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How to Stretch an IRA
Future generations can profit, but many beneficiaries take the money and run
Wouldn't it be great if you could leave a financial legacy to your kids or grandkids that could actually increase over time? Well, you can, with a little bit of planning on your part — and a little educating of your beneficiaries.
See also: Leave an IRA that's heir-tight.
A "stretch" IRA extends its tax advantages like taffy across generations, provided, of course, the account is not depleted.
"If the original owner needs to use all the funds in the IRA, then that's an end to it," says Richard Reyes, a certified financial planner in Maitland, Fla. But if money does pass to a beneficiary, it doesn't have to be taken out in a lump sum, with the attendant big tax hit. It can flow from the account in small increments stretched out over the beneficiary's lifetime, says Reyes. Or even beyond.
The account can be a regular IRA or a Roth. If you are the original owner, all you have to do is name a beneficiary, such as a child or grandchild. It's the beneficiary who does the stretching by following certain guidelines.
There is no benefit to you except maybe knowing that you'll be helping someone after you're gone and helping keep money away from the tax man for a longer period of time.
"A stretch IRA is one of the biggest benefits of the tax code," says Ed Slott, a CPA and author of Parlay Your IRA into a Family Fortune. But, he adds, "it's only good if everybody knows what they're doing."
Stretching an inherited IRA
If you're the person who is willed an IRA, here's what you need to do to make it stretch.
"When you inherit an IRA, the first rule is, touch nothing," says Slott. "If you roll the inherited IRA into your own IRA or even move it to another institution, the money instantly becomes taxable."
As the beneficiary, you must retitle the IRA with your name and the deceased's name. For example, "John Doe IRA (deceased Jan. 1, 2010) for the benefit of John Doe Jr., beneficiary."
You must begin withdrawals of the required minimum distribution (RMD) starting on Dec. 31 of the year after you inherit. They'll be taxable. Their amount is calculated by dividing the IRA's balance by the number of years of your life expectancy as determined by the IRS. The younger you are, the smaller the RMD.
If you want to stretch the IRA to a third generation and potentially make the account bigger, take out only the RMDs and try to invest the remaining principal wisely. As Slott puts it, you have to decide if you want the IRA to grow: "Do you want a little twig or a big tree?" he says.
Not all IRAs stretch
But not every stretch IRA is destined to become a tree. Reyes says that conditions that determine an account's continued growth may change. For example, IRS rules may evolve, returns on principal may vary, or a beneficiary may take out more than the minimum.
"Nine out of 10 beneficiaries want to take the money and run," says Reyes, so "stretching" never gets started.
A stretch IRA "looks good on paper," he says, "but too often doesn't translate into reality."


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Social media has blown up in the past few days with some serious hot-button issues and it has all inspired me to take some time off of the interwebs, Twitters, YouTubes and comment sections before I try to track down one of those "Men in Black" devices to wipe my mind of all the hateful vomit I've seen spewed across various social networks.
But in lieu of frying my brain, or finding some vampire to glamour me, I've decided to spend some time tackling a much more lighthearted debate, the unrelenting debate that's been going on for 50 years now: The Beatles vs. The Rolling Stones.
Are The Beatles the number one rock band of all time? There certainly is a lot of evidence to support that claim, I suppose, but I've always been a Rolling Stones girl. For me, The Stones are the quintessential rock 'n' roll band. They are undisputed. They reign supreme, and they always will. And I've been mulling over why that is the past few days mostly because of how much I enjoyed going to the 11th Annual New Orleans Beatles Festival at the House of Blues over the weekend.
It was my husband's birthday and his favorite band of all time is The Beatles, and in some crazy twist of fate he happened to marry a Rolling Stones loyalist as if we met in the year 1969 instead of 2009.
There were several bands that went on stage and my dear husband had been looking forward to it for weeks and weeks, but it took me a little while to get into it. Mainly because while I'm sure that The Molly Ringwalds are a great band, it's just that they happened to be playing a set dedicated to Wings' greatest hits. Apparently The Beatles Festival isn't just for any fair-weather Beatles fan, this was also for the Beatles "hipster" fans who are looking for something a little deeper. But Wings is not my favorite. Wings-era Paul McCartney is responsible for one of the worst Christmas songs of all time. Wings is responsible for the dentist chair favorite "Silly Love Songs." If you want to go with a former Beatles-member's side project, why not the Traveling Wilburys? Hell, the Plastic Ono Band? Anything but Wings! But I digress.
When the Top Cats came on stage to play a great variety of Beatles hits spanning their catalogue of rock masterpieces, I found myself getting into it. It really was a lot of fun and the musicians really brought all the songs to life while artfully edited video footage of the Fab Four played in the background. Great time. I highly recommend going next year.
But I couldn't help but think: Am I cheating on my one true love, The Rolling Stones?
The answer is – of course – hell no. It's possible to enjoy both and still know the truth deep down in your heart. It's possible to enjoy "Champagne Supernova" while loving Blur. And it's okay if you like other '90s grunge bands besides Nirvana.
My reasons for siding with The Stones are many, but here are a few:
I am biased. I admit it. My dad was and still is a major influence in my life in regard to what I listen to. While growing up, we had family photos hanging around the house, a nice picture of Jesus in the Garden of Gethsemane, and also images of Mick Jagger, Keith Richards, Robert Plant and the like adorning our walls. When I was little, my dad would say, "Annie, where'd you learn about David Bowie?" And I'd be like, "YOU, ALRIGHT!? I learned it from watching you!"
My dad and his friends were a part of the first ever rock 'n' roll superfans. They went to every every concert, whether it was The Rolling Stones, Led Zeppelin or The Who, that they possibly could. And they still do to this day. Drives my mother crazy.
When I was little, our family dog was called Keifer. Not because of that actor who appears in "The Lost Boys" and "24," but because of Keith Richards' nickname.
And true story, many years ago my grandmother caught wind that my dad was planning on taking me to see Pink Floyd, and she was like, "Oh, hell no! I don't want my granddaughter ending up like one of those rock 'n' roll girls!" Whatever that meant. So I didn't get to go. But, nearly two decades later and several Rolling Stones, The Who, Page and Plant, David Bowie, White Stripes, Radiohead, Lollapaloozas, Bonnaroos, New Orleans Jazz Fests and countless other shows under my belt, and I'm like, "OOPS, sorry Grandma! Rock 'n' roll girl, right here!"
Anyways. I grew up with The Rolling Stones. They're in my blood. My brother and I always say that "the family who goes to see The Rolling Stones together, stays together." It's true.
I like honesty. The Beatles like to say, "I wanna hold your hand." The Stones just go ahead and say, "Let's spend the night together." That pretty much sums it up for me.
I like the sexier, grittier rock music, like the stuff that came with "Exile on Main Street." I'm not so keen on songs about magical mystery buses, yellow submarines, precious walruses, raccoons and black birds. I stopped thinking it was cool that "Lucy in the Sky with Diamonds" sort of maybe meant "LSD" when I was a freshman in high school. To my knowledge, the Stones never sang about a magic bus or an egg man or a walrus, and for that, I thank them.
The Rolling Stones are the better live band. Granted, this is not really The Beatles' fault because they only had a few years and The Stones have had 50, but I like listening to live recordings and watching concerts on DVD along with the tried and true studio recordings. While The Beatles' albums are brilliant and game-changing, The Rolling Stones far and away outshine them in this regard. I'll also go out on a limb and say that even if The Beatles had been blessed with the longevity that The Rolling Stones have had, the Stones would still be the better live band. I've seen Paul McCartney's live shows before; they always ends with "Hey Jude". Hey, never heard that song before! Hey, snore zzzzzzzzzzz… (In case you can't tell, I'm not the biggest Paul McCartney fan.)
The Rolling Stones can play country music like a boss. Have you ever heard that stupid song in which Alan Jackson sings, "Don't rock the jukebox, I wanna hear some Jones, cause my heart ain't ready for The Rolling Stones"? Well, it would seem that Alan Jackson has never bothered to listen past "Start Me Up," or "It's Only Rock 'n' Roll," because this group of old brits can play Americana music better than, well, certainly Alan Jackson. And while I love George Harrison with all my heart, I prefer the Stones experiments with country music and slide guitar to all the sitar playing. Sorry, George. Your songs are still my fave Beatles songs, though.
And like I said, those are but a few reasons that I prefer The Rolling Stones. There are certainly many more, but I'm going to pause here, because if you let me, I could probably go off on so many tangents that this blog post would be a mess and you'd probably get really bored or really angry because of my unpopular opinion that Yoko Ono is totally awesome.

subset: commoncrawl


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conservatism, in politics, the desire to maintain, or conserve, the existing order. Conservatives value the wisdom of the past and are generally opposed to widespread reform. Modern political conservatism emerged in the 19th cent. in reaction to the political and social changes associated with the eras of the French Revolution and the Industrial Revolution. By 1850 the term conservatism, probably first used by Chateaubriand, generally meant the politics of the right. The original tenets of European conservatism had already been formulated by Edmund Burke, Joseph de Maistre, and others. They emphasized preserving the power of king and aristocracy, maintaining the influence of landholders against the rising industrial bourgeoisie, limiting suffrage, and continuing ties between church and state. The conservative view that social welfare was the responsibility of the privileged inspired passage of much humanitarian legislation, in which English conservatives usually led the way. In the late 19th cent. great conservative statesmen, notably Benjamin Disraeli, exemplified the conservative tendency to resort to moderate reform in order to preserve the foundations of the established order. By the 20th cent. conservatism was being redirected by erstwhile liberal manufacturing and professional groups who had achieved many of their political aims and had become more concerned with preserving them from attack by groups not so favored. Conservatism lost its predominantly agrarian and semifeudal bias, and accepted democratic suffrage, advocated economic laissez-faire, and opposed extension of the welfare state. This form of conservatism, which is best seen in highly industrialized nations, was exemplified by President Reagan in the United States and Prime Minister Thatcher in Great Britain. It has been flexible and receptive to moderate change, favors the maintenance of order on social issues, and actively supports deregulation and privatization in the economic sphere. Conservatism should be distinguished both from a reactionary desire for the past and the radical right-wing ideology of fascism and National Socialism.
See R. Kirk, The Conservative Mind (rev. ed. 1960); J. Habermas, The New Conservatism (1989); T. Honderich, Conservatism (1991); C. Robin, The Reactionary Mind (2011).
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2023, Columbia University Press. All rights reserved.
See more Encyclopedia articles on: Political Science: Terms and Concepts


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In what may be the first salvo fired in the 2014 race for governor, Republican Tom Foley leveled serious accusations of ethical lapses against Governor Dannel Malloy. Foley has opened an exploratory campaign, the first step in a run in '14.
On WFSB's "Face the State with Dennis House" that aired Sunday, the 2010 GOP gubernatorial nominee detailed four allegations of ethical misconduct regarding the governor. The link to the interview is below.
We also have reaction and analysis from Duby McDowell and Brian Flaherty.
Read about Tom Foley's personal health battle right here: https://dennishouse.tv/2010/09/15/foley-reveals-personal-health-battle/
Watch the broadcast right here: http://www.wfsb.com/category/213663/face-the-state
Categories: Uncategorized


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The new Nintendo Direct Mini isn't about the Wii Mini. It's about new/old New Super Mario Bros. 2 levels that are temporarily free on the Nintendo 3DS. Not too confusing, right?
Skip to 3:50 to see the levels. They may ring some bells.
Nintendo Direct Mini — November 27, 2012 [YouTube. Thanks, Philip!]]
UPDATE: So... the 3DS eShop appears to be offline for maintenance now. Bad timing. It'll be back at 8pm ET or so.


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How to Decorate with Color
Decorating with yellow
Yellow signals cheer and freshness, like early spring daffodils. It can brighten any room and lend a soft sunny aura or a make a bold color statement. Click here to see how yellow looks in our photos of living rooms, kitchens, bedrooms and dens.
Decorating with green
Green and all its hues-including moss, emerald, pine, willow, charteuse, lime, olive, mint and forest-can add serenity, playfulness or elegance to a room. Click here to learn about decorating with green.
Decorating with white
White is the go-to neutral in everyone's paint box. Though it goes with everything, it can also be bland. Click here for tips on how to use white without being boring!
Decorating with blue
Blues evoke the restful feeling of sky and sea but can also add a welcome punch of bright color to your home. Click here to see how blues of different shades look in living rooms, bedrooms, dens, kitchens and more.
Decorating with brown
Brown's neutral, earthy tones give rooms a familiar and comfortable feel. Click here to see how you can use brown paint in rooms throughout your home.
Decorating with gray
Gray works as a background for any other color. Click here for tips on how gray can add warmth, sophistication or serenity to your rooms.
Decorating with red and orange
Red and orange paints can add a dash of drama, energy or even restfulness to your home. Click here for ideas on adding red or orange to basements, living rooms and bedrooms.
Decorating with purple and pink
Bold or soft, purple and pink add drama and romance to a room. Click here to see how we used purples and pinks in bedrooms, dining rooms and living rooms.
Decorating with bold color accents
Unusual color placement-here, the newels and balusters-makes a great design statement. Use a bold hue, and you've got a power paint job. Click here for ideas on decorating with bold accents.
House tours
See how these Midwest homeowners used color in homes featured in Midwest Living.White Background, Vintage DecoratingBold Color in a Chicago HomeWater-Inspired Colors in a Lake HomeLight, Bright and Mostly White Dream Home


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After reviewing your company's general information, and making any changes to it, you can now add new information (e.g., additional company locations, a Corporate Address Book, shipping privilege sets, or users).
Because much of this information can be imported rather than typed, we'll show you the steps to import files in the Administer UPS CampusShip section. You will find specific file formatting details in Resources.
This document contains:
You may now create or import additional locations as needed by your company. To create new company locations, see Create Locations in the Company Locations section of this guide. To import company locations, see Import Locations in the Company Locations section.
Note: Each location needed by your company must be defined before any users can be assigned to them. To process a shipment with UPS CampusShip, a user must be assigned to a location. A company location can be identified as a department or multiple departments sharing the same street address. This allows for maximum flexibility in organising and naming locations.
UPS CampusShip includes four default shipping privilege sets of various shipping rights and add-on services. You may assign any default set to users without changing its privilege settings or you can tailor a set to your company's needs. After naming and storing your customised privilege set, you can assign it to users. To create new shipping privilege sets, see Create Shipping Privileges in the Shipping Privilege Sets section.
Note: Any customised shipping privilege set must be defined before it can be assigned to any UPS CampusShip users. For example, if your company needs shipping privilege sets different from the default privilege sets, you must create those sets before assigning users to them.
You may now create or import reference numbers as needed by your company. Reference numbers are used to record information about a package (i.e., client/matter codes, department codes, cost codes, project numbers, etc.). UPS CampusShip supports up to three different lists of reference number values and descriptions, allowing administrators to require users to enter one, two, or three reference numbers to assist in the company's management functions.
Determine how these reference fields should be labelled, and decide whether the fields require validation (i.e., an error message displays if incorrect information is entered).
To create new reference numbers, see Create Reference Numbers in the Reference Numbers section of this guide. To import new reference numbers, see Import Reference Numbers in the Reference Numbers section.
You may now create or import a Corporate Address Book as needed by your company. To create a Corporate Address Book, see Create Entries in the Address Book section of this guide. To import a Corporate Address Book, see Import Address Books in the Address Book section.
You may now create or import UPS CampusShip users. To create new UPS CampusShip users, see Create Users in the UPS CampusShip Users section of this guide. To import UPS CampusShip users, see Import Users in the UPS CampusShip Users section.
UPS CampusShip is now set up for your company and ready to use.
Individuals you have assigned to UPS CampusShip can learn how to use the system by reading the Shipping Help. Users can access this information by selecting the Shipping tab, and Help in the area at the left.
Note: As users become comfortable with using the functions and features of UPS CampusShip, they will rely on you for guidance. These demands should diminish quickly as users become familiar and adept with using the UPS CampusShip system.
UPS tracking solutions show the progress of your shipment every step of the way, across town or around the world.
With global shipping and distribution services, we can help you take the next step.
Remarkable services that go beyond shipping and tracking to help you expand your business.
For questions about UPS CampusShip, contact your UPS CampusShip Administrator. For UPS CampusShip Technical Support, select the link below.


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If digging through build trees for a Mac build of Chromium (the open source project behind Chrome) was more trouble than you wanted to go through, here's some good news for you: developer preview builds for Mac OS X are actually pretty usable for most browsing needs. We decided to take it for a spin after Google's Sergey Brin mentioned during the Web 2.0 Summit that he is using developer preview builds on a daily basis.
The developer preview is based on the upcoming version 4 of Google's upstart browser, and it's important to note that although it's publicly accessible, it's still not quite a beta. Several release versions have already been available for Windows, and beta releases of version 4 are also available for Windows, but no final or beta vesions have been released for Linux or Mac OS X. Developer preview builds have been available for a few months, but we found the latest—build 188.8.131.52—quite usable.
One of Chrome's defining features include title bar-based "top tabs," which were much maligned when they appeared in betas of Safari 4. (I like the vertical space savings, but to each his own.) It also has a new tab page that includes thumbnail links to recently visited and most visited pages, cited as the inspiration for Safari 4's "Top Sites" feature. It also supports custom skinning via themes—often based on famous artists—which some may find fun.
The major technological advantage of Chrome is that each tab within the browser is sandboxed within its own process. While this method can use significantly more memory to keep dozens of tabs open, it offers a major performance advantage: it prevents problems on one particular web page that might crash the browser from taking all your other open tabs with it. If you're running several web apps, it keeps you from losing work in one app if another proves troublesome.
Furthermore, it also offers a major security advantage. Malicious websites that might otherwise try to use browser vulnerabilities to crack into your system are locked into the sandbox created for each tab. This security model, which Firefox is already considering using for future versions, has proven solid so far—Chrome was the only browser that wasn't hacked in the last Pwn2Own hacking contest held during the CanSecWest conference this past spring.
In a nice touch, Chrome will import bookmarks, settings, and history from your current default browser—it had no trouble pulling in this data from Safari and it took less than a minute to get set up and browsing. Thankfully, it uses the Mac OS X keychain for storing and retrieving online passwords. Though we didn't test it extensively—this post was researched, uploaded, and edited using the developer preview—Chrome seems stable enough for daily use.
If your current Mac OS X browsing options aren't cutting it for you, or you're just curious about Chrome, we recommend giving the Chrome for Mac developer preview a try.
UPDATE: As mentioned in the comments by Google Chrome team member Peter Kasting, developer builds have been available for a few months—though some features had yet to be implemented. After hearing that Sergey Brin mentioned that he is using developer previews at the Web 2.0 Summit, we were under the impression that there was something new. The opening paragraphs have been updated to reflect the fact that developer preview builds for Mac OS X aren't new.


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Clytemnestra klī˝təmnĕs´trə [key], in Greek mythology, the daughter of Leda and Tyndareus. Homer described her as the noble-minded wife of Agamemnon, persuaded to infidelity by the tyrant Aegisthus. However, the Greek tragedians, most specifically Aeschylus, depicted her as remorseless and vengeful. She was the mother by Agamemnon of Orestes, Electra, and Iphigenia. She conspired with Aegisthus to murder Agamemnon on his return from the Trojan War, giving various justifications, most notably the sacrifice of Iphigenia by Agamemnon at the onset of the war. Orestes, who had been living in exile, returned and revenged the death of his father by killing his mother and Aegisthus.
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2023, Columbia University Press. All rights reserved.
See more Encyclopedia articles on: Folklore and Mythology


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North Vernon, IN 47265
Selmier State Forest advisories
- None at this time.
- Description
Selmier State Forest was donated to the state of Indiana by Mrs. Frank Selmier on behalf of her husband. Frank Selmier had a strong interest in the outdoors. He planted several acres on this property of pine, black locust, black walnut, sycamore and tuliptree from 1921 to 1934. Most of the property was placed in Indiana's Classified Forest Program between 1927 and 1931.
There are three known building sites on the property: A Boy Scout cabin; the Zoar school, which was converted to a church; and an old home site off Walnut Trail.
- Activities
There are no public restrooms, camping, picnicking, swimming, horse trails or boat launching facilities available. Nearby camping available at Versailles State Park, Muscatatuck County Park and Broomsage Ranch.
A small fishing pond is located off the Self-Guided Trail. Fishing and access to the Muscatatuck River are available from the forest; species of fish include largemouth bass, smallmouth bass, bluegill, perch, and catfish. A valid Indiana fishing license is required.
Whitetail deer, turkey, squirrel, and raccoon. A valid hunting license is required.
- Trails
Hiking Trails
There are several short trails from which to enjoy Selmier State Forest.
Self-Guided Forest Management Trail
One mile. Tree identification, successional areas, timber stand improvement practices and a pond are features of this trail.
- White Pine Trail
- Walnut Trail
- Cabin Trail
- Big Woods Trail
Hikers are advised to wear hunter orange or other bright clothing while on trails during hunting season.
- Photos & Videos


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EFT 2.0 Radar and Clutchbox
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Birthday party ends in triple shooting
2 women expected to survive; 17-year-old listed in stable condition
A birthday party in Indian River County ended Saturday with shots fired and three people in the hospital.
Indian River County Sheriff's Office deputies said the shooting happened in the 900 block of 34th Avenue Southwest.
Investigators said an uninvited guest pulled out a gun while dancing with other people at the party.
The owner of the residence decided to end the party, and the guests began to leave.
Some other people who were with the gunman became upset that the party was ending, at which time shots were fired.
Three teenagers, ages 17, 18 and 19, were wounded. They were taken to Lawnwood Regional Medical Center in Fort Pierce.
Both women were expected to survive. The 17-year-old, for whom the party was held, underwent surgery and was listed in stable condition.
Detectives have not made any arrests.


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The Seinfeld Reunion Will Spell the Death of Meta
Seinfeld was a revolutionary sitcom, so its reunion had to be equally brilliant. As witnessed on Curb Your Enthusiasm, the non-reunion reunion about the making of a reunion on a different show will make blood pour out of your ears.
Let's just examine the layers of this thing:
- Curb Your Enthusiasm is a fictional show about Larry David. In it Larry David plays Larry David, the co-creator of Seinfeld.
- On Curb Your Enthusiasm, Larry David the character divorces his fake wife Cheryl in a parallel to the real life Larry David divorcing his real wife Laurie.
- In order to win back his fake wife, the fake Larry decides to try to have a Seinfeld reunion show.
- Jerry Seinfeld, playing a version of Jerry Seinfeld on Curb, tells the fake Larry David that he said he would never do a reunion because they're always stupid. The real Larry David said the same thing.
- Both the real and the fake Larry David got over it.
- Now, the fake Larry David goes to all the Seinfeld stars, playing fake versions of themselves, trying to convince them to do a fake Seinfeld reunion when they've already agreed to do a real reunion by appearing on the show.
- Faux Jason Alexander wants to be on the fake reunion show to make up for the really disappointing real finale to the original series.
- Ersatz Michael Richards is distracted by pictures of real boobs and he can't concentrate on the fake reunion. It's just like real life!
- What we see is the making of the reunion and all the petty grudges that David stirs up when he brings the old gang back together again.
- The end result is a bunch of fake action surrounding the fake reunion show, but it is really the real reunion, because they're all back.
- But Larry David was never on Seinfeld (at least in a substantial role) and they're making the reunion for NBC even though the show is airing on HBO.
- The whole stunt will end as the characters disappear in a vacuum rift caused by the fission of real and fake in mass quantities that is the Seinfeld reunion on Curb Your Enthusiasm.
So, Seinfeld on Curb Your Enthusiasm has replace the old meta king—Broadway's [title of show] a "musical about two guys making a musical about two guys making a musical"—to become the ultimate in fake/real self-referential comedy. The construct of one show about the maker of a show engulfing both the real and fake versions of his own show is the logical conclusion of this type of comedy, and the Seinfeld/Curb non-reunion reunion is the non plus ultra of the genre. Thanks for killing it, David.
After this, there is officially no more outrageous concoctions of show-with-a-show or actors-playing-themselves that can be made and think it's still original. Congrats, Curb, you've won the Post-Post-Modern Olympics. Now, like Michael Phelps, you must go smoke a lot of pot while counting your gold metals and leave us alone.


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So What Exactly Is A 'Cone Of Uncertainty' Anyway?
Popular Weather Term Isn't All That Complicated
Just because it's called the "Cone of Uncertainty" doesn't mean it's difficult to define.
The WPBF.com staff polled those in the know over in the WPBF First Alert Weather office on what exactly it means, and we got some good clarity for you:
Mike Lyons: "In the past, folks would plot the latitude and longitude of the track of a storm. But a hurricane is not a point. It is the greatest storm on earth, covering hundreds of miles. The cone gives a better perspective of the size of the storm and includes the margin of error in a five-day forecast."
Sandra Shaw: "It's the swath of land and water where a tropical system has a chance of making landfall."
Eric Burris: "Hundred-plus-mile-wide systems can be difficult to project; therefore the 'cone of uncertainty,' but accuracy of these types of forecasts have gotten much better over the years. Lesson learned by many people -- when Hurricane Charley moved in to Fort Myers in 2004 instead of Tampa, as expected."


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Transforming the VA will be daunting task
PHOENIX -- It seems nearly every day there's more bad news about the U.S. Department of Veterans Affairs and how it has treated those who served in the military.
Whether it's confirmation that veterans died while awaiting care, patient wait-time records being manipulated to trigger staff bonuses, or the VA consistently ignoring whistle-blower warnings about dangerous practices, it's been a particularly embarrassing time for the VA.
In Congress, a bipartisan House and Senate committee met for the first time June 24 to craft legislation to change the way the nation's largest integrated health care system does business. The goal is to get a bill to President Obama this month, but it has been delayed because of the bill's potential cost.
Lawmakers are hoping to reconcile elements of a House-approved bill and Senate legislation, co-sponsored by Arizona Sen. John McCain and Senate Veterans' Affairs Committee Chairman Bernie Sanders, I-Vt.
Obama last week set the stage for internal change at the VA, nominating West Point graduate Robert McDonald, most recently CEO and chairman of Procter & Gamble, as the new VA secretary. His nomination is subject to confirmation of the U.S. Senate.
Obama also discussed his outlook for administrative revisions that, while not remaking the agency, could change every veterans' health care experience at the VA. Among them: hiring more medical professionals, paying closer attention to whistle-blower complaints, and seeking authority for the VA secretary to fire senior leaders who are now protected by statute.
The climate in Congress makes at least some change at the VA likely, though a complete overhaul of the troubled agency is doubtful. The VA health care system is just too big, and its customers — veterans — are loyal despite the problems that ignited the scandal.
Congress also has limited time and political will for major reform, given the approaching elections.
Lawmakers are considering a VA package that some congressional analysts say will cost more than $35 billion. Even if lawmakers pay for more doctors, specialists and nurses and implement changes making it easier to fire hospital administrators and managers, will it be enough?
McCain, R-Ariz., a member of the House and Senate Veterans' Affairs Conference Committee, isn't sure money alone will fix the problems. And he's not alone in his skepticism. Veterans groups and those who monitor health care say the VA has a herculean task.
"Unless we change the way the VA does business, we will not change anything," McCain said in an interview with The Arizona Republic.
But cost has already become an issue. McCain says the Congressional Budget Office's estimate of the Senate VA reform bill cost is too high. The competing House VA bill's cost is projected at $44 billion.
"We just think that it's way, way out of line, and ... that has been a problem because a lot of our deficit hawks are saying, 'Gee, $35 billion?'" McCain said.
McCain said he was confident a compromise would allow VA legislation to pass this month at a cost lower than CBO's $35 billion estimate.
"It has to," he said. "The American people will demand it."
He called fixing the VA "the definition of an emergency." But even if Congress allows veterans to get expedient care, he said the agency won't truly become healthy unless there is a complete change in leadership.
Two veterans groups agreed with McCain that the VA won't solve its problems without new leadership.
"Right now is the best time to reform the VA," said Ralph Bozella, chairman of the American Legion's National Veteran Affairs and Rehabilitation Commission. "What they need is a cultural change in the organization."
The VA could, at a minimum, implement simple changes like having hospital staff greet veterans with a smile and extend some common courtesy, Bozella said. The VA also needs to do a better job of partnering with veterans groups, which would rally around a reformed agency, he said.
The Legion, with 2.4 million members and nearly 14,000 posts across the country, was one of the first groups to call for the resignation of VA Secretary Eric Shinseki. The organization's bylaws keep it from endorsing or opposing a political nominee.
"However, we do look forward to monitoring the confirmation hearings and listening to Robert McDonald's plan to correct the policies that have led to the systemic scandals," National Commander Daniel M. Dellinger said. "He will need to have complete hiring and firing authority, along with a willingness to see that those who committed illegal acts are prosecuted."
Dan Caldwell, an executive with Concerned Veterans for America, said the VA culture will change only if there are numerous personnel changes at the VA central office in Washington, D.C., and if dozens of hospital administrators are removed.
"There is no accountability. There is a belief in the VA that they are doing fine, and it doesn't matter," said Caldwell, who noted it can take months to terminate a federal employee.
Rep. Ann Kirkpatrick, D-Ariz., is among numerous members of Congress who have called for more accountability within the VA.
Kirkpatrick, a member of the House and Senate Veterans' Affairs Conference Committee, said the VA needs funding to upgrade computer software to improve patient scheduling. She also said the VA should hire an outside scheduling expert.
Heather Ross, a clinical instructor at Arizona State University who studies complex health care systems, said the scheduling system at the VA is "fundamentally broken." Until it is repaired, she said, it will remain difficult to accurately schedule patients because of outdated technology to track veterans.
"The record system needs to be fixed. At the end of the day, it's a software issue," said Ross, also a nurse practitioner.
Ross said there should be consequences for staff who manipulated patient wait-time records, but "firing people will not fix the problem."
Karen Watts, a Silicon Valley entrepreneur and former Mesa resident, has firsthand experience with the VA's scheduling problems.
Watts, whose process-software company Apparancy has developed an online program to help veterans fill out benefits applications, said her stepfather was approved last year for back surgery at the Palo Alto, Calif., VA facility.
She said the scheduling system was so bad that the hospital couldn't give her stepfather a firm date on when he would have the surgery. The World War II veteran waited roughly six months after being told he was approved for surgery to get a date.
"This is a joke, but it's really not a joke because people are dying," Watts said. "There are plenty of tools out there to solve these problems."
Watts said the VA's scheduling system is akin to the video game Pong, released in 1972.
"That's the same technology they are using at the VA," Watts said. "It's not super easy to fix these problems, but there is no excuse that they are stuck in this level of technology."
Besides improving its technology, the VA needs better data on patient demand to allocate resources better, said Phillip Carter, senior fellow and director of veterans research at the Center for a New American Security.
Carter added that the VA should further leverage the private sector for non-service-related care and use provisions under the Affordable Care Act as an option for veterans' health care.
Robert Book, senior research director at the Health Systems Innovation Network, a health-policy consulting firm, said one alternative to direct health care from the VA is for the agency to subsidize veterans' private health insurance, using a sliding scale based on the current priority criteria for veteran-care eligibility.
"With a very few exceptions, most of the health care needs could be met by paying civilian doctors and civilian hospitals," Book said.
Marc Landy, a Boston College political science professor whose research focuses on the presidency and the executive branch, said the organizational structure of a large, federal agency like the VA is not set up to efficiently provide health care.
"It is always surprising how much trouble these big federal departments have in creating sensible command structures. This is, horribly, not unique to the VA," Landy said.
He said the political ramifications of decentralizing and outsourcing VA care in the long run would likely result in job cuts and a decreased role for the VA health care system. Congress will not want to permanently relinquish control over the VA, he said.
"That's why it's very important to do this now. It seems to me, with congressional elections coming up, there's advantage to improving the VA. It's not a partisan matter. Both parties love the veterans," Landy said.
Contributing: Paul Giblin of The Arizona Republic


text:
2013 Mercedes-Benz GL350 Bluetec Long-Term Update 2
11 Months and 26,185 Miles
I recently had the opportunity to do some soft-roading in our long-term Truckster, and when I say soft-roading, I mean stuff that people might try to tackle in a car. A normal car's ride height would have sufficed, but I was on surfaces ranging from deep gravel to silt-covered compacted dirt. None of this should sound challenging, but throw in some hill climbs and tight turns and you have a recipe for a stuck vehicle.
The GL doesn't have locking differentials or a low range, but it does have brilliant computers that are essentially off-roading prosthetics. When wheels start to slip, the brakes intervene, sending torque to whichever wheel can utilize it. The power transfer is imperceptible and never feels like it's dragging a wheel down. When combined with the stability control, in even in the softest silt that would normally require sawing at the wheel the GL tracks straight and goes exactly where you point it. When muscled around, it will slide and drift and do all the things that make getting off the pavement fun. In gravel, it absolutely will not dig itself in. Stopping on a pebble-covered hill usually results in a shower of aggregate throw out the back of a vehicle, and that sort of thing is far to uncivilized for a Mercedes. Give it the boot and let the computer sort out a smooth ascent. Even with tires best suited for on highway use, off-road grip is impressive.
I never had the need the need for more ride height, but it was only a button push away if necessary.
While I couldn't bring myself to call any of this off-roading, it is still more than 90 percent of GLs will ever experience. In fairness, this is far less than we did at either the launch of the GL in New Mexico or at our SUV of The Year competition. With all we have done with our GL so far, we still haven't found anything that has really challenged it. It does commuting well, is great for road trips, and is fully capable off-road. I have noticed the odd creak or two in the interior, something I might have to bring up with the local dealership.
|Our Car
|Service life
|11 mo/ 26,185 mi
|EPA City/Hwy/Comb Fuel Econ
|19/26/22 mpg
|CO2 emissions
|1.05 lb/mi
|Energy consumption
|160 kW-hr/100mi
|Unresolved problems
|Maintenance cost
|$899.72 (2-oil change, AdBlue top-off; 1-change brake fluid)
|Normal-wear cost
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text:
I'm having a bit of deja vu. I seem to remember construction photos of another Rocky Mountain coaster causing my eyes to nearly pop out of my head.
Well, the last few weeks the buzz about Silver Dollar City's new 2013 roller coaster (rumored to be named Outlaw), has reached a fever pitch. All of the interest is thanks to this almost inversion that the wooden (okay, it's technically a steel coaster) will perform. I've been waiting to see photos of the element completely take shape before covering it, but I received a (You)Report about it today. And I think at this point it's clear what it's going to look like.
(You)Report – Silver Dollar City's "Outlaw" Construction Video
This video clearly shows the new wooden coaster at Silver Dollar City being built. It will be going upside down as you can see clearly in the video I shot in HD. Freeze frame at the 11 second mark and 50 second mark. Also, the first drop looks near or over 80 degree drop.
Woodie or Not, Loop or No Loop, I'm Geeking Out!
Now many will argue whether it's a loop, not a loop, etc. My wife caught me making weird twisting gestures with my hand as I tried to imagine the path of this unique element. At that point, I gave up.
I'm not going to break out my protractor and compute the angles. ParkThoughts actually already did an excellent job of that here: Silver Dollar City's 2013 Project: Is It an Inversion? At the end of the day, all that matters is that the park and designer have a ride that's generating buzz well before it's opening. The element looks unimaginably cool and again with the success of the New Texas Giant (a Top 10 Coaster in my book), a Silver Dollar City trip is near the top of my most wanted destinations for 2013.
What's your take? What do you think of this element? Leave a comment below.


text:
Reprint as at 1 November 2010
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Ministry of Economic Development.
1 Short Title and commencement
Part 1Preliminary
2 Interpretation
3 Public notice
4 Meaning of solvency test
5 Meaning of holding company and subsidiary
6 Extended meaning of subsidiary
7 Control defined
8 Certain matters to be disregarded
9 Act binds the Crown
Part 2Incorporation
Essential requirements
10 Essential requirements
Method of incorporation
11 Right to apply for registration
12 Application for registration
13 Registration
14 Certificate of incorporation
Separate legal personality
15 Separate legal personality
Part 3Capacity, powers, and validity of actions
16 Capacity and powers
Validity of actions
17 Validity of actions
18 Dealings between company and other persons
19 No constructive notice
Part 4Company names
20 Name to be reserved
21 Name of company if liability of shareholders limited
22 Application for reservation of name
23 Change of name
24 Direction to change name
25 Use of company name
Part 5Company constitution
26 No requirement for company to have constitution
27 Effect of Act on company having constitution
28 Effect of Act on company not having constitution
29 Form of constitution
30 Contents of constitution
31 Effect of constitution
32 Adoption, alteration, and revocation of constitution
33 New form of constitution
34 Court may alter constitution
Part 6Shares and debentures
35 Legal nature of shares
36 Rights and powers attaching to shares
37 Types of shares
38 No nominal value
39 Transferability of shares
40 Contracts for issue of shares
Issue of shares
41 Issue of shares on registration and amalgamation
42 Issue of other shares
43 Notice of share issue
44 Shareholder approval for issue of shares
45 Pre-emptive rights
46 Consideration for issue of shares
46A Consideration for issue of shares on registration
47 Consideration to be decided by board
48 Exceptions to section 47
49 Consideration in relation to issue of options and convertible securities
50 Consent to issue of shares
51 Time of issue of shares
Distributions to shareholders
52 Board may authorise distributions
53 Dividends
54 Shares in lieu of dividends
55 Shareholder discounts
56 Recovery of distributions
57 Reduction of shareholder liability a distribution
Company may acquire its own shares
58 Company may acquire its own shares
59 Acquisition of company's own shares
60 Board may make offer to acquire shares
61 Special offers to acquire shares
62 Disclosure document
63 Stock exchange acquisitions subject to prior notice to shareholders
64 Disclosure document
65 Stock exchange acquisitions not subject to prior notice to shareholders
66 Cancellation of shares repurchased
67 Enforceability of contract to repurchase shares
Treasury stock
67A Company may hold its own shares
67B Rights and obligations of shares company holds in itself suspended
67C Reissue of shares company holds in itself
Redemption of shares
68 Meaning of redeemable
69 Redemption at option of company
70 Company must satisfy solvency test
71 Special redemption of shares
72 Disclosure document
73 Cancellation of shares redeemed
74 Redemption at option of shareholder
75 Redemption on fixed date
Assistance by a company in the purchase of its own shares
76 Financial assistance
77 Company must satisfy solvency test
78 Special financial assistance
79 Disclosure document
80 Financial assistance not exceeding 5% of shareholders' funds
81 Enforceability of transactions
82 Subsidiary may not hold shares in holding company
Statement of shareholder rights
83 Statement of rights to be given to shareholders
Transfer of shares
84 Transfer of shares
85 Transfer of shares under approved system
86 Transfer of shares by operation of law
Share register
87 Company to maintain share register
88 Place of share register
89 Share register as evidence of legal title
90 Directors' duty to supervise share register
91 Power of court to rectify share register
92 Trusts not to be entered on register
93 Personal representative may be registered
94 Assignee of bankrupt may be registered
Share certificates
95 Share certificates
95A Perpetual debentures
95B Power to reissue redeemed debentures in certain cases
95C Specific performance of contracts to subscribe for debentures
Part 7Shareholders and their rights and obligations
96 Meaning of shareholder
Liability of shareholders
97 Liability of shareholders
98 Liability of former shareholders
99 Additional provisions relating to liability of shareholders and former shareholders
100 Liability for calls
101 Shareholders not required to acquire shares by alteration to constitution
102 Liability of personal representative
103 Liability of an assignee
Powers of shareholders
104 Exercise of powers reserved to shareholders
105 Exercise of powers by ordinary resolution
106 Powers exercised by special resolution
107 Unanimous assent to certain types of action
108 Company to satisfy solvency test
109 Management review by shareholders
Minority buy-out rights
110 Shareholder may require company to purchase shares
111 Notice requiring purchase
112 Price for shares to be purchased by company determined
112A Price for shares referred to arbitration if shareholder objects to price
112B Interest payable on outstanding payments
112C Timing of transfer of shares
113 Purchase of shares by third party
114 Court may grant exemption
115 Court may grant exemption if company insolvent
Interest groups
116 Meaning of classes and interest groups
117 Alteration of shareholder rights
118 Shareholder may require company to purchase shares
119 Actions not invalid
Meetings of shareholders
120 Annual meeting of shareholders
121 Special meetings of shareholders
122 Resolution in lieu of meeting
123 Court may call meeting of shareholders
124 Proceedings at meetings
Ascertaining shareholders
125 Shareholders entitled to receive distributions, attend meetings, and exercise rights
Part 8Directors and their powers and duties
126 Meaning of director
127 Meaning of board
Powers of management
128 Management of company
129 Major transactions
130 Delegation of powers
Directors' duties
131 Duty of directors to act in good faith and in best interests of company
132 Exercise of powers in relation to employees
133 Powers to be exercised for proper purpose
134 Directors to comply with Act and constitution
135 Reckless trading
136 Duty in relation to obligations
137 Director's duty of care
138 Use of information and advice
Transactions involving self-interest
139 Meaning of interested
140 Disclosure of interest
141 Avoidance of transactions
142 Effect on third parties
143 Application of sections 140 and 141 in certain cases
144 Interested director may vote
145 Use of company information
146 Meaning of relevant interest
147 Relevant interests to be disregarded in certain cases
148 Disclosure of share dealing by directors
149 Restrictions on share dealing by directors
Appointment and removal of directors
150 Number of directors
151 Qualifications of directors
152 Director's consent required
153 Appointment of first and subsequent directors
154 Court may appoint directors
155 Appointment of directors to be voted on individually
156 Removal of directors
157 Director ceasing to hold office
158 Validity of director's acts
159 Notice of change of directors
Miscellaneous provisions relating to directors
160 Proceedings of board
161 Remuneration and other benefits
162 Indemnity and insurance
Part 9Enforcement
163 Interpretation
164 Injunctions
Derivative actions
165 Derivative actions
166 Costs of derivative action to be met by company
167 Powers of court where leave granted
168 Compromise, settlement, or withdrawal of derivative action
Personal actions by shareholders
169 Personal actions by shareholders against directors
170 Actions by shareholders to require directors to act
171 Personal actions by shareholders against company
172 Actions by shareholders to require company to act
173 Representative actions
174 Prejudiced shareholders
175 Certain conduct deemed prejudicial
176 Alteration to constitution
177 Ratification of certain actions of directors
Inspection of records
178 Information for shareholders
179 Investigation of records
Part 10Administration of companies
Authority to bind company
180 Method of contracting
181 Attorneys
Pre-incorporation contracts
182 Pre-incorporation contracts may be ratified
183 Warranties implied in pre-incorporation contracts
184 Failure to ratify
185 Breach of pre-incorporation contract
185A Jurisdiction of District Courts
Registered office
186 Registered office
187 Change of registered office
188 Requirement to change registered office
Company records
189 Company records
190 Form of records
191 Inspection of records by directors
Address for service
192 Address for service
193 Change of address for service
193A Rectification or correction of address for service
Part 11Accounting records and audit
Accounting records
194 Accounting records to be kept
195 Place accounting records to be kept
196 Appointment of auditors
196A Auditor is not required to audit financial statements of non-active company
197 Auditors' fees and expenses
198 Appointment of partnership
199 Qualifications of auditors
200 Automatic reappointment
201 Appointment of first auditor
202 Replacement of auditor
203 Auditor not seeking reappointment or resigning
204 Auditor to avoid conflict of interest
205 Auditor's report
206 Access to information
207 Auditor's attendance at shareholders' meeting
Part 12Disclosure by companies
Disclosure to shareholders
208 Obligation to prepare annual report
209 Obligation to make annual report available to shareholders
209A Board must send copy of annual report or concise annual report on request
209B Annual report and concise annual report made available by electronic means
210 Information for shareholders who elect not to receive annual report [Repealed]
211 Contents of annual report
211A Obligations to prepare and make available annual reports or financial statements do not apply to non-active companies
212 Shareholders may elect not to receive documents
213 Failure to disclose
214 Annual return
214A Registrar may alter New Zealand register
Inspection of company records
215 Public inspection of company records
216 Inspection of company records by shareholders
217 Manner of inspection
218 Copies of documents
Part 13Amalgamations
219 Amalgamations
220 Amalgamation proposal
221 Approval of amalgamation proposal
222 Short form amalgamation
223 Registration of amalgamation proposal
224 Certificate of amalgamation
225 Effect of certificate of amalgamation
225A Registers
226 Powers of court in other cases
Part 14Compromises with creditors
227 Interpretation
228 Compromise proposal
229 Notice of proposed compromise
230 Effect of compromise
231 Variation of compromise
232 Powers of court
233 Effect of compromise in liquidation of company
234 Costs of compromise
Part 15Approval of arrangements, amalgamations, and compromises by court
235 Interpretation
236 Approval of arrangements, amalgamations, and compromises
237 Court may make additional orders
238 Parts 13 and 14 not affected
239 Application of section 233
Part 15AVoluntary administration
Subpart 1—Preliminary
239A Objects of this Part
239B Interpretation of some key terms
239C Interpretation of other terms
239D When administration begins
239E When administration ends
Subpart 2—Appointment of administrator
239F Who may be appointed administrator
239G Administrator must consent in writing
239H Who may appoint administrator
239I Appointment by company
239J Appointment by liquidator or interim liquidator
239K Appointment by secured creditor
239L Appointment by court
239M Appointment must not be revoked
239N Appointment of 2 or more administrators
239O Remuneration of administrator
Subpart 3—Resignation and removal of administrator
239P When office of administrator is vacant
239Q Administrator may resign
239R Removal of administrator
239S Appointor may appoint new administrator to fill vacancy
239T Creditors must consider appointment of replacement administrator
Subpart 4—Effect of appointment of administrator
239U Outline of administrator's role
239V Administrator's powers
239W Administrator is company's agent
239X Effect on directors
239Y Effect on employees
239Z Effect on dealing with company property
239AA Company officer's liability for compensation for void transaction or dealing
239AB Effect on transfer of shares
239AC Effect on liquidation
239AD Effect on receivership
Subpart 5—Administrator's investigation of company's affairs
239AE Administrator must investigate company's affairs and consider possible courses of action
239AF Directors' statement of company's position
239AG Administrator's right to documents, etc
239AH Administrator may lodge report with Registrar
239AI Administrator must report misconduct
Subpart 6—Creditors' meetings generally
239AJ Administrator must call creditors' meetings
239AK Conduct of creditors' meetings
239AL Joint meetings of creditors of related companies in administration
239AM Power of court where outcome of voting at creditors' meeting determined by related entity
Subpart 7—First creditors' meeting to appoint creditors' committee
239AN Administrator must call first creditors' meeting
239AO Notice of first and subsequent creditors' meetings
239AP Administrator must table interests statement
239AQ Functions of creditors' committee
239AR Membership of creditors' committee
Subpart 8—Watershed meeting
239AS What watershed meeting is
239AT Administrator must convene watershed meeting
239AU Notice of watershed meeting
239AV When watershed meeting must be held
239AW Directors must attend watershed meeting
239AX Disclosure of voting arrangements
239AY Court may order that pooled property owners are separate class
239AZ Adjournment of watershed meeting
239ABA What creditors may decide at watershed meeting
239ABB What happens if proposed deed not fully approved at watershed meeting
Subpart 9—Protection of company's property during administration
239ABC Charge unenforceable
239ABD Owner or lessor must not recover property used by company
239ABE Proceeding must not be begun or continued
239ABF Administrator not liable in damages for refusing consent
239ABG Enforcement process halted
239ABH Duties of court officer in relation to company's property
239ABI Lis pendens taken to exist
239ABJ Administration not to trigger enforcement of guarantee of liability of director or relative
Subpart 10—Rights of secured creditor, owner, or lessor
239ABK Meaning of terms used in this subpart
239ABL If secured creditor acts before or during decision period
239ABM If enforcement of charges begins before administration
239ABN Charge over perishable property
239ABO Court may limit powers of secured creditor, etc, in relation to property subject to charge
239ABP Giving notice under security agreement
239ABQ If recovery of property begins before administration
239ABR Recovering perishable property
239ABS Court may limit powers of receiver, etc, in relation to property used by company
239ABT Giving notice under agreement about property
Subpart 11—Interface with liquidation
239ABU When liquidator may be appointed to company in administration
239ABV Court may adjourn application for liquidation
239ABW Court must not appoint interim liquidator if administration in creditors' interests
239ABX Effect of appointment of liquidator
239ABY Former administrator is default liquidator
239ABZ Person in control of company must lodge revised report with Registrar
239ACA Act of administrator in good faith must not be set aside in liquidation
239ACB Voidable transactions
Subpart 12—Deed administrator
239ACC Who is deed administrator
239ACD Who may be appointed deed administrator
239ACE Deed administrator must consent in writing
239ACF Appointment of deed administrator must not be revoked
239ACG Appointment of 2 or more deed administrators
239ACH When office of deed administrator vacant
239ACI Deed administrator may resign
239ACJ Removal of deed administrator
239ACK Remuneration of deed administrator
239ACL Deed administrator may sell shares in company
Subpart 13—Execution and effect of deed of company arrangement
239ACM When this subpart applies
239ACN Preparation and contents of deed
239ACO Execution of deed
239ACP Procedure if deed not fully approved at watershed meeting
239ACQ Creditor must not act inconsistently with deed, etc, before execution
239ACR Company's failure to execute deed
239ACS Who is bound by deed
239ACT Extent to which deed binds creditors
239ACU Person bound by deed must not take steps to liquidate, etc
239ACV Court may restrain creditors and others from enforcing charge or recovering property
239ACW Effect of deed on company's debts
239ACX Court may rule on validity of deed
Subpart 14—Administrator's duty to file accounts
239ACY Administrator includes deed administrator
239ACZ Administrator must file accounts
Subpart 15—Variation and termination of deed
239ADA Creditors may vary deed
239ADB Court may cancel creditors' variation
239ADC Termination of deed
239ADD Termination by court
239ADE Termination by creditors
239ADF Creditors' meeting to consider proposed variation or termination of deed
Subpart 16—Administrator's liability and indemnity for debts of administration
239ADG Administrator not liable for company's debts except as provided in this subpart and in section 239Y
239ADH Administrator liable for general debts
239ADI Administrator's liability for rent
239ADJ Administrator not liable for rental if non-use notice in force
239ADK Court may exempt administrator from liability for rent
239ADL Administrator's indemnity
239ADM Administrator's right of indemnity has priority over other debts
239ADN Lien to secure indemnity
Subpart 17—Powers of court
239ADO Court's general power
239ADP Orders to protect creditors during administration
239ADQ Court may rule on validity of administrator's appointment
239ADR Administrator may seek directions
239ADS Court may supervise administrator or deed administrator
239ADT Court may order administrator or deed administrator to remedy default
239ADU Court's power when office of administrator or deed administrator vacant, etc
239ADV Prohibition order
Subpart 18—Notices about steps taken under this Part
239ADW Administrator must give notice of appointment
239ADX Secured creditor who appoints administrator must give notice to company
239ADY Deed administrator must give notice of execution of deed of company arrangement
239ADZ Deed administrator must give notice of failure to execute deed of company arrangement
239AEA Deed administrator must give notice of termination by creditors of deed of company arrangement
239AEB Company must disclose fact of administration
239AEC Notice of change of name
239AED Effect of contravention of this subpart
Subpart 19—Miscellaneous
239AEE Effect of things done during administration of company
239AEF Interruption of time for doing act
Subpart 20—Set-off and netting agreements
239AEG Mutual credit and set-off
239AEH Application of set-off under netting agreement
239AEI Calculation of netted balance
239AEJ Mutuality required for transactions under bilateral netting agreements
239AEK When mutuality required for transactions under recognised multilateral netting agreements
239AEL Application of set-off under section 239AEG to transactions subject to netting agreements
239AEM Transactions under netting agreement and effect on certain sections
239AEN Rights under netting agreement not affected by commencement of administration
239AEO Effect of declaration of person as recognised clearing house under section 310K
239AEP Transactions under recognised multilateral netting agreement not affected by variation or revocation of declaration under section 310K
Subpart 21—Single administration of related companies in administration
239AEQ Interpretation of terms for purposes of this subpart
239AER Court may order single administration for related companies in administration
239AES Notice that application filed must be given to administrators and creditors
239AET Guidelines for single administration order
239AEU Court may order that related company in administration be added to existing pool
239AEV Creditors' meetings in single administration of pool companies
239AEW Pool companies may execute single deed of company administration
Part 16Liquidations
The process of liquidation
240 Interpretation
241 Commencement of liquidation
241AA Restriction on appointment of liquidator by shareholders or board after application filed for court appointment
241A Commencement of liquidation to be recorded
242 Liquidators to act jointly unless otherwise stated
243 Liquidator to summon meeting of creditors
244 Liquidator to summon meeting of creditors in other cases
245 Liquidator may dispense with meetings of creditors
245A Power of court where outcome of voting at meeting of creditors determined by related entity
246 Interim liquidator
247 Power to stay or restrain certain proceedings against company
248 Effect of commencement of liquidation
249 Completion of liquidation
250 Court may terminate liquidation
Provisions relating to prior execution process
251 Restriction on rights of creditors to complete execution, distraint, or attachment
252 Duties of officer in execution process
Duties, rights, and powers of liquidators
253 Principal duty of liquidator
254 Liquidator not required to act in certain cases
255 Other duties of liquidator
256 Duties in relation to accounts
257 Duties in relation to final report and accounts
258 Duty to have regard to views of creditors and shareholders
258A Duty to notify suspected offences
259 Documents to state company in liquidation
260 Powers of liquidator
260A Liquidator may assign right to sue under this Act
261 Power to obtain documents and information
262 Documents in possession of receiver
263 Restriction on enforcement of lien over documents
264 Delivery of document creating charge over property
265 Examination by liquidator
266 Powers of court
267 Self-incrimination
268 Power of liquidator to enforce liability of shareholders and former shareholders
269 Power to disclaim onerous property
270 Liquidator may be required to elect whether to disclaim onerous property
271 Pooling of assets of related companies
271A Notice that application filed must be given to administrators and creditors
272 Guidelines for orders
273 Certain conduct prohibited
274 Duty to identify and deliver property
275 Refusal to supply essential services prohibited
276 Remuneration of liquidators
277 Rates of remuneration
278 Expenses and remuneration payable out of assets of company
279 Liquidator ceases to hold office on completion of liquidation
Qualifications and supervision of liquidators
280 Qualifications of liquidators
281 Validity of acts of liquidators
282 Consent to appointment
283 Vacancies in office of liquidator
284 Court supervision of liquidation
285 Meaning of failure to comply
286 Orders to enforce liquidator's duties
Company unable to pay its debts
287 Meaning of inability to pay debts
288 Evidence and other matters
289 Statutory demand
290 Court may set aside statutory demand
291 Additional powers of court on application to set aside statutory demand
Voidable transactions
292 Insolvent transaction voidable
293 Voidable charges
294 Procedure for setting aside transactions and charges
295 Other orders
296 Additional provisions relating to setting aside transactions and charges
Recovery in other cases
297 Transactions at undervalue
298 Transactions for inadequate or excessive consideration with directors and certain other persons
299 Court may set aside certain securities and charges
300 Liability if proper accounting records not kept
301 Power of court to require persons to repay money or return property
Creditors' claims
302 Application of bankruptcy rules to liquidation of insolvent companies
303 Admissible claims
304 Claims by unsecured creditors
305 Rights and duties of secured creditors
306 Ascertainment of amount of claim
307 Claim not of an ascertained amount
308 Fines and penalties
309 Claims relating to debts payable after commencement of liquidation
310 Mutual credit and set-off
310A Definitions relating to set-off under netting agreement
310B Application of set-off under netting agreement
310C Calculation of netted balance
310D Mutuality required for transactions under bilateral netting agreements
310E When mutuality required for transactions under recognised multilateral netting agreements
310F Application of set-off under section 310 to transactions subject to netting agreements
310G Transactions under netting agreement and effect on certain sections
310H Rights under netting agreement not affected by commencement of liquidation
310I Set-off under netting agreement not affected by notice under section 294
310J Court may set aside bilateral netting agreement between company and related person
310K Certain persons may be declared to be recognised clearing houses
310L Matters that Bank must or may have regard to when making, varying, or revoking declaration under section 310K
310M Bank may impose conditions in declaration under section 310K
310N Bank to notify recognised clearing house about Bank's intention to revoke or vary declaration under section 310K
310O Transactions under recognised multilateral netting agreement not affected by variation or revocation of declaration under section 310K
311 Interest on claims
312 Preferential claims
313 Claims of other creditors and distribution of surplus assets
Liquidation committees
314 Meetings of creditors or shareholders
315 Liquidation committees
Liquidation Surplus Account
316 Establishment of Liquidation Surplus Account
Transitional provisions
316A Transitional provision in relation to voidable transactions
316B Transitional provision in relation to Liquidation Surplus Account under section 290 of Companies Act 1955
Part 17Removal from the New Zealand register
317 Removal from register
318 Grounds for removal from register
319 Notice of intention to remove where company has ceased to carry on business or application fee not paid
320 Notice of intention to remove in other cases
321 Objection to removal from register
322 Duties of Registrar if objection received
323 Powers of court
324 Property of company removed from register
325 Disclaimer of property by the Crown
326 Liability of directors, shareholders, and others to continue
327 Liquidation of company removed from New Zealand register [Repealed]
328 Registrar may restore company to New Zealand register
329 Court may restore company to New Zealand register
330 Restoration to register
331 Vesting of property in company on restoration to register
Part 18Overseas companies
332 Meaning of carrying on business
332A Registrar may approve use of different form
333 Name to be reserved before carrying on business
334 Overseas companies to register under this Act
335 Validity of transactions not affected
336 Application for registration
337 Registration of overseas company
338 Use of name by overseas company
339 Alteration of constitution
339A Rectification or correction of name or address of person authorised to accept service
340 Annual return of overseas company
341 Overseas company ceasing to carry on business in New Zealand
342 Liquidation of overseas company
343 Attorneys of overseas companies
343A Overseas company not required to provide information, notice, or document in certain circumstances
Part 19Transfer of registration
Registration of overseas companies as companies under this Act
344 Overseas companies may be registered as companies under this Act
345 Application for registration
346 Overseas companies must be authorised to register
347 Overseas companies that cannot be registered
348 Registration
349 Effect of registration
Transfer of registration of companies to other jurisdictions
350 Companies may transfer incorporation
351 Application to transfer incorporation
352 Approval of shareholders
353 Company to give public notice
354 Companies that cannot transfer incorporation
355 Removal from register
356 Effect of removal from register
Part 20Registrar of Companies
357 Registrar and Deputy Registrars of Companies
358 District and Assistant Registrars of Companies
359 Responsible District Registrar
360 Registers
360A Rectification or correction of New Zealand register and overseas register
360B Powers of court
361 Registrar may direct transfer
362 Registration of documents
363 Inspection and evidence of registers
364 Notice by Registrar
365 Registrar's powers of inspection
366 Disclosure of information and reports
367 Application of Official Information Act 1982 and Privacy Act 1993
368 Appeals from decisions under section 367
369 Inspector's report admissible in liquidation proceedings
370 Appeals from Registrar's decisions
371 Exercise of powers under section 365 not affected by appeal
372 Fees
Part 21Offences and penalties
373 Penalty for failure to comply with Act
374 Penalties that may be imposed on directors in cases of failure by board or company to comply with Act
375 Proceedings for offences
376 Defences
377 False statements
378 Fraudulent use or destruction of property
379 Falsification of records
380 Carrying on business fraudulently
381 Improper use of "Limited"
382 Persons prohibited from managing companies
383 Court may disqualify directors
384 Liability for contravening sections 382 and 383
385 Registrar may prohibit persons from managing companies
386 Liability for contravening section 385
386A Director of failed company must not be director, etc, of phoenix company with same or substantially similar name
386B Definitions for purpose of phoenix company provisions
386C Liability for debts of phoenix company
386D Exception for person named in successor company notice
386E Exception for temporary period while application for exemption is made
386F Exception in relation to non-dormant phoenix company known by pre-liquidation name of failed company for at least 12 months before liquidation
Part 22Miscellaneous
387 Service of documents on companies in legal proceedings
388 Service of other documents on companies
389 Service of documents on overseas companies in legal proceedings
390 Service of other documents on overseas companies
391 Service of documents on shareholders and creditors
392 Additional provisions relating to service
393 Privileged communications
394 Directors' certificates
395 Regulations
396 Summary Proceedings Act 1957 amended
397 Securities Transfer Act 1991 amended
398 Act subject to application of Cape Town Convention and Aircraft Protocol
Schedule 1Proceedings at meetings of shareholders
Schedule 2Sections of this Act that confer powers on directors that cannot be delegated
Schedule 3Proceedings of the board of a company
Schedule 4Information to be contained in annual return
Schedule 5Proceedings at meetings of creditors
Schedule 6Powers of liquidators
Schedule 7Preferential claims
Schedule 8Proceedings at meetings of liquidation committees
Schedule 9Liquidation of overseas companies
Companies Amendment Act 2006
Companies Amendment Act (No 2) 2006
Companies (Minority Buy-out Rights) Amendment Act 2008
Reprint notes
An Act to reform the law relating to companies, and, in particular,—
(a) to reaffirm the value of the company as a means of achieving economic and social benefits through the aggregation of capital for productive purposes, the spreading of economic risk, and the taking of business risks; and
(b) to provide basic and adaptable requirements for the incorporation, organisation, and operation of companies; and
(c) to define the relationships between companies and their directors, shareholders, and creditors; and
(d) to encourage efficient and responsible management of companies by allowing directors a wide discretion in matters of business judgment while at the same time providing protection for shareholders and creditors against the abuse of management power; and
(e) to provide straightforward and fair procedures for realising and distributing the assets of insolvent companies


text:
The Atlantic superstorm Sandy churned across Pennsylvania Tuesday after blacking out much of southern Manhattan and leaving a trail of flooding, death and destruction along the East Coast.
Government offices and stock markets were shut for a second day amid damage that may total billions of dollars. The Associated Press reported at least 20 deaths related to the storm, and New York Mayor Michael Bloomberg said 10 people were dead in the city.
"It's fair to say the path of destruction that she left in her wake is going to be felt for quite some time," the mayor said at a press conference Tuesday. "Make no mistake about it, this was a devastating storm, maybe the worse that we have ever experienced." He said he expects the number of deaths to go up as more information comes in.
Subways will be out for several days after several tracks and stations flooded, he said. Limited bus service will start today. About 750,000 New Yorkers were without power.
From Washington D.C. to Boston, transit systems, businesses and homeowners awoke to assess the damage and begin recovery. The storm, which came ashore Monday evening in southern New Jersey, brought life-threatening floods to a region with 60 million residents. It interrupted the U.S. presidential race eight days before Election Day. President Barack Obama declared New York and New Jersey disaster regions eligible for federal relief.
The storm may cause as much as $20 billion in economic damage and losses, according to Eqecat Inc., a risk-management company in Oakland, Calif.
Sandy weakened with its center drifting west through central Pennsylvania. Its core was about 120 miles (193 kilometers) east-southeast of Pittsburgh with maximum sustained winds of 45 miles per hour, according to an 11 a.m. advisory from the U.S. Hydrometeorological Prediction Center in Camp Springs, Maryland.
More than two feet of snow fell in western Maryland and nearly as much in West Virginia, according to the advisory.
"For the major cities of the east the worst of the weather is done," said Tom Kines, a meteorologist at AccuWeather Inc. in State College, Pa. "Eventually, over the next 24 hours, the system will rain itself out."
New York City may have some rain showers later today while overall the weather gradually improves, Kines said. The weakened storm will move into southern Canada later this week.
The storm left 8.11 million electricity customers without power in 17 states and the District of Columbia, from South Carolina to Maine and as far west as Michigan and Indiana, according to the Department of Energy, including 62 percent without power in New Jersey, and 31 percent in Connecticut.
Power was lost in Manhattan "river to river," south of 35th Street, Bloomberg said Monday night. Some of the blackout was deliberate, as Consolidated Edison Co. shut off electricity to protect its underground equipment from potential damage, said Chris Olert, a spokesman for the company.
The mayor this morning issued a message urging city employees to report to work and help with recovery operations if they could do so safely.
A flood gauge at Battery Park, at the southernmost end of Manhattan, registered at 13.88 feet at 9:24 p.m. Monday, beating the modern record of 10.02 feet in September 1960 during Hurricane Donna, the National Weather Service said.
New York University's Langone Medical Center evacuated 215 patients, including infants from its neo-natal intensive care unit, and transported them to other hospitals when it lost power and backup systems failed.
A fire in Breezy Point in the New York City borough of Queens had about 198 firefighters working to contain a blaze that had destroyed at least 50 homes and left two people with minor injuries, a New York Fire Department official said Tuesday.
Sandy forced three nuclear power plants to shut and put another on alert as federal regulators dispatched inspectors to monitor 11 facilities in the path of the storm.
The nation's oldest nuclear power plant, Exelon Corp.'s Oyster Creek facility in New Jersey, declared an alert last night due to elevated levels of water in its water-intake structure, the Nuclear Regulatory Commission said in a statement.
Insured losses may exceed $6 billion, led by costs in Pennsylvania, New Jersey, Maryland and New York, according to estimates from Kinetic Analysis Corp. compiled by Bloomberg. As many as 10 million people may lose power, according to Seth Guikema, a Johns Hopkins University engineer.
Airlines grounded 6,047 of U.S. flights, or 20 percent of those scheduled for today. About 12,500 trips were canceled from Oct. 28 until today, according to FlightAware, a Houston-based tracking company.
Washington's transit authority said limited Metro rail and bus service would start at 2 p.m. today, with full service resuming Wednesday. Downed trees and power outages might cause delays or detours on some bus routes, it warned.
All U.S. equity markets, which were closed yesterday, were shut again today, the first shutdown for consecutive days due to weather since 1888. The Securities Industry and Financial Markets Association said bond trading would be suspended today.
The floor and building of the New York Stock Exchange "are fine" and the company is working toward restoring normal trading, according to Robert Rendine, a spokesman. NYSE Euronext's building on Wall Street is close to the section of Manhattan that was flooded when the storm propelled a 13-foot sea surge as it came ashore Monday night.
Phillips 66, NuStar Energy and Hess Corp. shut or reduced output at three New Jersey refineries ahead of the storm's landfall. At least three other plants were running at reduced rates.
In New York, Mayor Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP, Monday issued evacuation orders for 375,000 people and opened 76 shelters.
On 57th Street, a crane on a 90-story residential building under construction partially collapsed and was dangling over the street near Carnegie Hall. No injuries were reported.
With Lower Manhattan almost a ghost town for a second day, seawater cascaded into the still-gaping construction pit at the World Trade Center, the AP reported Tuesday.
Off North Carolina's Outer Banks, one person was killed and another was missing after the crew of the HMS Bounty, a replica of the vessel that was the scene of a 1789 mutiny, abandoned ship when it capsized in 18-foot seas.
In New Jersey, Gov. Chris Christie ordered evacuations of coastal barrier islands and casinos in Atlantic City, which was flooded. A large number of people were stranded as water levels rose. Christie said further evacuations from Atlantic City and the barrier island would be impossible until daylight.
In Connecticut, New London Mayor Daryl Finizio told WFSB television that Sandy was worse than the Great New England Hurricane of 1938. That storm, which produced tides of as much as 25 feet, killed 564, according to the National Oceanic and Atmospheric Administration. New Haven radio station WTNH reported two state residents, a firefighter and an 80-year-old woman, killed from falling trees.
"Thousands of people are stranded," said Gov. Dannel Malloy at a news briefing Monday night.
In Maryland, Gov. Martin O'Malley said the state was fortunate to escape the worst blows of the storm. There were two fatalities — one caused by a traffic accident, the second by a felled tree — and the state will continue to face flooding in areas over the next two days, he said.
"We were not hit as hard as all of us had anticipated," he told reporters today. "We were fortunate to have been on the weaker end of this storm."
The storm also had an impact on the Nov. 6 presidential election, forcing Obama and Republican challenger Mitt Romney to cancel appearances.
With assistance from Alex Wayne, Alan Levin, Sandrine Rastello, Julie Hirschfeld Davis, Jim Snyder, Hans Nichols, Emma Fidel, Kasia Klimasinska and William Selway in Washington, Phil Milford in Wilmington, Delaware, Elise Young in Trenton , John McCormick in Chicago, Peter S. Green, Margaret Collins, Stephen Merelman and Esme E. Deprez in New York and Rupert Rowling in London.