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Electricity Industry Act 2010

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

104: Offences, enforcement, and application of sections 99 to 103

You could also call this:

“Rules and punishments for trustees who break the law”

If you are a trustee of a customer trust or a community trust, you need to follow sections 99 to 103 of this law instead of section 46A of the Energy Companies Act 1992.

If you are a trustee and you knowingly break or don’t follow any part of sections 99 to 103, you are committing a crime. You could be fined up to $200,000 if you are found guilty, unless you have a good reason.

The rules in sections 99 to 103 don’t replace other laws about keeping and checking financial records of a trust, except for the change mentioned earlier.

The Electricity Authority can use its powers to check, investigate, and enforce sections 99 to 103 and any related rules. They can do this with trustees of customer trusts and consumer trusts as if these trustees were part of the electricity industry.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2634506.

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

104Offences, enforcement, and application of sections 99 to 103

  1. The trustees of a customer trust and the trustees of a community trust must comply with sections 99 to 103, rather than section 46A of the Energy Companies Act 1992.

  2. Every trustee commits an offence and is liable on conviction to a fine not exceeding $200,000 who, without lawful justification or excuse, knowingly acts in breach of, or fails to comply in any respect with, any provision of sections 99 to 103.

  3. Except as provided in subsection (1), nothing in sections 99 to 103 limits any other enactment or rule of law concerning the maintenance and auditing of the financial statements of a trust.

  4. For the purpose of enforcing sections 99 to 103 and any regulations made under section 114, the Authority's monitoring, investigation, and enforcement powers in Part 2 apply to trustees of customer trusts and trustees of consumer trusts as if those trustees were industry participants.

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Notes
  • Section 104(2): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).