Energy Companies Act 1992

  • not the latest version

Reprint as at 5 December 2013

Energy Companies Act 1992

Public Act1992 No 56
Date of assent25 June 1992
Commencementsee section 1(2)–(4)

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


Contents

Title

1 Short Title and commencement

Part 1
Preliminary provisions

2 Interpretation

3 Act to bind the Crown

Part 2
Interim trustees

4 Interim trustees

5 Term of office of interim trustees

6 Disqualification of interim trustees

7 Removal from office

8 Appointment to fill casual vacancies

9 Chairperson and Deputy Chairperson

10 Quorum

11 Voting at meetings

12 Procedure

13 Application of certain Acts to interim trustees

14 Trustee Act 1956, etc, not to apply to interim trustees

15 Board may meet costs and expenses of interim trustees

16 Salaries and allowances

17 Amounts of salaries and meeting allowances

Part 3
Establishment plans

18 Establishment plan

19 Joint establishment plan

20 Local authorities may form 1 or more energy companies

21 Establishment plan may provide for use of existing company

22 Share allocation plan

23 Consultation with interim trustees

24 Public consultation on establishment plan

25 Extension of time for submission of establishment plan

26 Future financial stability of company to be considered

27 Approval of establishment plan

28 Approval of revised establishment plan

29 Establishment plan not to be approved unless share allocation plan endorsed

30 Allocation of shares where share allocation plan not endorsed

31 Failure to submit establishment plan

Part 4
Energy companies

Formation of energy companies

32 Formation and registration of energy company

33 Use of existing company

34 Board and local authority may jointly form energy company

35 Minister may act in default of Board or local authority

Operation of energy companies

36 Principal objective to be successful business

37 Directors and their role

38 First directors of energy company formed by Board

38A Directors of existing company

39 Statement of corporate intent

40 Modifications of statement of corporate intent

41 Obligation to make statement of corporate intent available

42 Circumstances in which accountability provisions not to apply

43 Savings of certain transactions

44 Reports and accounts

45 Auditor-General to be auditor of energy companies and subsidiaries

46 Protection from disclosure of sensitive information

Auditing of approved persons

46A Auditing of approved persons

Part 5
Transfer of energy undertakings to energy companies

Transfer of undertaking of Boards

47 Transfer of undertaking of Board to successor company

48 Issue of equity securities and debt securities

49 Depreciation funds to vest in energy company free of all trusts

50 Consequential provisions on transfer of undertaking of Board to successor company

51 Employees of Board

52 Books and documents to remain evidence

53 Registers

54 Taxes and duties

55 Savings as to Board's special rates

Transfer of undertaking of local authorities

56 Local authorities to transfer energy undertakings to energy companies

57 Liabilities in respect of undertakings

58 Certain matters not affected by transfer of undertaking to energy company

59 Consequential provisions on transfer of undertaking of local authority to energy company

60 Protection of conditions of employment upon transfer

61 Employment of transferred employees deemed to be continuous

62 Taxes and duties

63 Transfer of leases, licences, etc, to energy company

64 Exclusion of Public Bodies Leases Act 1969

65 Prohibition on guarantees, etc

65A Restriction on power of local authority to lend to energy company

66 Prohibition on transfer of regulatory functions

67 Duty to act in furtherance of objectives of this Part

General

68 Issue of shares on incorporation of energy company

69 Modification of provisions of Public Works Act 1981

69A Preparation of accounts

Part 6
Waikato Electricity Authority

70 Waikato Electricity Authority

71 Waikato Electricity Authority to prepare share allocation plan

72 Approval of plan

73 Approval of revised plan

74 Failure to submit plan

75 Valuation to be submitted with plan

76 Transfer of assets and shares

77 Provisions to apply in respect of Waikato Electricity Authority and WEL Energy Group Limited

78 WEL Energy Group Limited deemed to be energy company for certain purposes

79 Repeal of Waikato Electricity Authority Act 1988 and amendments

80 WEL Energy Group Limited declared to be administering body

Part 7
Miscellaneous provisions

General

81 Undertakings transferred before commencement of this Act

82 Validation of transfer of certain energy undertakings

83 Electric Power Trusts dissolved

84 Remuneration of trustees appointed under Electric Power Boards Amendment Act 1990

84A Continuation in office of members of Central Canterbury Electric Power Board

85 Public availability of documents

86 Supply of information

86A Supply of computer compiled lists and computer tapes containing electoral information to Electric Power Boards and energy companies

87 Local authority shareholding in energy companies

88 Relinquishment by local authority of controlling interest in energy company

Amendments to other enactments

89 Amendments to Local Government Act 1974

89A Further amendment to Local Government Act 1974 [Repealed]

90 Amendment to Immigration Act 1987

91 Amendment to Electric Power Boards Act 1925

92 Amendments to Waikato Electricity Authority Act 1988 [Repealed]

93 Amendments to Electric Power Boards Amendment Act 1989

94 Amendment to Electric Power Boards Amendment Act 1990

Consequential amendments and repeals

95 Repeal of Auckland Electric Power Board Act 1978 and related amendments

96 Consequential amendments and repeals

Schedule 1
Amendments consequential on repeal of Waikato Electricity Authority Act 1988

Schedule 2
Amendments consequential on repeal of Auckland Electric Power Board Act 1978

Schedule 3
Consequential amendments

Schedule 4
Enactments repealed

Reprint notes


An Act—

  • (a) to provide for the formation of energy companies, the vesting in such companies of the undertakings of Electric Power Boards and the electricity and gas undertakings of local authorities, and for the dissolution of Electric Power Boards; and

  • (b) to repeal the Electric Power Boards Act 1925, the Auckland Electric Power Board Act 1978, and the Waikato Electricity Authority Act 1988