Aid to Water-Power Works Act 1910

Aid to Water-Power Works Act 1910

Public Act1910 No 25
Date of assent21 November 1910

An Act to authorize the Raising of Money in Aid of the Establishment of Electric-power Works and the Utilization of Water-works in connection therewith, and for other Public Purposes.

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title

  • This Act may be cited as the Aid to Water-power Works Act 1910.

2 New Zealand Loans Act 1908, applied

  • This Act shall be deemed to be an authorizing Act within the meaning of the New Zealand Loans Act 1908 [Repealed], and the moneys hereinafter authorized to be raised shall be raised under and subject to the provisions of that Act accordingly.

3 Minister of Finance may raise $1,000,000

  • The Minister of Finance is hereby empowered to raise, on the security of and charged upon the public revenues of New Zealand, such sums of money, not exceeding in the whole the sum of one million dollars, as he thinks fit.

    The expression “one million dollars” was substituted, as from 10 July 1967, for the expression “five hundred thousand pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

4 Rate of interest

  • The sums so raised shall bear interest at such rate (not exceeding four and a half per centum per annum) as the Minister of Finance prescribes.

5 Moneys raised to be credited to Public Works Fund, and applied for certain works and purposes

  • All moneys raised under the authority of this Act shall, as and when raised, be paid into the Crown Bank Account, and shall from time to time be applied, in such amounts as are from time to time appropriated by Parliament, in the establishment of electric-power works, the utilization of water-power, and irrigation, and for such purposes in connection therewith as may be authorized.

    The words “Electric Supply Account” were substituted, as from 6 July 1943, for the words “Public Works Fund” pursuant to section 4 Finance Act (No 2) 1943 (1943 No 9). That section abolished the Public Works Fund and established the Electric Supply Account as a separate account within the Public Account.

    The words “Energy Account” were substituted, as from 1 April 1978, for the words “Public Account to the credit of the Electric Supply Account” pursuant to Part 2A Ministry of Energy Act 1977 (1977 No 65). Those words were in turn substituted, as from 1 July 1989, by the words “Crown Bank Account” pursuant to section 83(7) Public Finance Act 1989 (1989 No 44).