Pursuant to section 48 of the Securities Act 1978, the Securities Commission approves Prince and Partners Trustee Company Limited to act as a trustee for the purposes of the Securities Act 1978 in respect of debt securities to be offered to the public for subscription:
The approval is given subject to the following conditions:
(a) That neither Prince and Partners Trustee Company Limited nor any shareholder, director, officer or employee of it is at any time a shareholder of an issuer in respect of which it acts as trustee;
(b) That no person who is a shareholder of Prince and Partners Trustee Company Limited at any time holds any office or appointment (including appointment as auditor) in any issuer in respect of which it appointed as a trustee;
(c) That neither Prince and Partners Trustee Company Limited nor any shareholder, director, officer or employee of it at any time controls or has the right to control, directly or indirectly, the management of any issuer in respect of which the company is appointed as a trustee otherwise than in connection with the performance of its functions and powers;
(d) That neither Prince and Partners Trustee Company Limited nor any shareholder, director, officer or employee holds any debt securities of any issuer in respect of which the company is appointed as a trustee;
(e) That no relationship exists at any time between Prince and Partners Trustee Company Limited, or any shareholder, director, officer or employee of it, and any issuer in respect of which it acts as trustee that affects, or is likely to affect, the ability of the company to perform its functions and powers as trustee;
(f) That while Prince and Partners Trustee Company Limited holds office as trustee, satisfactory professional indemnity insurance is maintained in respect of the exercise of its functions and powers as trustee.
(g) That no relationship exists at any time between Prince and Partners, Chartered Accountants, or any partner, officer or employee of it and any issuer in respect of which Prince and Partners Trustee Company Limited acts as trustee that affects, or is likely to affect, the ability of the company to perform its functions and powers as trustee.
Dated at Wellington this 6th day of March 2000.
[L.S.]
The common seal of the Securities Commission was hereunto affixed in the presence of:
F. R. S. CLOUSTON, Member.