Common use of POWERS OF INVESTMENT Clause in Contracts

POWERS OF INVESTMENT. 7.1 The Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments: (a) Any investment authorised under the provisions of the Trustee Xxx 0000. (b) Interest bearing deposit accounts with any licensed Bank. (c) Shares in Pioneer Generation Ltd or any successor company. 7.2 The Trustees may hold all or any part of the Trust Fund uninvested for any period or periods for the purpose of: (a) Accumulating sufficient funds for the purposes of investment or; (b) Holding sufficient funds to meet payments as they fall due. 7.3 Notwithstanding the provisions of Section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professions, employment, or business is or includes acting as a Trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 Notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.

POWERS OF INVESTMENT. 7.1 10.1 The powers conferred by this clause or any other part thereof or any other part of this Deed shall not be in any way limited or restricted by the terms or any other part or by any statutory power or provisions and the Trustees shall not be bound by the requirements of section 13B, C and E of the Trustee Act. 10.2 The Trustees may invest all or any part shall have absolute and uncontrolled power and discretion in the management and investment of the Trust Fund held by them under this Deed, either alone and that they may do or in common with any other person cause to be done all such acts matters or persons, in things of whatsoever kind or nature and sign all such instruments or any documents as they may think proper or expedient as fully freely unreservedly and unconditionally as if they were the absolute owners of the following investments: (a) Any investment authorised under the provisions of the Trustee Xxx 0000Trust Fund. (b) Interest bearing deposit accounts with any licensed Bank. (c) Shares in Pioneer Generation Ltd or any successor company. 7.2 10.3 The Trustees may hold all or any part of the Trust Fund uninvested in accordance with Clause 10.2 for any period or periods for the purpose of: (a) Accumulating accumulating sufficient funds for the purposes of investment investment; or; (b) Holding holding sufficient funds to meet payments as they fall due. 7.3 10.4 Notwithstanding the provisions of Section section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professionsprofession, employment, or business is or includes acting as a Trustee trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 10.5 Notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified. 10.6 If the Trustees believe an investment decision may fall outside the Trustees' area of expertise then the Trustees shall have an appropriate independent investment advisor review the decision.

POWERS OF INVESTMENT. 7.1 10.1 The power to invest conferred by trustees by section 13A(1) of the Trustee Act is hereby excluded. 10.2 The Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments: (a) Any investment authorised under the provisions shares or other equity securities or debt securities of the Trustee Xxx 0000.Company; (b) Interest the stock, funds or other securities of the New Zealand Government; (c) interest bearing deposit accounts with any licensed Bank. (c) Shares in Pioneer Generation Ltd or any successor company. 7.2 10.3 The Trustees may hold all or any part of the Trust Fund uninvested in accordance with Clause 10.2 for any period or periods for the purpose of: (a) Accumulating accumulating sufficient funds for the purposes of investment investment; or; (b) Holding holding sufficient funds to meet payments as they fall due. 7.3 10.4 Notwithstanding the provisions of Section section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professionsprofession, employment, or business is or includes acting as a Trustee trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 10.5 Notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.

POWERS OF INVESTMENT. 7.1 10.1. The power to invest conferred by trustees by section 13A(1) of the Trustee Act is hereby excluded. 10.2. The Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments: (a) Any investment authorised under the provisions shares or other equity securities or debt securities of the Trustee Xxx 0000.Company; (b) Interest the stock, funds or other securities of the New Zealand Government; (c) interest bearing deposit accounts with any licensed BankBank provided however that the Trustees shall not acquire further shares of the Company unless a postal vote of Consumers is held and a majority of Consumers is held and a majority of Consumers who vote agree to such acquisition. The postal vote shall be held in accordance with Clause 4 of Schedule 3. (c) Shares in Pioneer Generation Ltd or any successor company. 7.2 10.3. The Trustees may hold all or any part of the Trust Fund uninvested in accordance with Clause 10.2 for any period or periods for the purpose of: (a) Accumulating accumulating sufficient funds for the purposes of investment investment; or; (b) Holding holding sufficient funds to meet payments as they fall due. 7.3 10.4. Notwithstanding the provisions of Section section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professionsprofession, employment, or business is or includes acting as a Trustee trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 10.5. Notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.

POWERS OF INVESTMENT. 7.1 10.1 The power to invest conferred to trustees by section 13A(1) of the Trustee Act is hereby excluded. 10.2 The Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments: (a) Any investment authorised under the provisions Shares or other equity securities or debt securities of the Trustee Xxx 0000.Company and Other Shares; (b) Interest the stock, funds or other securities of the New Zealand Government; (c) interest bearing deposit accounts with any licensed Bank. (cd) Shares in Pioneer Generation Ltd Any other investments the Trustees think proper or any successor companyexpedient. 7.2 10.3 The Trustees may hold all or any part of the Trust Fund uninvested in accordance with Clause 10.2 for any period or periods for the purpose of: (a) Accumulating accumulating sufficient funds for the purposes of investment investment; or; (b) Holding holding sufficient funds to meet payments as they fall due. 7.3 10.4 Notwithstanding the provisions of Section section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professionsprofession, employment, or business is or includes acting as a Trustee trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 10.5 Notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.

POWERS OF INVESTMENT. 7.1 10.1 The power to invest conferred by trustees by section 13A(1) of the Trustee Act is hereby excluded. 10.2 The Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments: (a) Any investment authorised under the provisions shares in or other equity securities or debt securities of the Trustee Xxx 0000Company or other companies carrying on an electricity lines business or electricity supply business. (b) Interest the stock, funds or other securities of the New Zealand Government. (c) interest bearing deposit accounts with any licensed Bank. (c) Shares in Pioneer Generation Ltd or any successor company. 7.2 10.3 The Trustees may hold all or any part of the Trust Fund uninvested for any period or periods for the purpose of:in accordance with Clause (a) Accumulating accumulating sufficient funds for the purposes of investment investment; or; (b) Holding holding sufficient funds to meet payments as they fall due. 7.3 10.4 Notwithstanding the provisions of Section section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professionsprofession, employment, or business is or includes acting as a Trustee trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section section 13C but subject to Clause 18 shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 Notwithstanding 10.5 Subject to Clause 18 notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.

POWERS OF INVESTMENT. 7.1 10.1. The power to invest conferred by trustees by section 13A(1) of the Trustee Act is hereby excluded. 10.2. The Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments: (a) Any investment authorised under the provisions shares or other equity securities or debt securities of the Trustee Xxx 0000.Company; (b) Interest the stock, funds or other securities of the New Zealand Government; (c) interest bearing deposit accounts with any licensed Bank. (c) Shares in Pioneer Generation Ltd or any successor company. 7.2 10.3. The Trustees may hold all or any part of the Trust Fund uninvested in accordance with clause 10.2 for any period or periods for the purpose of: (a) Accumulating accumulating sufficient funds for the purposes of investment investment; or; (b) Holding holding sufficient funds to meet payments as they fall due. 7.3 10.4. Notwithstanding the provisions of Section section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professionsprofession, employment, or business is or includes acting as a Trustee trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 10.5. Notwithstanding anything any thing in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.

POWERS OF INVESTMENT. 7.1 10.1 The power to invest conferred on trustees by section 13A(1) of the Trustee Act is hereby excluded. 10.2 Without limiting the powers under Clause 9.5, the Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments: (a) Any investment authorised under the provisions shares of the Trustee Xxx 0000.Company; (b) Interest the stock, funds or other securities of the New Zealand Government; (c) interest bearing deposit accounts with any licensed Bank; (d) secured or unsecured advances from the Trust Fund to the Company, whether interest bearing or otherwise. (c) Shares in Pioneer Generation Ltd or any successor company. 7.2 10.3 The Trustees may hold all or any part of the Trust Fund uninvested in accordance with Clause 10.2 for any period or periods for the purpose of: (a) Accumulating accumulating sufficient funds for the purposes of investment investment; or; (b) Holding holding sufficient funds to meet payments as they fall due. 7.3 10.4 Notwithstanding the provisions of Section section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professionsprofession, employment, or business is or includes acting as a Trustee trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. 7.4 10.5 Notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.