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 Geoffrey James Crichton Clark to act as a statutory supervisor for the purposes of the Securities Act 1978 in respect of securities offered to the public by Hilda Ross Retirement Village Limited and by Grace Joel Retirement Village Limited, which are to be offered to the public in accordance with the provisions of the Securities Act (Retirement Villages) Exemption Notice 1999 ("the retirement village securities").
2. This notice comes into force on the date of its publication in the New Zealand Gazette.
3. This notice expires on the close of 31 July 2006.
4. The approval is given subject to the following conditions:
(a) that Geoffrey James Crichton Clark does not at any time subscribe to the retirement village securities;
(b) that Geoffrey James Crichton Clark, or any associated person, does not at any time hold any office or appointment (including appointment as auditor) or have any involvement, relationship or interest in respect of Hilda Ross Retirement Village Limited or Grace Joel Retirement Village Limited or any manager of the scheme, or control of Hilda Ross Retirement Village Limited or Grace Joel Retirement Village Limited or any manager of the scheme, otherwise than in connection with the performance of his functions and powers as a statutory supervisor;
(c) that no relationship exists at any time between Geoffrey James Crichton Clark, or any associated person, and Hilda Ross Retirement Village Limited or Grace Joel Retirement Village Limited, or any manager of the scheme, that affects, or is likely to affect, his performance as a statutory supervisor; and
(d) that Geoffrey James Crichton Clark maintains satisfactory professional indemnity insurance in respect of the exercise of the functions and powers of a statutory supervisor.
Dated at Wellington this 22nd day of March 2002.
[L.S.]
The common seal of the Securities Commission was hereunto affixed in the presence of:
J. DIPLOCK, Chairperson.