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Local Government Act 2002

Consequential amendments, repeals, revocations, transitional provisions, and savings - Transitional provisions

276: First statement of intent and report and accounts of existing local authority trading enterprises

You could also call this:

“Rules for council-owned businesses to report their plans and results”

If you work for a business that is owned by a local council, there are some important things you need to know about how your business should report its plans and results.

Starting from 1 July 2003, your business needs to create a document called a “statement of intent”. This document explains what your business plans to do in the coming year. You need to make this document following the rules set out in section 64(1) of this Act.

For the year that ended on 30 June 2003, you still need to follow some old rules. These rules are about how you report on what your business did and how it spent its money. Even though these old rules are no longer part of the law, you still need to follow them for that specific year.

When you’re following these old rules, you should pretend they’re still part of the law. You might need to change them a little bit to make them work, but you should still use them to report on what your business did in the year ending 30 June 2003.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM174203.

Topics:
Government and voting > Local councils
Business > Industry rules
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Part 12 Consequential amendments, repeals, revocations, transitional provisions, and savings
Transitional provisions

276First statement of intent and report and accounts of existing local authority trading enterprises

  1. Every council-controlled organisation that is, immediately before 1 July 2003, a local authority trading enterprise within the meaning of section 594B of the Local Government Act 1974—

  2. must, subject to section 64(2) of this Act, have in respect of the financial year beginning on 1 July 2003, a statement of intent in accordance with section 64(1) of this Act; and
    1. must, despite the repeal of sections 594Z to 594ZC of the Local Government Act 1974, comply with those sections in respect of the financial year ending on 30 June 2003.

      1. For the purposes of subsection (1)(b), sections 594Z to 594ZC of the Local Government Act 1974 apply with all necessary modifications as if those sections were still in force.