416 THE NEW ZEALAND GAZETTE No. 18

balance day and apportionment day, in respect of the item,
pursuant to paragraph (a) of clause 6 hereof, bears to the
total of the amounts debited by balance day, and estimated
to be debited between balance day and apportionment day,
to Capital Account No. 2, pursuant to the said paragraph (a)."

4. Clause 8 of the Schedule shall be varied by:

(a) renumbering it “10”;

(b) inserting after the words “Capital Account No. 2”
wherever therein appearing the words “or Capital Account
No. 3 or Capital Account No. 4”;

(c) inserting after the word “item” where secondly appear-
ing in paragraph (a) the words “or part of an item”.

5. The Schedule shall be varied by omitting clauses 9, 10,
   11, and 12 thereof, and substituting:

“11. (a) The price payable by the company for all electrical
power under the agreement shall be based on a yearly amount
per kilowatt, calculated as provided in clause 12 hereof
(hereinafter called ‘the yearly kilowatt price’). The company
shall pay for the said electrical power on a quarterly basis.

“(b) The company shall pay in respect of a quarter—

“(i) for all electrical power under the agreement (other
than electrical power made available in pursuance of notices
given by the company under paragraph (g) of clause 5
of the agreement), an amount equal to the sum of the
notified kilowatt quarterly amounts (a ‘notified kilowatt
quarterly amount’ for the purpose of this subparagraph
being, in respect of each of the notified kilowatts during a
quarter, the proportion of the yearly kilowatt price equal
to the proportion which the number of days in that quarter
in respect of which the company is obliged to pay under
the agreement for the notified kilowatt bears to the total
number of days in the calendar year in which that quarter
occurs); and

“(ii) for electrical power made available in pursuance of
notices given by the company under the said paragraph (g),
an amount equal to the product of the yearly kilowatt price
multiplied by the number of kilowatts which bears the same
proportion to 200,000 as the quantity of energy available
during that quarter (on the basis of the load factor of
the electrical power required under the said notices) from
the electrical power so made available, and for which the
company is obliged to pay under the terms of the agreement
during that quarter, bears to the quantity of energy available
from two Crown blocks during the calendar year in which
that quarter occurs.

“(c) The Crown shall render an account to the company
for the amount payable for electrical power under the agree-
ment at the beginning of each calendar quarter in respect of
the preceding quarter, and each account shall be payable
within one month after it is received by the company at its
office at Bluff, or elsewhere as may be agreed, at the New
Zealand Electricity Department’s office at Dunedin, or by
lodgment to the Public Account at any branch in New Zealand
of the Bank of New Zealand, followed by mailing of the
bank’s receipt for the amount so lodged to the said Depart-
ment’s office.

“(d) In any case where immediately after the end of a
particular quarter it is not possible to calculate accurately the
yearly kilowatt price or the number of notified kilowatts
because some or all of the components of either or both
of them are not then known, a pro forma account shall be
rendered in respect of that quarter with either or both (as the
case may be) the yearly kilowatt price and number of notified
kilowatts estimated as accurately as is then possible, and the
amount of the pro forma account shall be adjusted in the
quarterly account next after all components are known. In
the event of it being necessary to estimate the number of
notified kilowatts because the exact number in any block of
electrical power required by the company under a notice
given pursuant to clause 5 of the agreement has not at the
time been determined under clause 8 of the agreement, then
the number of notified kilowatts in that block shall, for the
purpose of the pro forma account, be estimated as the number
of kilowatts required by that notice.

“12 (a) In this clause—

A is the sum of

The net debit balance in Capital
Account No. 1
——————————————— × .00102962
Total installed capacity

and

The net debit balance in Capital
Account No. 2
——————————————— × .00827816
Total installed capacity

B equals

Total progressive capital investment Agreed interest rate
——————————————— × ——————————
Total installed capacity 100

C equals (subject to the provisions of clause 13 hereof)

Operating and maintenance costs
———————————————
Total installed capacity

D is the licence fee

E is a fixed contingency fee of two shillings and six pence

F is the sum of

Part I determined amount
——————————————— × .00102962
Total installed capacity

and

Part II determined amount
——————————————— × .00827816
Total installed capacity

G equals

Part I determined amount plus Part II determined amount Agreed interest rate
——————————————————————— × ——————————
Total installed capacity 100

H is the sum of

The total of the net debit balances in
Capital Account No. 1 and Capital
Account No. 3
——————————————— × .00102962
Total installed capacity

and

The total of the net debit balances in
Capital Account No. 2 and Capital
Account No. 4
——————————————— × .00827816
Total installed capacity

and

I equals

Total progressive capital investment Stage II Agreed interest rate
——————————————————————— × ——————————
Total installed capacity 100

“(b) The yearly kilowatt price at the commencement of
each quarter during Stage I when the total of the net debit
balances in Capital Account No. 1 and Capital Account
No. 2 does not exceed the sum of £56,550,000, and the tail race
excess shall be the sum of A + B + C + D + E.

“(c) The yearly kilowatt price at the commencement of
each quarter during Stage I when the total of the net debit
balances in Capital Account No. 1 and Capital Account No.
2 exceeds the sum of £56,550,000, and the tail race excess
shall be the sum of C + D + E + F + G.

“(d) The yearly kilowatt price at the commencement of
each quarter during Stage II shall be the sum of C + D +
E + H + I.

“(e) The yearly kilowatt price determined at the commence-
ment of each quarter shall apply in respect of that quarter.”

6. Clause 13 of the Schedule shall be varied by:

(a) omitting the expression “clause 10” where it occurs in
paragraph (a) and paragraph (c), and substituting in each
case the expression “clause 12”;

(b) omitting from paragraph (c) the word “annual” and the
expression “per notified kilowatt”.

7. This agreement shall be governed by New Zealand law.

8. This agreement shall take effect on and from the date
   on which the agreement bearing the same date as these
   presents, and referred to in the recitals to this agreement,
   is approved by the Governor-General by Order in Council.

In witness whereof this agreement has been executed the
day and year first hereinbefore written.

Signed for and on behalf of Her Majesty the Queen in
respect of the Government of New Zealand by THOMAS PHILIP
SHAND, the Minister of Electricity, in the presence of:

E. B. MACKENZIE, General Manager,
New Zealand Electricity Department,
Wellington, New Zealand.

The Common Seal of CONSOLIDATED ZINC PROPRIETARY LTD.
was hereto affixed in the presence of:

[L.S.] D. J. HIBBERD,
Director of Conzinc Riotinto of Australia Ltd.

A person approved by the Board of Consolidated Zinc
Proprietary Ltd.

Dated at Wellington this 20th day of March 1967.

T. P. SHAND, Minister of Electricity.

(N.Z.E.D. 2/0/21/3/3)