New Zealand Gazette – 2004 – No. 135

Page 3332

✨ Construction Rules for Interpretation



3332 NEW ZEALAND GAZETTE, No. 135 22 OCTOBER 2004

(l) "security interest" has the meaning given to that term in section 17 of the Personal
Property Securities Act 1999.

In determining for the purposes of rule 3:

(a) the value of assets and liabilities, including contingent liabilities, the Directors:

(i) in relation to ARH’s assets and liabilities, must have regard to:

    (A) the most recent financial statements of ARH that comply with section 69

of the Local Government Act 2002; and

    (B) all other circumstances that the Directors know or ought to know affect,

or may affect, the value of ARH’s assets and the value of ARH’s liabilities,
including its contingent liabilities; and

(ii)    may rely on valuations of assets or estimates of liabilities that are reasonable in

the circumstances; and

(b) the value of a contingent liability, account may be taken of:

(i) the likelihood of the contingency occurring; and

(ii)    any claim ARH is entitled to make and can reasonably expect to be met to

reduce or extinguish the contingent liability.

2. Compliance and amendment

2.1 Subject to legislation

These Rules are subject to the provisions of the Act and any other enactment. If there is any
inconsistency between these Rules and the Act or any other enactment, the Act or that
enactment (as the case may be) will take precedence over these Rules.

2.2 Compliance

Each Director will comply with:

(a) the Act, the Local Government Act 2002, the Local Government Official Information
and Meetings Act 1987 and any other applicable law; and

(b) these Rules; and

(c) any policies or procedures of ARH approved by the Board.

2.3 ARH controlled organisations

The Directors will ensure that the constitution (if a company) or other constitutive document
(if not a company) of any ARH Controlled Organisation (other than Ports of Auckland
Limited) is consistent with these Rules.

The Directors will ensure that any representative or nominee of ARH appointed as a director
of Ports of Auckland Limited will comply with these Rules to the extent that these Rules are
not inconsistent with the constitution of Ports of Auckland Limited, the NZX listing rules or
any applicable law.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 135


Gazette.govt.nz — PDF NZ Gazette 2004, No 135




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🏘️ Construction Rules for Interpretation (continued from previous page)

🏘️ Provincial & Local Government
Interpretation, Construction, Definitions, Rules, Statutory References, Financial Statements, Valuations, Contingent Liabilities