New Zealand Gazette – 1991 – No. 194

Page 3993

✨ Telecommunications Financial Statements



20 DECEMBER NEW ZEALAND GAZETTE 3993

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7 FIXED ASSETS (Continued)

REGISTRATION OF TITLE TO LAND

Certificates of title for freehold interests in land included in the assets purchased from the Crown are being progressively raised by the Crown and transferred to Group companies. Titles for approximately 90% of the freehold interests have now been issued and, for the remainder, equitable ownership rests with the Group.

LAND CLAIMS

Under the Treaty of Waitangi Act 1975 all interests in land included in the assets purchased from the Crown may be subject to claims to the Waitangi Tribunal which has the power to recommend in appropriate circumstances, with binding effect, that the land be resumed by the Crown in order that it be returned to Maori claimants. In the event that land is resumed by the Crown, compensation will be paid to Telecom under the provisions of the Public Works Act 1981. If this is insufficient to cover the loss, certain additional compensation is payable under the provisions of the Sale and Purchase Agreement between Telecom and the Crown.

Under the State Owned Enterprises Act 1986 the Governor General of New Zealand may if satisfied that any land or interest in land held by Telecom is Wahi Tapu (being land of special spiritual, cultural or historical tribal significance) declare by Order in Council that the land be resumed by the Crown, with compensation payable to Telecom under the provisions of the Public Works Act 1981.

Telecom would expect to negotiate with the new Maori owners for continued occupancy rights of any sites resumed by the Crown.

8 ACCOUNTS PAYABLE AND ACCRUALS

30 September 31 March
1991 1990 1991
$000's $000's $000's
Trade accounts payable
and accruals 25,959 33,069 32,650
Accrued personnel costs 23,095 20,518 34,320
Rentals billed in advance 12,162 14,445 14,472
Payable to fellow
subsidiary companies 40,131 25,771 22,687
Payable to parent company 57,034 167,077 174,356
158,381 260,880 278,485


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✨ LLM interpretation of page content

🏭 Financial Statements under Telecommunications (Disclosure) Regulations 1990 (continued from previous page)

🏭 Trade, Customs & Industry
20 December 1991
Telecommunications, Financial Statements, Fixed Assets, Depreciation, Leaseback, Land Claims, Treaty of Waitangi, State Owned Enterprises, Accounts Payable, Accruals