Securities Act (Works Superannuation Scheme) Exemption Notice 1999

Reprint
as at 30 October 2009

Crest

Securities Act (Works Superannuation Scheme) Exemption Notice 1999

(SR 1999/416)

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This notice is administered by the Securities Commission.

Pursuant to the Securities Act 1978, the Securities Commission gives the following notice.

Notice

1 Title, commencement, and expiry

  • (1) This notice may be cited as the Securities Act (Works Superannuation Scheme) Exemption Notice 1999.

    (2) This notice comes into force on the day after the date of its notification in the Gazette.

    (3) This notice expires on the close of 31 October 2014.

    Clause 1(3): amended, on 30 October 2009, by clause 4 of the Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2009 (SR 2009/322).

2 Interpretation

  • (1) In this notice, unless the context otherwise requires,—

    Act means the Securities Act 1978

    eligible employee means a person who—

    • (a) was an employee of a participating employer on 31 March 1997, or who had received an offer of employment from a participating employer on or before that date and accepted that offer of employment after that date; and

    • (b) was on 31 March 1997, or on or about the date of acceptance of that offer of employment, a member of an existing scheme

    existing scheme means—

    • (a) any scheme within the meaning of section 2(1) of the Government Superannuation Fund Act 1956; or

    • (b) any existing scheme within the meaning of section 2 of the National Provident Fund Restructuring Act 1990

    participating employer means Downer EDI Works Limited or Opus International Consultants Limited, and includes any company which is a related body corporate of either of those companies

    Regulations means the Securities Regulations 1983

    Works scheme means the registered superannuation scheme known as the Works Superannuation Scheme established by deed dated 30 November 1989 and, at the date of this notice, administered under a deed dated 7 April 1997.

    (2) Any term or expression that is not defined in this notice, but that is defined in the Act or the Regulations, has the meaning given to it by the Act or the Regulations.

    Clause 2(1) eligible employee paragraph (b): amended, on 29 October 2004, by clause 4 of the Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2004 (SR 2004/371).

    Clause 2(1) participating employer: amended, on 30 October 2009, by clause 5 of the Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2009 (SR 2009/322).

3 Exemption

  • (1) Every superannuation trustee of the Works scheme, every participating employer, every director of a participating employer, and every person acting on behalf of any such person, are exempted from sections 37, 37A, and 38A of the Act and the Regulations (except regulations 8 and 17) and the Securities Regulations 2009 (except regulations 23 and 30 to 34) in respect of any interests in the Works scheme offered to any eligible employee.

    (2) The exemption is subject to the conditions that—

    • (a) before an eligible employee subscribes for an interest in the Works scheme, the eligible employee has received—

      • (i) the information referred to in section 16(1)(a) of the Superannuation Schemes Act 1989 and a copy of the most recent annual report of the superannuation trustees of the Works scheme; and

      • (ii) a statement that the eligible employee is entitled to obtain, on request and free of charge from the superannuation trustees of the Works scheme, copies of the most recent audited financial statements of the Works scheme and of the trust deed for the Works scheme and any amendment thereto; and

    • (b) no advertisement relating to interests in the Works scheme is distributed to an eligible employee by or on behalf of the superannuation trustees of the Works scheme or a participating employer except as provided for in paragraph (a).

    Clause 3(1): amended, on 30 October 2009, by clause 6 of the Securities Act (Works Superannuation Scheme) Exemption Amendment Notice 2009 (SR 2009/322).

Dated at Wellington this 22nd day of November 1999.

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

[Seal]

E H Abernethy,
Chairman.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 25 November 1999.

Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)

Notes
1 General

  • This is a reprint of the Securities Act (Works Superannuation Scheme) Exemption Notice 1999. The reprint incorporates all the amendments to the notice as at 30 October 2009, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that have yet to come into force or that contain relevant transitional or savings provisions are also included, after the principal enactment, in chronological order.

2 Status of reprints

  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared

  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • •omission of unnecessary referential words (such as “of this section” and “of this Act”)

    • •typeface and type size (Times Roman, generally in 11.5 point)

    • •layout of provisions, including:

      • •indentation

      • •position of section headings (eg, the number and heading now appear above the section)

    • •format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • •format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)

    • •position of the date of assent (it now appears on the front page of each Act)

    • •punctuation (eg, colons are not used after definitions)

    • •Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • •case and appearance of letters and words, including:

      • •format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • •small capital letters in section and subsection references are now capital letters

    • •schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • •running heads (the information that appears at the top of each page)

    • •format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)