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Electricity Industry Act 2010

Industry participants and consumers - Financial statements of customer and community trusts

102: Procedures for annual meeting to appoint auditor

You could also call this:

“Rules for choosing an auditor at a yearly meeting”

You need to know about the procedures for the annual meeting to choose an auditor. The trustees must tell people about this meeting by putting a notice in the news part of two different editions of newspapers that many customers or community members read. They have to do this at least 14 days before the meeting.

At the meeting, every beneficiary gets one vote. For the meeting to happen, there need to be at least 20 beneficiaries there. This is called a quorum. If there aren’t enough people, the meeting can’t go ahead.

Beneficiaries can come to the meeting in person to vote. They might also be able to join the meeting and vote using things like phone calls or video calls, but only if the trustees say it’s okay.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2634504.

Topics:
Business > Industry rules
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"Rules for picking and paying someone to check a community or customer trust's money"

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Part 4 Industry participants and consumers
Financial statements of customer and community trusts

102Procedures for annual meeting to appoint auditor

  1. The trustees must give no less than 14 days' notice of the annual meeting of beneficiaries to appoint an auditor in the news section of 2 separate editions of each newspaper that is widely read by customers of the customer trust or by persons in the community of the community trust (as the case requires).

  2. Every beneficiary has 1 vote.

  3. The quorum for the annual meeting is 20 beneficiaries.

  4. No business may be transacted at the annual meeting if a quorum is not present.

  5. Beneficiaries may attend and vote at an annual meeting in person or, subject to the approval of the trustees, by audio link, audiovisual link, or other remote access facility.

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Notes
  • Section 102(5): inserted, on , by section 38 of the Electricity Industry Amendment Act 2022 (2022 No 46).