NEW ZEALAND GAZETTE

No. 76

Region) Reorganisation Order 1989)* and the Ports of Auckland Limited dated 14 June 1989:

"Plan approved by the Minister" means the Plan for the Transfer of Assets and Liabilities from the Auckland Regional Council to the Auckland Regional Services Trust as approved by the Minister of Local Government on 30 March 1993 under section 707q of the Local Government Act 1974:

"Transportation Auckland Corporation Limited Sale and Purchase Agreement" means the Transportation Auckland Corporation Limited Sale and Purchase Agreement between the Auckland Regional Council and Transportation Auckland Corporation Limited dated 28 June 1991:

"Vesting date", except as otherwise provided for in this Order, means 1 July 1993:

"Watercare Services Limited Sale and Purchase Agreement" means the Sale and Purchase Agreement between the Auckland Regional Council and Watercare Services Limited dated 12 October 1992.

PART I SPECIFIED COMPANIES

3. Watercare Services Limited

(1) Subject to subclause (3) of this clause, the following assets and liabilities are hereby vested in the Auckland Regional Services Trust:

(a) All shares held by or on behalf of the Auckland Regional Council in Watercare Services Limited as at vesting date:

(b) The obligations, liabilities, and benefits of the Auckland Regional Council under:

(i) Clauses 20 and 13.6;

(ii) If not earlier satisfied or discharged, clauses 9, 12.4(a), and 13.7; and

(iii) To the extent that the relevant assets are vested in the Auckland Regional Services Trust, clauses 11.4 and 22, of the Watercare Services Limited Sale and Purchase Agreement.

(c) Responsibilities of the Auckland Regional Council as Lessor of Watercare Services Limited in respect of Level 2 Regional House, under the Deed of Lease dated 12 October 1992.

(2) Any shares in Watercare Services Limited issued after 1 July 1993 to the Auckland Regional Council by Watercare Services Limited pursuant to the Watercare Services Limited Sale and Purchase Agreement shall, immediately they are issued, vest in the Auckland Regional Services Trust:

(3) It is a condition of the vesting of assets and liabilities in the Auckland Regional Services Trust under subclause (1) of this clause, that the Auckland Regional Council and the Auckland Regional Services Trust shall be jointly and severally responsible for the obligations, liabilities, and benefits under clauses 3.4, 4.1, 24, 27 and 28 of the Northern Disposal Systems Limited Sale and Purchase Agreement:

(a) Auckland Regional Council and Auckland Regional Services Trust shall be responsible for any obligations, liabilities, and benefits under the obligations under clauses 13.8, 28, 31 and 32 of the Watercare Services Limited Sale and Purchase Agreement.

(b) Subject to the Auckland Regional Council complying with its obligation to carry out aftercare in respect of landfill sites specified in section 707AA of the Local Government Act 1974, and subject to the Northern Disposal Systems Limited Sale and Purchase Agreement substituting or being replaced beyond 30 June 1993, the Auckland Regional Services Trust shall—

(i) Enforce the provisions of clause 13.1 of this Agreement or the equivalent provisions of any replacement agreement:

(ii) Hold in trust for, and pay to the Auckland Regional Council, all money received by the Auckland Regional Services Trust under clause 13.1 of this Agreement or the equivalent provisions of any replacement agreement.

5. Transportation Auckland Corporation Limited

(1) Subject to subclause (2) of this clause, the following assets and liabilities are hereby vested in the Auckland Regional Services Trust:

(a) All shares in Transportation Auckland Corporation Limited held by or on behalf of the Auckland Regional Council as at vesting date:

(b) If not earlier satisfied or discharged, the loan facility and the debenture issued by Transportation Auckland Corporation Limited to the Auckland Regional Council in accordance with clause 3.3 of the Transportation Auckland Corporation Limited Sale and Purchase Agreement:

(c) The obligations, liabilities, and benefits of the Auckland Regional Council under—

(i) Clauses 11, 12, 15, 16 and 31; and

(ii) To the extent that the relevant assets are vested in the Auckland Regional Services Trust, clauses 2, 4, and 18, of the Transportation Auckland Corporation Limited Sale and Purchase Agreement.

(d) Subject to the provisions of clause 19(1)(f) of this Order, all rights to receive any dividends, distributions or return of capital intended to be paid by Northern Disposal Systems Limited to the Auckland Regional Council on or at any time before 1 July 1993.

(2) It is a condition of the vesting of assets and liabilities in the Auckland Regional Services Trust under subclause (1) of this clause, that:

(a) Auckland Regional Council and Auckland Regional Services Trust shall jointly and severally be responsible for the obligations, liabilities, and benefits under clauses 3.4 and 24 of the Northern Disposal Systems Limited Sale and Purchase Agreement:

(b) All obligations of the Auckland Regional Council under Part XXXIVB of the Local Government Act 1974 shall transfer to the Auckland Regional Services Trust:

4. Northern Disposal Systems Limited

(1) Subject to subclause (2) of this clause, the following assets and liabilities are hereby vested in the Auckland Regional Services Trust:

(a) All shares in Northern Disposal Systems Limited held by or on behalf of the Auckland Regional Council as at vesting date:

(b) If not earlier satisfied or discharged, the loan facility and the debenture issued by Northern Disposal Systems Limited to the Auckland Regional Council in accordance with clause 3.5 of the Northern Disposal Systems Limited Sale and Purchase Agreement:

(c) The obligations, liabilities, and benefits of the Auckland Regional Council under:

(i) Clauses 3.6, 14, 17 and 19;

(ii) In respect of costs, clause 9.3; and

(iii) To the extent that relevant assets are vested in the Auckland Regional Services Trust or to the extent that the relevant assets necessary to perform any obligations are vested in the Auckland Regional Services Trust, subclauses 4.2(a), 4.2(b), 4.2(c), 4.2(d) and 4.2(e), and clauses 10 and 20,

of the Northern Disposal Systems Limited Sale and Purchase Agreement.