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Electricity Industry Act 2010

Miscellaneous - Regulations

114: Regulations promoting accountability in customer trusts and community trusts

You could also call this:

“Rules to make electricity trusts more open and honest with the public”

The Governor-General can make rules to make customer trusts and community trusts more accountable. These rules can do things like:

You can ask the trustees to tell you important information about the trust.

There can be steps for how you can ask for information from the trusts and trustees. The rules can say how they should answer you and how you can ask for a second look at their answers if you’re not happy.

The trustees might have to have meetings for people who benefit from the trust. The rules can say how these meetings should happen.

These rules can also include ways to make sure people follow them. If someone doesn’t follow the rules, they might have to pay up to $10,000.

These rules are a type of law called secondary legislation. This means they need to be published in a certain way, which you can find out more about in Part 3 of the Legislation Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2634530.

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Part 5 Miscellaneous
Regulations

114Regulations promoting accountability in customer trusts and community trusts

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for the purpose of promoting the accountability of customer trusts and community trusts.

  2. Regulations made under this section may, without limitation, do any of the following:

  3. require trustees to disclose specified information to beneficiaries of the trust:
    1. specify procedures concerning requests by beneficiaries for information from trusts and trustees, responses to such requests, and rights to review responses:
      1. require trustees to hold meetings for beneficiaries, and regulate the practices and procedures associated with those meetings.

        1. Regulations made under this section may include provisions necessary or desirable for monitoring and enforcing compliance with the regulations, including making it an offence, punishable by a fine not exceeding $10,000, to fail to comply with a requirement of the regulations.

        2. Repealed

        3. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

        Compare
        Notes
        • Section 114(4): repealed, on , by section 43 of the Electricity Industry Amendment Act 2022 (2022 No 46).
        • Section 114(5): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).