What the official record says
This Act is the Local Government (Protection of Auckland Assets) Amendment Act . This Act comes into force on the day after the date on which it receives the Royal assent. The purpose of this Act is to prevent the sale or privatisation of council controlled organisations. This Act amends the Local Government Act 2002. The following section is inserted after section 63: No Auckland local authority shall— sell or otherwise dispose of, or sell any equity securities; or surrender any voting rights; or relinquish any right to appoint trustees, directors, or managers (however described). applies to any asset or organisation listed in Schedule 21 of this Act unless the proposal for sale, disposal, or surrender of control has been carried by a majority of the valid votes cast in a referendum condu