Water Management Act 2000 No 92
Current version for 1 July 2020 to date (accessed 6 August 2020 at 03:33)
228   Powers and duties of members
(1)  The members of a private water trust have and may exercise the following functions—
(a)  to establish and maintain a management program for the water supply district,
(b)  to maintain in a state of efficiency the water management works under their charge and renew such works if necessary,
(c)  to fix and levy rates to provide for the maintenance, renewal and management of such water management works, and for interest, charges, and a sinking fund,
(d)  to keep proper accounts of all money received and paid,
(e)  to pay to the Treasury, at such times as may be fixed by the Minister, the interest and charges payable by them, and if necessary make due provision for a sinking fund,
(f)  to appoint, with the approval of the Minister, such officers or employees as may be required,
(g)  to borrow money, but only as provided in this section.
(2)  A loan by way of limited overdraft may be obtained for the purpose of meeting necessary legitimate expenditure prior to the collection of rates or for the purpose of carrying out urgent works of renewal, or replacement, or other emergency, for which sufficient funds are not immediately available.
(3)  On application by the members of a private water trust the Minister may issue a certificate of limit of overdraft, in which must be named the purpose in respect of which the loan may be obtained and the limit of amount to be borrowed.
(4)  The sum to be stated in the certificate as the limit of the overdraft is in the discretion of the Minister, but must not exceed the estimated amount required for the purpose mentioned therein plus 10% of such amount.
(5)  The loan is subject to any conditions inserted by the Minister in the certificate, and the money borrowed is taken to be secured on the income of the trust and must be repaid within the time fixed in the certificate.
(6)  All sums received on account of a trust’s sinking fund must be carried by the Treasurer to a special account, to be called “The Water Supply Loan Redemption Fund”, and all other sums to the Consolidated Fund.
(7)  The members of a private water trust may on application by any ratepayer defer or suspend payment of rates by the ratepayer for such period or periods and on such terms and conditions as the Minister may approve.