Pursuant to section 48 of the Securities Act 1978, the Securities Commission gives the following notice.
N o t i c e
1. The Securities Commission approves Spicer
& Oppenheim Trustee Company Limited to act as a statutory supervisor for the purposes of the Securities Act 1978.
2. This notice comes into force on the day after the date of its publication in the New Zealand Gazette.
3. This notice expires on the earlier of the following dates:
(a) The first date on which a majority of the persons holding office as directors of Spicer & Oppenheim Trustee Company Limited are persons who did not hold office as such on 24 September 2001; or
(b) the close of 5 October 2006.
4. The approval is given subject to the following conditions:
(a) That Spicer & Oppenheim Trustee Company Limited is not at any time a member of any issuer or scheme in respect of which it acts as statutory supervisor;
(b) that Spicer & Oppenheim 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 a statutory supervisor, otherwise than in connection with the performance of its functions and powers as statutory supervisor;
(c) that Spicer & Oppenheim Trustee Company Limited does not at any time control or have the right to control, directly or indirectly, 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;
(d) that Spicer & Oppenheim Trustee Company Limited does not at any time hold any participatory securities issued by the issuer or any manager of a scheme in respect of which it acts as statutory supervisor;
(e) that no relationship exists at any time between Spicer & Oppenheim Trustee Company Limited and the issuer or any manager of a scheme in respect of which it acts as statutory supervisor, that affects, or is likely to affect, Spicer & Oppenheim Trustee Company Limited's ability to perform its functions and powers as statutory supervisor;
(f) that Spicer & Oppenheim Trustee Company Limited maintains satisfactory professional indemnity insurance in respect of the exercise of its functions and powers as statutory supervisor; and
(g) that if the majority of directors of Spicer
& Oppenheim Trustee Company Limited change from those appointed as directors of the company at 24 September 2001, the notice will no longer apply.
Dated at Wellington this 2nd day of October 2001.
[L.S.]
The common seal of the Securities Commission was hereunto affixed in the presence of:
J. DIPLOCK, Chairperson.