3090

Safety Assessment of Novel Foods

The authority has produced a discussion and options paper entitled Safety Assessment of Novel Foods and Novel Food Ingredients. Novel foods are foods or food ingredients which have not been used for human consumption to a significant degree in Australia and New Zealand. This paper outlines the concept of novel foods and the complexities associated with assessment of their safety.

Copies of the paper are available from the authority and written comments are invited to be submitted by 29 November 1996.

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Hutt City Council

Reserves Act 1977

Revocation of a Reservation Over a Reserve Specifying the Manner of Disposal and How Proceeds of Sale Shall be Utilised

Pursuant to the Reserves Act 1977, and to a delegation from the Minister of Conservation, the Acting Regional Conservator of the Wellington Conservancy of the Department of Conservation, hereby revokes the reservation as a recreation reserve over the land described in the Schedule hereto, and further, declares that the said land may be disposed of by The Hutt City Council at current market value, the proceeds from any such sale to be paid into the council’s reserves, purchase and development account, such moneys to be used and applied in or toward the improvement of other reserves under the control of the council, or in or towards the purchase of other lands for reserves.

Schedule

Wellington Land District—Hutt City

148 square metres, more or less, being that portion of Lot 34, D.P. 9785, contained in Lot 1 on Land Transfer Plan 79351. Part C.T. 786/16.

Dated at Wellington this 3rd day of September 1996.

ARTHUR PONG, Acting Regional Conservator.

(File DOC R.O. GR3/1001)

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Trust Bank Otago Community Trust Inc.

Trustee Banks Restructuring Act 1988

Trust Bank Otago Community Trust Inc.

Annual Report for the Year Ended 31 March 1996

Trustees

Mrs C. Melville (Chairperson), Mr R. Allan, Mrs N. Bamford, Mr G. Bell, Mr P. Gibson, Sir R. Gray, Hon. C. Mathewson, Mr R. McKnight, Dr J. Ng, Mr D. Pasley, Mr D. Polson and Mr R. Walls.

Executive Director:

Mr K. G. Ellwood.

Registered Office:

Skeggs House, 60–66 Tennyson Street, Dunedin.

Auditor:

Taylor McLachlan, Dunedin.

Solicitor:

Anderson Lloyd, Dunedin.

Investment Advisors:

Frank Russell Limited, Auckland.

Chairperson’s Report

On behalf of trustees I have much pleasure in presenting the eighth annual report of the trust. It has been another very exciting year both in terms of the continued diversification of the trust’s investments as well as its increasing donation programme.

Investment

Managed Funds

It was an excellent year for managed funds, which was important since it was the first full year that these funds have been operating and it is great to get off to a good start. Income earned was $8.25 million which represented a real return of 10.4 percent. This compares favourably with our long term benchmark real return of 6.2 percent. Managed funds continue to be invested both in New Zealand and overseas in cash deposits, bonds and shares, and are managed by highly regarded international funds managers. Our independent investment adviser Frank Russell Limited monitors the performance of the managers, on a regular basis.

Trust Bank Shares

As reported in previous years, following the float of trust bank on the New Zealand Stock Exchange in March 1994, this trust sold half of its shares in trust bank. Subsequent to balance date, it has agreed to sell its remaining shares to Westpac for approximately $70 million. As a result, this trust no longer owns shares in trust bank. It will retain the name “trust bank”