Pursuant to section 48 (3) of the Securities Act 1978, the Securities Commission gives the following notice.
N o t i c e
1. The Securities Commission approves the following to act as statutory supervisors and trustees for the purposes of the Securities Act 1978 in respect of participatory and debt securities offered to the public for subscription:
? BDO Spicers Auckland Trustee Company Limited;
? Covenant Trustee Company Limited;
? Prince & Partners Trustee Company Limited;
? Spicer & Oppenheim Trustee Company Limited.
("approved persons")
2. This notice comes into force on the day after its publication in the New Zealand Gazette.
3. This notice expires on the close of 6 August 2009.
4. The approvals in respect of each approved person are given subject to the following conditions:
(a) That the approved person or any member, director, officer or employee of that approved person:
(i) is not at any time a shareholder or employee of an issuer or manager of a scheme in respect
of which the approved person is appointed as a trustee or statutory supervisor;
(ii) at any time holds any office or appointment (including appointment as an auditor) or
has any involvement, relationship, interest (otherwise than in connection with the performance of the approved person's functions and powers as a trustee or statutory supervisor) in respect of the issuer or manager of any scheme in relation to which the approved person is appointed as a trustee or acts as a statutory supervisor;
(iii) at any time controls or has the right to control, directly or indirectly, the management of any issuer or any manager of any scheme in respect of which the approved person is appointed as a trustee or statutory supervisor (otherwise than in connection with the performance of the approved person's functions and powers as a trustee or statutory supervisor);
(iv) at any time holds any debt or participatory securities of any issuer or any manager of a scheme in respect of which the approved
person is appointed as a trustee or a statutory supervisor;
(b) that no relationship exists at any time between an approved person and any issuer or any manager of any scheme in respect of which that approved person is appointed as a trustee or statutory supervisor, that affects, or is likely to affect, the ability of the approved person to perform its functions and powers as a trustee or statutory supervisor;
(c) that while an approved person holds office as a statutory supervisor, that approved person will maintain adequate professional indemnity insurance in respect of the exercise of its functions and powers under its appointments as a trustee and/or statutory supervisor;
(d) that an approved person has undertaken, and abides by that undertaking, to report to the Commission on any occurrence or change in matters material to the Commission's approval of that approved person; and in any event, on an annual basis to the Commission by 1 March of each calendar year for the duration of that approved person's approval.
Dated at Wellington this 29th day of July 2004.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
FALCON CLOUSTON, Member.