Pursuant to section 48 of the Securities Act 1978, the Securities Commission approves BDO Auckland Trustee Company Limited to act as a statutory supervisor for the purposes of the Securities Act 1978 in respect of participatory securities to be offered to the public for subscription by WorldWide Resorts (New Zealand) Limited ("WorldWide"), for a period of 5 years from the day after the date of this notification in the New Zealand Gazette, or until earlier revoked by the Securities Commission.
The approval is given subject to the following conditions:
(a) That neither BDO Auckland Trustee Company Limited nor any shareholder, director, officer or employee of BDO Auckland Trustee Company Limited is at any time a shareholder of WorldWide;
(b) That BDO Auckland Trustee Company Limited does not at any time hold any office or appointment (including appointment as auditor) in respect of WorldWide or any manager of the scheme;
(c) That BDO Auckland Trustee Company Limited does not at any time control or have the right to control, directly or indirectly, WorldWide or any manager of the scheme otherwise than in connection with the performance of its functions and powers as statutory supervisor;
(d) That BDO Auckland Trustee Company Limited does not at any time hold any participatory securities issued by WorldWide or any manager of the scheme;
(e) That no relationship exists at any time between BDO Auckland Trustee Company Limited and WorldWide, or any manager of the scheme, that affects, or is likely to affect, the ability of BDO Auckland Trustee Company Limited to perform its functions and powers as statutory supervisor;
(f) That BDO Auckland Trustee Company Limited maintains professional indemnity insurance in respect of the exercise of its functions and powers as statutory supervisor;
(g) That no relationship exists at any time between BDO Auckland, BDO Waikato or BDO Hogg Young Cathie, Chartered Accountants, nor any of their employees or partners, and WorldWide, or any manager of the scheme, that affects, or is likely to affect, the ability of BDO Auckland Trustee Company Limited to perform its functions and powers as statutory supervisor; and
(h) That BDO Auckland, BDO Waikato or BDO Hogg Young Cathie, Chartered Accountants, do not at any time hold any office or appointment (including appointment as auditor) in respect of WorldWide, or any manager of the scheme, nor have any involvement, relationship or interest in respect of the auditors of that scheme.
Dated at Wellington this 26th day of September 2000.
The common seal of the Securities Commission was hereunto affixed in the presence of:
[L.S.]
E. H. ABERNETHY, Chairman.