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 BDO Spicers Auckland Trustee Company Limited to act as a trustee and 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 BDO Spicers Auckland 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 BDO Spicers Auckland Trustee Company Limited is not at any time a member of any issuer or scheme in respect of which it acts as a trustee or statutory supervisor;
(b) that BDO Spicers Auckland 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 trustee or statutory supervisor, otherwise than in connection with the performance of its functions and powers as trustee or statutory supervisor;
(c) that BDO Spicers Auckland 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 a trustee or statutory supervisor, otherwise than in connection with the performance of its functions and powers as a trustee or statutory supervisor;
(d) that BDO Spicers Auckland 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 a trustee or statutory supervisor;
(e) that no relationship exists at any time between BDO Spicers Auckland Trustee Company Limited and the issuer or any manager of a scheme in respect of which it acts as a trustee or statutory supervisor, that affects, or is likely to affect, BDO Spicers Auckland Trustee Company Limited's ability to perform its functions and powers as a trustee or statutory supervisor;
(f) that BDO Spicers Auckland Trustee Company Limited maintains satisfactory professional indemnity insurance in respect of the exercise of its functions and powers as a trustee and statutory supervisor; and
(g) that if the majority of directors of BDO Spicers Auckland Trustee Company Limited change from those appointed as directors of the company at
24 September 2001, the notice will no longer apply.
5. Pursuant to section 48 of the Securities Act 1978, the Securities Commission revokes:
(a) BDO Auckland Trustee Company Limited's approval to act as a statutory supervisor in respect of participatory securities to be offered to the public for subscription by WorldWide Resorts (New Zealand) Limited dated 26 September 2000; and
(b) BDO Hogg Young Cathie Trustee Company Limited's approval to act as a statutory supervisor in respect of participatory securities to be offered to the public for subscription by Lako Mai Resort (New Zealand) Limited dated 14 March 1997.
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.