sec.20Requirement for agreement

### sec.20 Requirement for agreement A distributor-retailer must, as soon as practicable after the date of assent of this Act, enter into an agreement (a participation agreement ) with its participating local governments about the following matters concerning the distributor-retailer— that the participating local governments have the right to participate in its profits; For the distribution of assets and liabilities when the distributor-retailer expires, see section 10 (2) (Expiry). the way in which distributions of its profits are to be approved for section 43 ; its internal management; its corporate planning requirements; its requirements about reporting to its participants; the proportions in which the local governments are to receive tax equivalents the distributor-retailer pays under section 100 ; any other matter concerning distributor-retailers prescribed under a regulation. Rights mentioned in subsection (1) (a) are the participation rights in the distributor-retailer. Those who hold the participation rights are the distributor-retailer’s participants . The requirements mentioned in subsection (1) (d) and (e) are the distributor-retailer’s planning and reporting requirements . s 20 amd 2012 No. 1 s 9 (sec.20-ssec.1) A distributor-retailer must, as soon as practicable after the date of assent of this Act, enter into an agreement (a participation agreement ) with its participating local governments about the following matters concerning the distributor-retailer— that the participating local governments have the right to participate in its profits; For the distribution of assets and liabilities when the distributor-retailer expires, see section 10 (2) (Expiry). the way in which distributions of its profits are to be approved for section 43 ; its internal management; its corporate planning requirements; its requirements about reporting to its participants; the proportions in which the local governments are to receive tax equivalents the distributor-retailer pays under section 100 ; any other matter concerning distributor-retailers prescribed under a regulation. (sec.20-ssec.2) Rights mentioned in subsection (1) (a) are the participation rights in the distributor-retailer. (sec.20-ssec.3) Those who hold the participation rights are the distributor-retailer’s participants . (sec.20-ssec.4) The requirements mentioned in subsection (1) (d) and (e) are the distributor-retailer’s planning and reporting requirements . - (a) that the participating local governments have the right to participate in its profits; Note— For the distribution of assets and liabilities when the distributor-retailer expires, see section 10 (2) (Expiry). - (b) the way in which distributions of its profits are to be approved for section 43 ; - (c) its internal management; - (d) its corporate planning requirements; - (e) its requirements about reporting to its participants; - (f) the proportions in which the local governments are to receive tax equivalents the distributor-retailer pays under section 100 ; - (g) any other matter concerning distributor-retailers prescribed under a regulation.