New Zealand Gazette – 1992 – No. 97

Page 2267

✨ Financial Statements Notes



29 JUNE NEW ZEALAND GAZETTE 2267

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7 FIXED ASSETS (Continued)

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

1992 1991
$000's $000's
Trade accounts payable and accruals 24,850 32,784
Accrued personnel costs 11,402 13,795
Rentals billed in advance 6,751 7,255
Payable to fellow subsidiary companies 19,562 6,597
Payable to parent company - 50,318
Total 62,565 110,749

9 LONG TERM DEBT

1992 1991
$000's $000's
Parent company loan 246,661 244,881
Other loans
- Due to fellow group company 47,618 -
- Less long term debt maturing within one year (4,719) -
42,899 -
Total 289,560 244,881


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✨ LLM interpretation of page content

🏭 Telecom South Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
27 May 1992
Financial Statements, Fixed Assets, Land Claims, Treaty of Waitangi, Waitangi Tribunal, Wahi Tapu, Public Works Act, Accounts Payable, Accruals, Long Term Debt