Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on notification in the Gazette, provides for Genesis Power Limited, Hydro Energy Limited, and Waikato SOE Limited, to become State enterprises under the State-Owned Enterprises Act 1986.

Clause 2 adds the names of the companies to Schedules 1 and 2 of the State-Owned Enterprises Act 1986. The companies therefore become State enterprises when the order comes into force.

Clause 3 includes the names of the companies in Part 2 of Schedule 1 of the Ombudsmen Act 1975. The companies therefore become subject to that Act and to the Official Information Act 1982 when the order comes into force.

Clause 4 includes the names of the companies within the list of State-owned enterprises in Schedule 18 of the Income Tax Act 1994. Under section CB 3(a) of that Act, the incomes of public authorities are exempt from tax. That exemption does not apply to State-owned enterprises. State-owned enterprises are also special corporate entities for the purposes of the definition of that term in section OB 1 of that Act, which definition relates to the loss carry forward and grouping provisions.