7 JUNE 2007

NEW ZEALAND GAZETTE, No. 61

“recognised exchange” means an authorised futures exchange or any exchange in a country other than New Zealand which is authorised by the laws of that country to operate as a futures exchange.

“Regulations” means the Futures Industry (Client Funds) Regulations 1990.

“specified futures contract” means a futures contract other than one that is made on or effected through a recognised exchange.

(2) Any term or expression that is defined in the Act or the Securities Act 1978 and that is used, but not defined, in this notice has the same meaning as in the Act or the Securities Act 1978, as the case may be.

3. Authorisation—Each registered bank is authorised to carry on the business of dealing in specified futures contracts.

4. Conditions—(1) The authorisation is subject to the conditions that the registered bank:

(a) deals in specified futures contracts in accordance with the terms of the exemption notice; and

(b) does not carry on the business of dealing in specified futures contracts on behalf of any person other than a person who has entered into a written agreement with the registered bank, and then only in accordance with the terms of that agreement, except where the registered bank is advising or assisting a person solely in connection with the issue of a specified futures contract in respect of which the registered bank is, or intends to be, a party; and

(c) continues to be registered in accordance with its conditions of registration under the Reserve Bank of New Zealand Act 1989; and

(d) maintains proper records:

(i) to record dealings in respect of specified futures contracts with or on behalf of the client; and

(ii) to record client money, funds and property held or received in connection with dealings in specified futures contracts; and

(iii) which are audited or reviewed, and reported on, in accordance with the Regulations and the Financial Reporting Act 1993.

(2) The authorisation is subject to the further conditions that:

(a) any registered bank document that states that the registered bank has been authorised by the Securities Commission to carry on the business of dealing in futures contracts includes a statement to the effect that:

(i) the Securities Commission’s role in authorising futures dealers is limited and does not imply approval or endorsement of the business, trading, or solvency of the registered bank; and

(ii) the Securities Commission has not approved any agreements or any disclosure documents of the registered bank; and

(b) the registered bank immediately notifies the Securities Commission in writing of any of the following events:

(i) where a receiver, provisional liquidator, liquidator, statutory manager or a similar officer is appointed, or any resolution is passed or order made for the winding up or dissolution of the registered bank; and

(ii) any regulatory action taken against the registered bank, or any of its directors or senior management (in their capacities as such), whether in New Zealand or elsewhere.

1637

Dated at Wellington this 5th day of June 2007.

The Common Seal of the Securities Commission was affixed in the presence of:

[L.S.]

C. A. N. BEYER, Member.

au3653

Tertiary Education Commission

Education Act 1989

Amendment to Constitution of Council of Southern Institute of Technology

Pursuant to section 170 of the Education Act 1989, the Minister for Tertiary Education hereby gives the following notice.

Notice

1. This notice may be cited as the Constitution Amendment Notice 2007 of the Southern Institute of Technology.

2. This notice shall come into force on the day after the date of its publication in the New Zealand Gazette.

3. The Southern Institute of Technology Council shall be constituted as follows:

(a) Four members appointed by the Minister of Education.

(b) The chief executive officer of the Southern Institute of Technology.

(c) One permanent member of the academic staff of the Southern Institute of Technology elected by the permanent members of that staff.

(d) One permanent member of the general staff of the Southern Institute of Technology elected by the permanent members of that staff.

(e) One person who is or has been a student of the Southern Institute of Technology and who shall be elected by the students of the Southern Institute of Technology.

(f) One person appointed by the Southern Institute of Technology Council after consultation with the New Zealand Employers’ Association and local employer groups.

(g) One person appointed by the Southern Institute of Technology Council after consultation with the New Zealand Council of Trade Unions and the local worker groups.

(h) Two community representatives appointed initially by an interim appointment committee comprising the council chair, one other council executive committee member appointed by the council executive committee, and the chief executive officer following public advertisement for applications and nominations, with subsequent appointments made by the council executive committee following public advertisement for applications and nominations.

4. Subject to section 173 of the Education Act 1989, the maximum number of terms that any member, other than the chief executive officer and the members appointed under paragraph 3(h) above, may serve shall be three four-year terms.

5. Members appointed under paragraph 3(h) above may be appointed for a maximum of three four-year terms.

6. Each of the members first appointed under paragraph 3(h) above holds office for either two years or four years,