Electricity Industry Reform Act 1997
The Commission, pursuant to section 81 (5), varies its previous exemption, contained in Decision 349 and published in the New Zealand Gazette on 1 April 1999, of Top Energy Limited from the application of section
38 (1) (c) and section 329 of the Electricity Industry Reform Act 1998.
The exemption is now subject to the following terms and conditions:
(a) Definition:
1 "Mirror Trust Establishment Day" means 90 days after the determination by the High Court of the judicial review proceedings CP 207/99 brought by Top Energy Limited against the Commerce Commission's Decision 353;
2 "Mirror Trust Option" has the same meaning as sections 37 to 41 of the Electricity Industry Reform Act save for the substitution of the Mirror Trust Establishment Day for any reference in those sections to 1 April 1999; and
(b) That Top Energy Limited shall comply with section 39 of the Electricity Industry Reform Act as if it had not been exempted from that section and as if the Mirror Trust Establishment Day was substituted for any reference in that section to 1 April 1999.
(c) That Top Energy Limited shall be in full compliance with section 17 of the Electricity Industry Reform Act from the Mirror Trust Establishment Day.
The exemption takes effect from the date of publication of this notice in the New Zealand Gazette.
The Commission may vary or revoke this exemption at any time in accordance with section 81 (5) of the Electricity Industry Reform Act.