Pursuant to section 46 of the Telecommunications (TSO, Broadband, and Other Matters) Amendment Act 2011, His Excellency the Governor-General makes the following order, acting—

(a) on the advice and with the consent of the Executive Council; and

(b) on the advice of the Minister of Revenue.

1 Title

2 Commencement

3 Proposal approved

Order

1 Title

This order is the Telecommunications (Structural Separation—Approval of Proposal for Tax Purposes) Order 2011.

2 Commencement

This order comes into force on 29 November 2011.

3 Proposal approved

The proposal set out in the document entitled “Proposal between Telecom Corporation of New Zealand Limited and Chorus Limited for the purposes of section 46 of the Telecommunications (TSO, Broadband, and Other Matters) Amendment Act 2011”, signed on behalf of Telecom Corporation of New Zealand Limited and Chorus Limited on 29 September 2011, is approved.

Rebecca Kitteridge,
Clerk of the Executive Council.

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 29 November 2011, is made under section 46 of the Telecommunications (TSO, Broadband, and Other Matters) Amendment Act 2011 as part of preparing for the structural separation of Telecom. It approves a proposal signed on behalf of Telecom Corporation of New Zealand Limited and Chorus Limited specifying a list of assets and liabilities for the purpose of the definition of designated assets and liabilities as used in subpart 6 of new Part 2A of the Telecommunications Act 2001. Subpart 6 of that Part deals with the taxation consequences of structural separation.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 13 October 2011.

This order is administered by the Inland Revenue Department.

Telecommunications (Structural Separation—Approval of Proposal for Tax Purposes) Order 2011