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Local Government Act 2002

Council-controlled organisations and council organisations - Monitoring and reporting

71A: Application of Part to listed companies

You could also call this:

"Rules for council organisations that are also listed companies"

This section is about council-controlled organisations that are listed companies. You need to know what a listed company is. A listed company is one that has shares quoted on a licensed market, which is explained in section 6(1) of the Financial Markets Conduct Act 2013. This applies to the organisation itself, its holding company, or its controlling companies.

If this applies, the council-controlled organisation does not have to do some things. You will not have to have a statement of intent under section 64, or deliver half-yearly or quarterly reports under section 66, or deliver an annual report under section 67.

Some words in this section have special meanings. Controlling companies are companies that have a lot of control over a council-controlled organisation. A holding company has the same meaning as in section 5 of the Companies Act 1993.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM172303.

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Part 5Council-controlled organisations and council organisations
Monitoring and reporting

71AApplication of Part to listed companies

  1. This section applies to a council-controlled organisation if the shares of any of the following are quoted on a licensed market (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013):

  2. the council-controlled organisation:
    1. a holding company of the council-controlled organisation:
      1. controlling companies of the council-controlled organisation.

        1. If subsection (1) applies, the council-controlled organisation is not required to—

        2. have a statement of intent under section 64:
          1. deliver a half-yearly report or quarterly report under section 66:
            1. deliver an annual report under section 67.

              1. In this section,—

                controlling companies means 2 or more companies whose degree of control over a council-controlled organisation, if exercisable by one notional company, would make the notional company a holding company of the council-controlled organisation

                  holding company has the same meaning as in section 5 of the Companies Act 1993.

                  Notes
                  • Section 71A: inserted, on , by section 7 of the Local Government Act 2002 Amendment Act 2004 (2004 No 63).
                  • Section 71A(1): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                  • Section 71A(2)(b): amended, on , by section 27 of the Local Government Act 2002 Amendment Act 2019 (2019 No 54).