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 in accordance with the provisions of the Securities Act (Retirement Villages) Exemption Notice 1999 ("the retirement village securities") by:
Hilda Ross Retirement Village Limited;
Grace Joel Retirement Village Limited;
L D & B B Holdings Limited;
Maryville Courts Trust Board; and
Ryman Napier Limited (being securities relating to interests in the Princess Alexandra Retirement Village).
2. This notice comes into force the day after its publication in the New Zealand Gazette.
3. This notice expires on the close of 30 September 2005.
4. The approval is given subject to the following conditions:
(a) That Geoffrey James Crichton Clark does not at any time subscribe to any of the securities offered by L D & B B Holdings Limited, Maryville Courts Trust Board, Hilda Ross Retirement Village Limited, Grace Joel Retirement Village Limited; Ryman Napier Limited and Ryman Healthcare Limited;
(b) That Geoffrey James Crichton Clark does not
at any time hold any office or appointment (including appointment as an auditor) or have any involvement, relationship or interest in respect of
L D & B B Holdings Limited, Maryville Courts Trust Board, Hilda Ross Retirement Village Limited, Grace Joel Retirement Village Limited; Ryman Napier Limited, Ryman Healthcare Limited, the Princess Alexandra Retirement Village, or any manager of any scheme offered by any of the above, 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 and L D & B B Holdings Limited, Maryville Courts Trust Board, Hilda Ross Retirement Village Limited, Grace
Joel Retirement Village Limited; Ryman Napier Limited, Ryman Healthcare Limited, the Princess Alexandra Retirement Village, or any manager of any scheme offered by any of the above, that affects, or is likely to affect, his performance as
a statutory supervisor;
(d) That Geoffrey James Crichton Clark maintains adequate professional indemnity insurance in respect of the exercise of the functions and powers of a statutory supervisor; and
(e) That Geoffrey James Crichton Clark reports to the Commission on any occurrence or change in matters material to the Commission's approval of him; and in any event, on an annual basis to the Commission by 1 March of each calendar year for the duration of his approval.
Dated at Wellington this 5th day of April 2004.
[L.S.]
The Common Seal of the Securities Commission was affixed in the presence of:
COLIN BEYER, Member.