Anand Satyanand, Governor-General
ORDER IN COUNCIL
At Wellington this 19th day of March 2007
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
Pursuant to section 4 of the Finance Act (No 2) 1990, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the
advice of the Minister of Finance given in accordance
with a recommendation by ANZ Investment Services
(New Zealand) Limited, gives the following order.
O r d e r
1. Title—This order is the Bonus Bonds (Prize Structure) Order 2007.
2. Commencement—This order comes into force on
1 May 2007.
3. Interpretation—In this order, unless the context otherwise requires:
deed of trust means the deed of trust describing the unit trust between the Bank and Trustees Executors dated
17 September 1990 (as amended) and approved for the purposes of the Finance Act (No 2) 1990 by the Minister
of Finance by notice published in the New Zealand Gazette, 20 September 1990, No. 164, page 3431.
the Bank means ANZ Investment Services (New Zealand) Limited, being a company related to Post Office
Bank Limited, and approved by the Minister of Finance by notice published in the New Zealand Gazette, 20 September 1990, No. 164, page 3431.
Trustees Executors means Trustees Executors Limited, previously called The Trustees, Executors, and Agency Company of New Zealand (Limited).
4. Changes to prize structure authorised—(1) Clause 1.01 of the deed of trust is authorised to be amended
by inserting the following definition in its appropriate alphabetical order:
“Bonus Bonds Prize means a prize described or referred to in Schedule 3 of this Deed (as amended from time to time in accordance with the Finance Act (No 2) 1990)”.
(2) Clause 1.01 of the deed of trust is authorised to be amended by inserting the following definition in its appropriate alphabetical order:
“Eligibility Period means, in respect of a Unit in the Bonus Bonds Portfolio and a particular Bonus Bonds Prize, the period of such length of time in respect of that Bonus Bonds Prize as may be described or referred to in Schedule 3 of this Deed (as amended from time to time in accordance with the Finance Act (No 2) 1990), provided that—
“(a) such period shall not, in respect of a Unit in the Bonus Bonds Portfolio and a particular Bonus Bonds Prize, end earlier than (but shall include) the last day of the Month immediately following
the Month in which that Unit was deemed to be issued in accordance with clause 5.02(a) of this Deed; and
“(b) if no time period is described or referred to in Schedule 3 of this Deed (as amended from time to time in accordance with the Finance Act (No 2) 1990) in respect of a Unit in the Bonus Bonds Portfolio and a particular Bonus Bonds Prize, such period shall end on (but shall include) the last day of the Month immediately following the Month
in which that Unit was deemed to be issued in accordance with clause 5.02(a) of this Deed”.
(3) Clause 1.01 of the deed of trust is authorised to be amended by revoking the definition of Entitlement and substituting the following definition:
“Entitlement means—
“(a) in respect of a Unit in the Bonus Bonds Portfolio and a ballot completed by the Manager during any applicable Entitlement Period, entitlement to
any part of the Distribution Amount attributable
to that Unit as a result of that ballot; and
“(b) in respect of a Unit in any other Portfolio but only during any applicable Entitlement Period, entitlement to any part of the Distribution Amount attributable to that Unit for any applicable period”.
(4) Clause 1.01 of the deed of trust is authorised to be amended by revoking the definition of Entitlement Period and substituting the following definition:
“Entitlement Period means—
“(a) in respect of a Unit in the Bonus Bonds Portfolio and a particular Bonus Bonds Prize, the period commencing on the expiry of the Eligibility Period applicable to that Unit and that Bonus Bonds Prize and terminating on the day on which the Manager makes an appropriate entry on the Register recording the redemption and cancellation of that Unit in accordance with clause 7 of this Deed; and
“(b) in respect of a Unit in any other Portfolio, the period determined by the Manager and specified in the current Prospectus”.
5. Schedule 3—Schedule 3 of the deed of trust is authorised to be amended by omitting the item under the heading Bonus Bonds prize structure and substituting
the item set out in the Schedule of this order.
6. Revocation—The Bonus Bonds (Prize Structure) Order 1995 is revoked.
Schedule
Bonus Bonds Prize Structure
Monthly prize draws:
1st $1,000,000 1 prize
2nd $100,000 1 prize
3rd $50,000 1 prize
Each remaining complete $100,000 of the prize funds will be divided as follows:
$5000 No less than 1 prize
$500 No less than 1 prize
$100 No less than 1 prize
$50 No less than 100 prizes
$20 No less than 3050 prizes
Each remaining complete $10,000 of the prize funds will be divided as follows:
$500 No less than 1 prize
$100 No less than 1 prize
$50 No less than 20 prizes
$20 No less than 375 prizes
Any further residue prize funds of less than $10,000 is then divided into $500 prizes as far as possible and any further residue less than $500 is divided into $20 prizes as far as possible.
DIANE MORCOM, Clerk of the Executive Council.
Explanatory note
This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on 1 May 2007, authorises changes to the prize structure of the Bonus Bonds scheme constituted in accordance with the Finance Act
(No 2) 1990.