Pursuant to section 48 of the Securities Act 1978, the Securities Commission approves Covenant 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 for a period of 5 years from the day after the date of 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 Covenant Trustee Company Limited is not at any time a member of an issuer or scheme in respect of which it acts as statutory supervisor;
(b) that Covenant Trustee Company Limited does not at any time hold any office or appointment (including appointment as auditor) or have any involvement, relationship or interest in respect of the issuer or any manager of a scheme, in respect of which it acts as statutory supervisor, otherwise than in connection with the performance of its functions and powers as statutory supervisor;
(c) that Covenant Trustee Company Limited does not at any time control or have the right to control, directly or indirectly, the issuer or any manager of the scheme, in respect of which it acts as statutory supervisor, otherwise than in connection with the performance of its functions and powers as statutory supervisor;
(d) that Covenant Trustee Company Limited does not at any time hold any participatory securities issued by the issuer or any manager of the scheme;
(e) that no relationship exists at any time between Covenant Trustee Company Limited and the issuer, or any manager of the scheme, in respect
of which it acts as statutory supervisor that affects, or is likely to affect, Covenant Trustee Company Limited's ability to perform its functions and powers as statutory supervisor; and
(f) that Covenant Trustee Company Limited maintains satisfactory professional indemnity insurance in respect of the exercise of its functions and powers as statutory supervisor.
Pursuant to section 48 of the Securities Act 1978, the approval of Covenant Trustee Company Limited to act as a statutory supervisor dated 13 August 1996 is hereby revoked.
Dated at Wellington this 12th day of July 2001.
[L.S.]
The common seal of the Securities Commission was hereunto affixed in the presence of:
F. R. S. CLOUSTON, Member.