Local Authority Trading Enterprise
Encyclopedia
A local authority trading enterprise (LATE) was an organisation established in New Zealand
under the Local Government Act 1974.
The 1989 legislation assigned regional councils planning and funding responsibilities, but not the transport supplier function. It required regional councils
or other territorial authorities either to divest their transport assets to the private sector
, or to establish a transport-related local authority trading enterprise.
Local authority trading enterprises were replaced by council-controlled organisations under the Local Government Act 2002.
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
under the Local Government Act 1974.
The 1989 legislation assigned regional councils planning and funding responsibilities, but not the transport supplier function. It required regional councils
Regions of New Zealand
The region is the top tier of local government in New Zealand. There are 16 regions of New Zealand. Eleven are governed by an elected regional council, while five are governed by territorial authorities which also perform the functions of a regional council and thus are known as unitary authorities...
or other territorial authorities either to divest their transport assets to the private sector
Private sector
In economics, the private sector is that part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state...
, or to establish a transport-related local authority trading enterprise.
Local authority trading enterprises were replaced by council-controlled organisations under the Local Government Act 2002.