subject to sections 140 and 141.

This section applies if—

From the date of the receiver’s appointment until the termination of that appointment, all powers of the responsible SPV that relate to a levy under this Act are conferred on, and may be exercised by, the receiver.

The receiver may exercise the SPV’s powers as agent of the responsible SPV.

Section 13 of the Receiverships Act 1993 is subject to section 139(3) of this Act (which limits the exercise of those powers in relation to assets not charged in favour of the appointor of the receiver).

The general duties imposed on receivers by section 18 of the Receiverships Act 1993 are subject to the constraints imposed on receivers by section 139(1).

A receiver appointed in relation to a responsible SPV or an asset of a responsible SPV must ensure that no action of the receiver prevents any activities of that SPV, any other SPV, or the responsible infrastructure authority that are essential for the maintenance of public health and safety, regardless of anything in—

An action of the receiver is only to be taken to prevent an activity of the responsible SPV, any other SPV, or the responsible infrastructure authority if—

In exercising any powers (including those of a manager), the receiver is not entitled to control, dispose of, or otherwise interfere with the ability of the responsible SPV, any other SPV, or the responsible infrastructure authority to exercise or perform its rights, powers, and duties in relation to assets not charged in favour of the appointor of the receiver.

A receiver appointed under a charge instrument or by the court must distribute the proceeds of collection and recovery of the money and assets the receiver is entitled to collect and recover in the following order of priority:

No proceedings lie against a receiver of a responsible SPV for any breach of section 139(1) by—

No proceedings lie against an adviser or a delegate of a receiver for any breach of section 139, other than proceedings brought by the receiver.

A receiver (and any adviser or delegate) must be indemnified in accordance with subsections (4) and (5) in respect of any liability relating to the exercise, purported exercise, or omission to exercise any right or power of the receiver by the receiver (or the adviser or delegate).

A receiver appointed by the court (and any adviser or delegate) must be indemnified by the responsible SPV.

A receiver appointed under a charge document (and any adviser or delegate) must be indemnified out of the assets subject to receivership, unless the terms of the appointment of the receiver provide otherwise.

Subsections (1) and (3) do not apply to an act or omission of a person that constitutes bad faith or gross negligence.

This section does not limit or affect the operation of sections 19 and 20 of the Receiverships Act 1993.

In this section, adviser or delegate, in relation to a receiver, means an adviser or a delegate of the receiver who has been reasonably selected and whose activities have been reasonably supervised.

If a Crown Manager is appointed under this Act in relation to a responsible SPV (either before or after a receiver is appointed under a charge instrument or by the court), the court may order that any receiver so appointed may not, until the court so orders, exercise any of the rights, powers, and duties of a receiver.

This section applies only if applied by a levy order (see section 34(g)(iii)).

Section 297 of the Companies Act 1993 does not apply to the relevant transactions (or any class of relevant transactions set out in a levy order) if a levy order applies this limit.

Subpart 6 of Part 6 of the Property Law Act 2007 does not apply to the relevant dispositions (or classes of relevant dispositions set out in a levy order) if a levy order applies this limit.

In this section, relevant transaction or relevant disposition means—

A court may, on application by the monitor, grant an injunction restraining an SPV from engaging in conduct that constitutes or would constitute a contravention, or involvement in a contravention, of this Act or a levy order.

A court may grant an injunction restraining an SPV from engaging in conduct of a particular kind if—

The court may grant an interim injunction restraining an SPV from engaging in conduct of a particular kind if in its opinion it is desirable to do so.

Subsections (1)(a) and (2) apply whether or not it appears to the court that the SPV intends to engage again, or to continue to engage, in conduct of that kind.

Subsections (1)(b) and (2) apply whether or not the SPV has previously engaged in conduct of that kind or there is an imminent danger of substantial damage to any other person if the SPV engages in conduct of that kind.

If the monitor applies to the court for the grant of an injunction, the court must not, as a condition of granting the injunction, require the monitor to give an undertaking as to damages.

In determining the monitor’s application for the grant of an injunction, the court must not take into account the fact that the monitor is not required to give an undertaking as to damages.

The court may, on application by the monitor, make an order (a compliance order) requiring an SPV to do 1 or more of the following:

The court may make a compliance order if it is satisfied that, by engaging in any conduct, the SPV has failed, or is likely to fail, to comply with a provision of this Act or the levy order.

The court may make a compliance order on any terms that it considers appropriate, including by specifying any reasonable steps that the SPV must take in order to comply with the order.

A court may, on application by the monitor, make a civil liability order if the court is satisfied that a person has contravened or was involved in a contravention of this Act or a levy order.

A civil liability order may direct the person in contravention, or the person involved in the contravention, to refund money or return property to an SPV if the court is satisfied that the SPV has suffered, or is likely to suffer, loss or damage because of the contravention.

A court may, on application by the monitor, make a compensatory order if—

The court may make any order it thinks just to compensate an SPV in whole or in part for the loss or damage, or to prevent or reduce the loss or damage.

An order under this section may include an order to direct a relevant person to do either or both of the following:

Subsection (3) does not limit subsection (2).

In this section, relevant person means—

In any proceeding under section 147 or 148 against a person (A) for a contravention of this Act or a levy order, it is a defence if A proves that—

For the purposes of subsection (1)(a) and (b)(i), another person does not include a member of the board of directors or other governing body, an employee, or an agent of A.