The Crown is not liable to contribute to the payment of any debts or liabilities of a local authority or Watercare Services Limited. You can find more information about this in section 121(1). This means the Crown does not have to pay any debts that these organisations might have.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS964573.
97: Principal Act, or
"Changes to the Local Government Act 2002"
99: Section 122 amended (Disclosure document and loan documents to contain statement that the Crown does not guarantee financial products or loan), or
"The government updates a law to say it does not guarantee loans for water services."
Replace section 121(1) with:
The Crown is not liable to contribute to the payment of any debts or liabilities of—
- any local authority; or
- Watercare Services Limited.
