Explanatory note

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

This order brings into force, on 27 August 1996, section 3 of the State-Owned Enterprises Amendment Act 1996. The effect of the order is that, on that date, Works and Development Services Corporation (NZ) Limited ceases to be subject to the State-Owned Enterprises Act 1986.

Subsection (1) of that section removes Works and Development Services Corporation (NZ) Limited from Schedule 1 to the State-Owned Enterprises Act 1986.

Subsection (2) continues the application of section 22 of that Act to the company while the Crown holds shares in the company. Section 22 relates to the holding of shares by the Crown in State enterprises.

Subsection (3) makes a consequential repeal.

Subsection (4) removes Works and Development Services Corporation (NZ) Limited from Schedule 2 to the State-Owned Enterprises Act 1986.

Subsection (5) provides that notwithstanding the coming into force of subsection (4), the provisions of sections 23 to 30 of the State-Owned Enterprises Act 1986 continue to apply as if the company continued to be a State enterprise and a company named in Schedule 2 to that Act and as if the Minister of Finance and the Minister for State-Owned Enterprises continued to be the shareholding Ministers. Those sections relate to the transfer of assets and liabilities of the Crown to State enterprises.

Subsection (6) makes a consequential repeal.

Subsection (7) provides that the Crown may, while it holds shares in the company, exercise the rights and powers attaching to those shares.