Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2007
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Reprint
as at 1 October 2012
Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2007
(SR 2007/304)
Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2007: expired, on 1 October 2012, by clause 3.
Note
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This notice is administered by the Takeovers Panel.
Pursuant to section 45 of the Takeovers Act 1993, the Takeovers Panel gives the following notice (to which is appended a statement of reasons of the Takeovers Panel).
Notice
1 Title
This notice is the Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2007.
2 Application
This notice applies to acts or omissions occurring on or after the date that it is signed under seal.
3 Expiry
This notice expires on the close of 30 September 2012.
4 Interpretation
-
(1) In this notice, unless the context otherwise requires,—
Act means the Takeovers Act 1993
Code means the Takeovers Code under the Act
control percentage means the percentage of voting rights in Horizon that a person holds or controls or is deemed to hold or control
Eastern Bay means the Eastern Bay Energy Trust established by deed of trust dated 1 August 1994
Horizon means Horizon Energy Distribution Limited
trust deed means the Bay of Plenty Electricity Consumer Trust deed of trust in force on 22 August 2002.
(2) Any term or expression that is defined in the Act or the Code and used, but not defined, in this notice has the same meaning as in the Act or the Code.
5 Exemption from rule 6(1) of Code
Every person who is appointed a trustee of Eastern Bay in accordance with the trust deed is exempted from rule 6(1) of the Code in respect of any increase in that person's control percentage resulting from the appointment.
Dated at Auckland this 1st day of October 2007.
The Common Seal of the Takeovers Panel was affixed in the presence of:
[Seal]
D O Jones,
Chairperson.
Statement of reasons
This notice applies to acts or omissions occurring on or after the date that it is signed under seal and expires on 30 September 2012.
The Takeovers Panel (the Panel) has granted an exemption from rule 6(1) of the Takeovers Code (the Code) to a person who is appointed as a trustee of the Eastern Bay Energy Trust (Eastern Bay) if the appointment will result in the person being deemed to hold or control (by the operation of rule 6(2)(b) of the Code) an increased percentage of voting rights in Horizon Energy Distribution Limited (Horizon). Eastern Bay is a shareholder of Horizon.
This notice effectively replaces the Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2002.
The Panel considers that the exemption is appropriate and consistent with the objectives of the Code because:
the trustees of Eastern Bay exercise control over that trust's voting rights in Horizon in their capacity as trustees of Eastern Bay and subject to their duties and obligations under the trust deed and at law:
the cost of obtaining the approval of the non-associated shareholders of Horizon to the appointment of a trustee of Eastern Bay is not justified when that appointment will not in substance represent any change in the control of Eastern Bay's voting rights in Horizon:
the shareholders of Horizon will not be disadvantaged in not having the opportunity to vote on the appointment of the new trustees at a meeting of shareholders, as it would have no real effect on those shareholders.
Date of notification in Gazette: 4 October 2007.
Contents
1General
2Status of reprints
3How reprints are prepared
4Changes made under section 17C of the Acts and Regulations Publication Act 1989
5List of amendments incorporated in this reprint (most recent first)
Notes
1 General
-
This is a reprint of the Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2007. The reprint incorporates all the amendments to the notice as at 1 October 2012, as specified in the list of amendments at the end of these notes.
Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/
.
2 Status of reprints
-
Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.
This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.
3 How reprints are prepared
A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/
or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.
4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
-
Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.
A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.
In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:
•omission of unnecessary referential words (such as
“of this section”
and“of this Act”
)•typeface and type size (Times Roman, generally in 11.5 point)
-
•layout of provisions, including:
•indentation
•position of section headings (eg, the number and heading now appear above the section)
•format of definitions (eg, the defined term now appears in bold type, without quotation marks)
•format of dates (eg, a date formerly expressed as
“the 1st day of January 1999”
is now expressed as“1 January 1999”
)•position of the date of assent (it now appears on the front page of each Act)
•punctuation (eg, colons are not used after definitions)
•Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly
-
•case and appearance of letters and words, including:
•format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)
•small capital letters in section and subsection references are now capital letters
•schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly
•running heads (the information that appears at the top of each page)
•format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).
5 List of amendments incorporated in this reprint (most recent first)
Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2007 (SR 2007/304): clause 3
Versions
Takeovers Code (Eastern Bay Energy Trust) Exemption Notice 2007
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