Energy Companies Act 1992

  • not the latest version
  • This version was reprinted on 13 May 2016 to make corrections to sections 6(1)(e) and 46A under section 25(1)(d) and (j)(iii) of the Legislation Act 2012.

Part 1 Preliminary provisions

2 Interpretation

(1)

In this Act, unless the context otherwise requires,—

appointed day means the date appointed by the Governor-General in an Order in Council made under section 47(1) for the vesting of the undertaking of a Board named in the order in that Board’s successor company

approved establishment plan, in relation to an establishing authority, means an establishment plan approved pursuant to section 27 or section 28 in respect of that authority

approved person means any person (other than a local authority) who is identified in an approved establishment plan as a person to whom voting equity securities in an energy company should be issued and who is approved by the Minister, by notice in the Gazette, for the purposes of Part 4

Board means—

(a)

an Electric Power Board constituted under the Electric Power Boards Act 1925:

(b)

the Auckland Electric Power Board constituted under the Auckland Electric Power Board Act 1978:

(c)

the Rotorua Area Electricity Authority (which was constituted by an Order in Council made on 9 August 1971 and published in the Gazette on 12 August 1971 at page 1586 and which was continued as a body corporate by section 726(3)(b) of the Local Government Act 1974)

Board’s successor company, in relation to a Board, means the energy company to which the undertaking of the Board is to be, or has been, transferred in accordance with section 47

constituent local authority, in relation to a Board, means a local authority the whole or any part of whose district is situated within the district of that Board

debt security has the same meaning as in section 8 of the Financial Markets Conduct Act 2013

directorate, in relation to an energy company, means the board of directors of that energy company

electoral address, in relation to an elector of a local authority, means the address in respect of which that person is registered as an elector of that local authority

electricity undertaking, in relation to a local authority, means the undertaking of that local authority as it relates to the generation, distribution, and supply of electricity; and includes—

(a)

the sale or supply of equipment or appliances that consume electricity; and

(b)

the sale or supply of services in relation to equipment or appliances that consume electricity; and

(c)

all the assets of the local authority used for or in connection with the electricity undertaking of that local authority, including all land, buildings, works, machinery, apparatus, fittings, appliances, contracts, and every other property, right, or interest, whether real or personal and whether legal or equitable, that is an asset of that electricity undertaking

energy means electricity and gas

energy company means a company formed and registered in accordance with section 32; and includes any subsidiary of an energy company; and also includes any company to which the energy undertaking of a Board, or all or part of any energy undertaking of a local authority, is transferred in accordance with section 47 or section 56

energy undertaking means—

(a)

an electricity undertaking:

(b)

a gas undertaking:

(c)

the undertaking of a Board

equity security has the same meaning as in section 8 of the Financial Markets Conduct Act 2013

establishing authority means—

(a)

a Board:

(b)

a local authority whose operations include an energy undertaking

establishment plan, in relation to an establishing authority, means the plan prepared by that establishing authority pursuant to section 18; and includes a revised establishment plan prepared pursuant to section 27

financial statements, in relation to an energy company, means—

(a)

group financial statements within the meaning of section 7 of the Financial Reporting Act 2013 for the group comprising the energy company and its subsidiaries; or

(b)

if the energy company does not have any subsidiaries, financial statements within the meaning of section 6 of the Financial Reporting Act 2013 for the energy company

gas has the same meaning as it has in section 2 of the Gas Act 1992

gas undertaking, in relation to a local authority, means the undertaking of that local authority as it relates to the manufacture, extraction, storage, processing, treatment, distribution, or supply of gas; and includes—

(a)

the sale or supply of equipment or appliances that consume gas; and

(b)

the sale or supply of services in relation to equipment or appliances that consume gas; and

(c)

all the assets of the local authority used for or in connection with the gas undertaking of that local authority, including all land, buildings, works, machinery, mains, apparatus, fittings, appliances, stocks, by-products, contracts, and every other property, right, or interest, whether real or personal and whether legal or equitable, that is an asset of that gas undertaking

generally accepted accounting practice has the same meaning as in section 8 of the Financial Reporting Act 2013

Inland Revenue Acts means the Acts specified in the Schedule of the Tax Administration Act 1994

instrument includes—

(a)

any instrument (other than an enactment) of any form or kind that creates, evidences, modifies, or extinguishes rights, interests, or liabilities or would do so if it or a copy thereof were lodged, filed, or registered under any enactment; and

(b)

any judgment, order, or process of a court

instrument by way of security has the meaning assigned to it in section 2 of the Chattels Transfer Act 1924

interim trustee, in relation to a Board, means a person who holds office pursuant to section 4 or section 8 in respect of that Board

land has the meaning assigned to it in section 2 of the Land Transfer Act 1952

liabilities means liabilities, debts, charges, duties, and obligations of every description (whether present or future, actual or contingent, and whether payable or to be observed or performed in New Zealand or elsewhere)

local authority means a territorial authority within the meaning of the Local Government Act 2002

Minister means, subject to any enactment, the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act

property means property of every kind whether tangible or intangible, real or personal, corporeal or incorporeal; and, without limiting the generality of the foregoing, includes—

(a)

choses in action and money:

(b)

goodwill:

(c)

rights, interests, and claims of every kind in or to property, whether arising from, accruing under, created or evidenced by, or the subject of, an instrument or otherwise and whether liquidated or unliquidated, actual, contingent, or prospective

qualifying elector, in relation to a local authority, means an elector of that local authority whose electoral address is within the district or, as the case may be, the part of the district of that local authority that is within a Board’s district

relevant energy company means,—

(a)

in relation to a Board, the Board’s successor company:

(b)

in relation to a local authority, an energy company to which all or part of the energy undertaking of the local authority is proposed to be transferred

rights means all rights, powers, privileges, and immunities, whether actual, contingent, or prospective

rules, in relation to an energy company, means the constitution of the energy company

security means a mortgage, submortgage, charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, indemnity, defeasance, hypothecation, instrument by way of security, lien, pledge, or other security for the payment of money or for the discharge of any other obligation or liability and in any case whether upon demand or otherwise, whether present or future and whether actual or contingent; and includes an agreement or undertaking to give or execute whether upon demand or otherwise any of the foregoing

share allocation plan means the recommendations of an establishing authority made pursuant to section 22 and included in an establishment plan

special consultative procedure means the procedure set out in section 83 of the Local Government Act 2002

statement of corporate intent, in relation to an energy company, means the current statement of corporate intent for the energy company prepared pursuant to section 39

subsidiary has the same meaning as in section 5 of the Companies Act 1993

undertaking, in relation to a Board, means the property, rights, and liabilities of the Board

voting equity security, in relation to any company, means an equity security in that company that confers a right to vote at general meetings of the company (whether or not there is any restriction or limitation on the number of votes that may be cast by or on behalf of the holder of the security), not being a right to vote that, under the conditions attached to the security, is exercisable only in 1 or more of the following circumstances:

(a)

during a period in which a dividend (or part of a dividend) in respect of the security is in arrears:

(b)

on a proposal to reduce the capital of the company:

(c)

on a proposal that affects rights attached to the security:

(d)

on a proposal to put the company into liquidation:

(e)

on a proposal for the disposal of the whole of the property, business, and undertaking of the company:

(f)

during the liquidation of the company;—

and includes a security that, in accordance with the terms of the security, is convertible into a security of that kind.

(2)

For the purposes of this Act, to hold a controlling interest in an energy company means to hold equity securities in that company that carry in the aggregate 51% or more of the voting rights at any general meeting of the company.

(3)

For the purposes of subsection (2), a person holds equity securities in an energy company if that person is beneficially entitled to, or is beneficially entitled to an interest in, any equity securities in the company (whether or not the whole or any part of the legal ownership of the equity securities is vested in the person).

Section 2(1) debt security: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 2(1) equity security: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 2(1) financial statements: inserted, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 2(1) gas: amended, on 1 April 1993, by section 58(2) of the Gas Act 1992 (1992 No 124).

Section 2(1) generally accepted accounting practice: inserted, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 2(1) Inland Revenue Acts: amended, on 1 April 1995 (applying with respect to the tax on income derived in 1995–96 and subsequent income years), by section YB 1 of the Income Tax Act 1994 (1994 No 164).

Section 2(1) local authority: substituted, on 1 July 2003, by section 262 of the Local Government Act 2002 (2002 No 84).

Section 2(1) rules: replaced, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).

Section 2(1) special consultative procedure: substituted, on 1 July 2003, by section 262 of the Local Government Act 2002 (2002 No 84).

Section 2(1) subsidiary: replaced, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).

Section 2(1) voting equity security paragraph (d): substituted, on 1 July 1994, by section 2 of the Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).

Section 2(1) voting equity security paragraph (f): substituted, on 1 July 1994, by section 2 of the Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16).