By resolution of the Auckland Regional Council ("ARC") on 25 June 2007, and pursuant to section 23(4) of the Local Government (Auckland) Amendment Act 2004, clauses 3.1 and 3.2 of the Rules of Auckland Regional Holdings ("ARH")* are amended to read:
"3.1 Subject to rule 3.2, the Directors will ensure that ARH does not (either itself or through an ARH Controlled Organisation), without the prior written approval of ARC:
(a) enter into any transaction or series of linked or related transactions which constitutes a Material Transaction; or
(b) establish or dispose of an organisation.
3.2 The approval of ARC under rule 3.1(a) is not required for any transaction or other activity:
(a) authorised under the Long Term Funding Plan;
(b) undertaken by POAL; or
(c) undertaken by ARH (either itself or through an ARH controlled organisation) in connection with any:
(i) Lease Arrangement; or
(ii) Technical Adjustment.
Interpretation
Lease Arrangement means any lease, licence or occupancy arrangement in respect of any site within Wynyard Precinct provided that no such lease, licence or occupancy arrangement shall be perpetually renewable or confer rights to obtain ownership of the underlying site.
Technical Adjustment means any subdivision, boundary adjustment and/or site amalgamation to one or more of the sites within Wynyard Precinct, which preserves ARH's ownership rights in the land comprised in any such sites following the relevant dealing.
Wynyard Precinct means the area of land, wharves and adjacent water space on the Auckland waterfront which are either:
(a) owned or leased by ARH; or
(b) which are subject to a coastal permit which ARH either holds or over which ARH has a right of management,
and includes,
(c) the land and wharves previously known as the Western Reclamation including all associated and adjacent water space rights, owned or leased by ARH;
(d) any existing roads within Wynyard Precinct that are subsequently stopped and purchased by ARH from Auckland City Council; and
(e) the land known as the Halsey Street Reclamation and the associated and adjacent water space rights, owned or leased by ARH."
PETER WINDER, Chief Executive, Auckland Regional Council.
*Supplement to the New Zealand Gazette, 7 November 2005, No. 185,
page 4671