Pursuant to section 160(3) of the Crown Entities Act 2004, I, Jane Meares, Treasury Solicitor, hereby give notice
that on 20 October 2008, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable Chris Carter, Minister of Education, gave approval under
section 160(1)(b) of the Crown Entities Act 2004, for
school boards of trustees acquiring debt securities and redeemable shares issued by the Southland Building Society, subject to the following conditions:
(a) The Southland Building Society’s credit rating
by Fitch Ratings does not fall below the existing level of “BBB”;
(b) the Southland Building Society complies with
its conditions of registration imposed under section 74 of the Reserve Bank of New Zealand Act
1989; and
(c) the Southland Building Society notifies Crown entities and organisations named in Schedule 4 of the Public Finance Act 1989 that hold debt securities and redeemable shares issued by the Southland Building Society as soon as the bank becomes aware that it is unlikely to comply or no longer complies with the preceding conditions.
Dated at Wellington this 3rd day of November 2008.
JANE MEARES, Treasury Solicitor.