New Zealand Gazette – 1992 – No. 97

Page 2231

✨ Financial Statements Notes



29 JUNE NEW ZEALAND GAZETTE 2231

TELECOM CENTRAL LIMITED AND SUBSIDIARY

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 substantially all 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 on any sites resumed by the Crown.

8 ACCOUNTS PAYABLE AND ACCRUALS

1992 1991
$000's $000's
Trade accounts payable and accruals 18,306 24,589
Accrued personnel costs 11,662 12,046
Rentals billed in advance 9,800 11,394
Payable to fellow subsidiary companies 22,307 14,743
Payable to parent company 8,178 162,015
70,253 224,787


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1992, No 97


NZLII — PDF NZ Gazette 1992, No 97




✨ LLM interpretation of page content

🏭 Telecom Central Limited Financial Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Fixed Assets, Land Claims, Treaty of Waitangi Act, State Owned Enterprises Act, Accounts Payable, Accruals