National Expenditure Adjustment Act 1932

National Expenditure Adjustment Act 1932

Public Act1932 No 8
Date of assent10 May 1932

Contents

Title

1 Short Title

2 Division into Parts

Part 1
Public expenditure adjustment

3  [Spent]

4  [Spent]

5  [Spent]

6  [Spent]

7  [Spent]

8  [Spent]

9  [Repealed]

10  [Repealed]

11  [Spent]

12  [Spent]

13  [Spent]

14  [Spent]

15  [Spent]

Part 2
Reduction of pensions and allowances payable out of consolidated fund

16  [Spent]

Old age pensions

17  [Repealed]

Widows' pensions

18  [Repealed]

Miners' pensions

19  [Repealed]

20  [Repealed]

South African war pensions

21  [Repealed]

General amendments of Pensions Act 1926

22  [Repealed]

23  [Repealed]

National provident fund

24  [Repealed]

War pensions

25  [Repealed]

Family allowances

26  [Repealed]

Part 3
Reduction of interest, rent, and other fixed charges

27 Purpose of this Part

28 This Part to bind the Crown

29 Interpretation

30 Limitation of application of this Part

31 Reduction of rates of interest and of rents

32 Standard rate of reduction of interest and rent

33 Penal rates and net rates of interest and rent reduced in accordance with this Part

34 Reduced rates of interest and rent to come into force on 1 April 1932

35 Special provisions where rate of interest not specified in contract

36 Limitations of foregoing provisions in respect of interest

37  [Repealed]

38 Right to apply to Court for relief

39 Powers of Court under Mortgagors Relief Acts not affected by this Part

40  [Repealed]

41  [Repealed]

42 High Court may authorise reduction of annuities or other periodical payments derived from proceeds of rent or interest

43 Regulations

Part 4
Stamp duty on receipts of interest from government and local bodies securities

44  [Repealed]

45  [Repealed]

46  [Repealed]

47  [Repealed]

48  [Repealed]

49  [Repealed]

Part 5
Rates of interest on deposits payable by investment societies

50  [Repealed]

51 As to rates of interest payable by investment societies

51A Exemption of investment societies

52  [Repealed]

53  [Repealed]

54  [Repealed]

55  [Repealed]

56  [Repealed]

Part 6
Trading companies deposits

57 Interpretation

58 Governor-General may fix maximum rates of interest payable by trading companies on deposits held by them

59  [Repealed]

60  [Repealed]

61  [Repealed]

62  [Repealed]

63 Restricted application of this Part

An Act to make provision, firstly, for the further adjustment of public expenditure by the reduction of rates of salaries, wages, pensions and allowances; secondly, for the making of commensurate reductions in rates of interest, rent, and other fixed charges; thirdly, for the imposition of a special stamp duty on receipts of income derived from securities issued by the Government of New Zealand or by local or public authorities; fourthly, for determining the rates of interest that may be paid on deposits by any savings bank, building society, or investment society; and lastly, for determining the conditions on which trading companies may accept money on deposit

1 Short Title

  • This Act may be cited as the National Expenditure Adjustment Act 1932.

2 Division into Parts

  • This Act is divided into Parts, as follows:

    • Part 1—Public Expenditure Adjustment.

    • Part 2—Reduction of Pensions and Allowances Payable Out of Consolidated Fund.

    • Part 3—Reduction of Interest, Rent, and Other Fixed Charges.

    • Part 4—Stamp Duty on Receipts of Interest from Government and Local Bodies Securities.

    • Part 5—Rates of Interest on Deposits Payable by Savings Banks and Building or Investment Societies .

    • Part 6—Trading Companies Deposits.

Part 1
Public expenditure adjustment

3

  • [Spent]

4

  • [Spent]

5

  • [Spent]

6

  • [Spent]

7

  • [Spent]

8

  • [Spent]

9

  • [Repealed]

    Sections 9 and 10 were repealed by section 91(1) of the Superannuation Act 1947.

10

  • [Repealed]

    Sections 9 and 10 were repealed by section 91(1) of the Superannuation Act 1947.

11

  • [Spent]

12

  • [Spent]

13

  • [Spent]

14

  • [Spent]

15

  • [Spent]

Part 2
Reduction of pensions and allowances payable out of consolidated fund

16

  • [Spent]

Old age pensions

17

  • [Repealed]

    Section 17 was repealed by section 14(3) of the Finance Act (No 2) 1934.

Widows' pensions

18

  • [Repealed]

    Section 18 was repealed by section 15(2) of the Finance Act 1935.

Miners' pensions

19

  • [Repealed]

    Section 19 was repealed by section 16(5) of the Finance Act 1935.

20

  • [Repealed]

    Section 20 was repealed by section 13(2) of the Pensions Amendment Act 1936.

South African war pensions

21

  • [Repealed]

    Section 21 was repealed by section 15(2) of the Finance Act (No 2) 1934.

General amendments of Pensions Act 1926

22

  • [Repealed]

    Sections 22 and 23 were repealed by section 76(1) of the Social Security Act 1938.

23

  • [Repealed]

    Sections 22 and 23 were repealed by section 76(1) of the Social Security Act 1938.

National provident fund

24

  • [Repealed]

    Section 24 was repealed by section 23(2) of the National Provident Fund Amendment Act 1946.

War pensions

25

  • [Repealed]

    Section 25 was repealed by section 18(2) of the Finance Act 1935.

Family allowances

26

  • [Repealed]

    Section 26 was repealed by section 3(2) of the Family Allowances Amendment Act 1936.

Part 3
Reduction of interest, rent, and other fixed charges

27 Purpose of this Part

  • The purpose of this Part of this Act is to effect reductions in rates of interest payable by mortgagors and in rents and certain other fixed charges, commensurate with the reductions in salaries and wages made by or pursuant to Parts 1 and 2 of the Finance Act 1931 and by Part 1 of this Act.

28 This Part to bind the Crown

  • This Part of this Act shall bind the Crown.

29 Interpretation

  • (1) In this Part of this Act, unless the context otherwise requires,—

    Chattels has the meaning given thereto by section 2 of the Chattels Transfer Act 1924

    In subsection (1) the definition of the term chattels was inserted, as from the passing of the principal Act, by section 2(1) of the National Expenditure Adjustment Amendment Act 1932.

    Contract includes every binding agreement, whether in writing or not, whereby any person undertakes to pay any interest or rent

    Mortgage means any deed, memorandum of mortgage, instrument, or agreement whereby security for the payment of money or for the performance of any contract is granted over land or chattels or any interest therein respectively; and includes—

    • (a) Any debenture or debenture stock heretofore issued by any company carrying on business in New Zealand, or by any incorporated society or other body corporate, not being a debenture or other security of a class specified in subsection (1) of section 45 hereof; or

    • (b) Any instrument of security granted over or in respect of any policy for securing a life insurance, endowment, or annuity; or

    • (c) Any agreement for the sale or purchase of land; or

    • (d) Any customary hire purchase agreement within the meaning of section 57 of the Chattels Transfer Act 1924.

    (2) For the purposes of this Part of this Act an agreement for the sale and purchase of land shall be deemed to be a mortgage of such land, and a customary hire purchase agreement in respect of any chattel shall be deemed to be a mortgage of such chattel, in each such case to secure payment of the unpaid purchase money and interest thereon and the fulfilment of the conditions set forth in the agreement.

    (3) For the purposes of this Part of this Act any sum paid or payable under any contract to which this Part of this Act applies by way of premium, or bonus, or other like payment, shall be deemed to be interest or rent as the case may require, accruing from day to day throughout the term of the contract.

    (4) The Governor-General may at any time, by Order in Council published in the Gazette, exclude from the operation of this Part of this Act any specified class or specified classes of mortgages or other contracts.

30 Limitation of application of this Part

  • Nothing in this Part of this Act shall apply with respect to—

    • (a) The rate of interest payable under any mortgage (not being a mortgage for a fixed term, whether expired or unexpired) securing the repayment of any principal money that is repayable on demand, or to the rate of interest payable under any mortgage debenture or other charge secured exclusively on any such mortgage or mortgages; or

    • (b) The rate of interest or rent payable pursuant to a contract entered into after the 1st day of April 1932; or

    • (c) The rent payable under any lease or licence of Crown lands or of other lands administered by a Land Board, if such rent is fixed by reference to the capital value of the lands comprised in the lease or licence and does not exceed 5 percent of such capital value.

    In paragraph (a) the word “exclusively” was inserted, as from 9 December 1932, by section 3 of the National Expenditure Adjustment Amendment Act 1932 (1932 No 18).

31 Reduction of rates of interest and of rents

  • Subject to the provisions of this Part of this Act, rates of interest payable under mortgages of property situated in New Zealand and rents payable in respect of land or of any interest in land or in respect of any building or part of a building so situated, payable under contracts in force at the passing of this Act, shall be reduced as provided in this Part of this Act, and the rates as so reduced shall not be increased, except by leave of a competent Court.

    The words “at any time before the 1st day of April 1937” were omitted, as from 1 October 1936, by section 84(1)(a) of the Mortgagors and Lessees Rehabilitation Act 1936 (the reference to the 1st day of April 1937 having been substituted for a reference to the 1st day of April 1935 by section 14(1) of the Finance Act 1934).

32 Standard rate of reduction of interest and rent

  • (1) The standard reduction of rates of interest and of rent payable under any contract to which this Part of this Act applies shall be ascertained as follows:

    • (a) In the case of a contract entered into on the 1st day of January 1930 or within the period of 5 years immediately preceding that date, the standard reduction shall be 20 percent of the rate prescribed by the contract:

    • (b) In the case of a contract entered into at any time earlier than 5 years before the 1st day of January 1930, or at any time after that date, the standard reduction shall be 20 percent of the rate (to be determined in accordance with the next succeeding subsection) that would have been fixed by the contract if it had been entered into on the said 1st day of January 1930.

    (2) Where for the purposes of this Part of this Act it is necessary to fix the rate of interest or rent that would have been payable under any contract if such contract had been entered into on the 1st day of January 1930, such rate may, failing agreement by the parties, be fixed by arbitration if the parties agree to submit the matter to arbitration. If such rate is not fixed by agreement of the parties or by arbitration as aforesaid, it shall, on application by motion by either of the parties, be fixed by the High Court if the annual amount of interest or rent payable in accordance with the terms of the contract exceeds $600 and in all other cases shall be fixed by a District Court Judge.

    (3) If the rate of interest or rent as at the 31st day of March 1932, payable under any contract to which this Part of this Act applies, does not exceed the residue of the rate in respect of which the standard reduction has been computed, after such standard reduction has been made, no reduction of interest or rent shall require to be made under this Part of this Act.

    (4) If the rate of interest or rent as at the 31st day of March 1932, payable under any contract to which this Part of this Act applies, exceeds the residue of the rate in respect of which the standard reduction has been computed, after such standard reduction has been made, the reduction required to be made under this Part of this Act shall be the difference between such rate and the residue aforesaid, but not exceeding in any case a reduction of 20 percent of the rate as at the 31st day of March 1932.

    The words “District Court Judge” were substituted, as from 1 April 1980, for the word “Magistrate” pursuant to section 18(1) District Courts Amendment Act 1979 (1979 No 125).

    The words “High Court” were substituted, as from 1 April 1980, for the words the “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).

    The expression “$600” was substituted, as from 10 July 1967, for the expression “£300” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

33 Penal rates and net rates of interest and rent reduced in accordance with this Part

  • Where by any contract provision is made for the payment of a penal rate of interest or of rent, or for a reduced rate of interest or rent in consideration of prompt payment or for other consideration, both such penal rate and such net rate shall, subject to the provisions of section 36 hereof, be reducible and reduced in accordance with the foregoing provisions of this Part of this Act.

34 Reduced rates of interest and rent to come into force on 1 April 1932

  • (1) All interest and rent to which this Part of this Act applies that accrue on or after the 1st day of April 1932 shall, if the rates thereof require to be reduced by this Part of this Act, be payable at the reduced rates determined in accordance with the foregoing provisions of this Part of this Act.

    (2) Where before or after the passing of this Act any interest or rent accrued in respect of a period commencing after the 31st day of March 1932 is paid at a rate in excess of the reduced rate fixed in accordance with this Part of this Act the amount so paid in excess may be recovered in any Court of competent jurisdiction by action commenced not later than 3 months after the date of payment or 3 months after the passing of this Act, whichever is the later, or the amount so recoverable may be credited to the person who paid the same, in respect of interest or rent thereafter becoming due, if within the time aforesaid he so elects by notice in writing given to the person to whom such payment was made.

    (3) For the purposes of this Part of this Act all interest and rent shall be deemed to accrue from day to day.

    In subsection (1) the words “and before the 1st day of April 1937” and also the words “On the expiration of the period aforesaid the rates of interest and rent in force immediately prior to the said 1st day of April 1932, shall, if the contract then remains in force, be revived and shall begin to accrue on the said 1st day of April 1937” were omitted, as from 1 October 1936, by section 84(1)(b) of the Mortgagors and Lessees Rehabilitation Act 1936 (the references to the 1st day of April 1937 having been substituted for references to the 1st day of April 1935 by section 14(2) of the Finance Act 1934).

35 Special provisions where rate of interest not specified in contract

  • In the case of a customary hire purchase agreement or in any other case where the rate of interest payable in terms of any contract is not specified therein, the parties to the contract shall determine, for the purposes of this Part of this Act, what part of the money payable in terms of the contract shall be deemed to be principal money and what part thereof shall be deemed to be interest, and, in default of agreement by the parties as to the said matters, any District Court Judge, on application made by any party to the contract, shall determine what shall be deemed, for the purposes of this Part of this Act, to be the rate of interest payable under the contract.

    The words “District Court Judge” were substituted, as from 1 April 1980, for the word “Magistrate” pursuant to section 18(1) District Courts Amendment Act 1979 (1979 No 125).

36 Limitations of foregoing provisions in respect of interest

  • (1) Notwithstanding anything in the foregoing provisions of this Part of this Act, the net rate of interest payable under any mortgage of chattels shall not be reduced by the operation of this part of this Act below the rate of 61/2 percent per annum, and the net rate of interest payable under any other mortgage shall not be so reduced below the rate of 5 percent per annum:

    Provided that in the case of company debentures issued free of income tax (being debentures to which section 171 of the Land and Income Tax Act 1923 is applicable) the rate of interest may be reduced by the operation of this Part of this Act below 5 percent per annum but shall not be so reduced below the rate of 41/2 percent per annum.

    (2) Where by any mortgage provision is made for a penal rate of interest or for a reduced rate of interest in consideration of prompt payment or other consideration, the gross rate shall not be reduced by the operation of this Part of this Act so that the margin between such gross rate and the net rate is less than 1/2 of one percent per annum or is less than the margin between the original gross rate and the original net rate, whichever of such margins is the less.

    (3) Where a mortgage comprises both chattels and land or other property, an apportionment of the money secured thereby shall, if necessary for the purposes of this section, be made by agreement between the parties thereto, and in default of agreement may be made by a District Court Judge on application in that behalf by any of the parties thereto.

    The words “District Court Judge” were substituted, as from 1 April 1980, for the word “Magistrate” pursuant to section 18(1) District Courts Amendment Act 1979 (1979 No 125).

37

  • [Repealed]

    Section 37 was repealed by section 7 of the National Expenditure Adjustment Amendment Act 1932.

38 Right to apply to Court for relief

  • (1) If any mortgagee or landlord, or other person entitled under any contract to receive any interest or rent, is aggrieved by the operation of this Part of this Act, he may apply to any Court of competent jurisdiction for relief, on any of the following grounds:

    • (a) On the ground that the rate of interest or of rent payable under the contract is fair, taking into consideration the nature of the security or the premises, as the case may be:

    • (c) On the ground that the reduction of the rates of interest or of rent in accordance with this Part of this Act would be a cause of undue hardship to the person entitled to receive such interest or rent, as the case may be.

    (2) On the hearing of any application under this section the Court may make such order as in the circumstances it thinks just and equitable, taking into consideration the economic position of New Zealand as well as the conditions of the parties.

    (3) In any case where the total annual amount payable under the contract as interest or as rent exceeds $600, applications for relief under this section shall be made to the High Court, and in all other cases such applications shall be made to a District Court Judge.

    In subsection (1)(b) the Mortgagors and Lessees Rehabilitation Act 1936, being the corresponding enactment in force, has been substituted for the repealed Mortgagors Relief Act 1931.

    In subsection (1)(b) the words “or section 78 or section 115 of the Maori Purposes Act 1931” were added by section 51 of the Finance Act 1933 (No 2), save that the word “Maori” was substituted for the word “Native” by section 9(1)(b) of the Maori Purposes Act 1947

    The expression “$600” was substituted, as from 10 July 1967, for the expression “£300” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

    The words “District Court Judge” were substituted, as from 1 April 1980, for the word “Magistrate” pursuant to section 18(1) District Courts Amendment Act 1979 (1979 No 125).

39 Powers of Court under Mortgagors Relief Acts not affected by this Part

  • Nothing in the foregoing provisions of this Part of this Act shall be construed to limit the powers to grant relief to mortgagors and tenants conferred on the High Court or on any District Court Judge by the Mortgagors and Lessees Rehabilitation Act 1936.

    The Mortgagors and Lessees Rehabilitation Act 1936, being the corresponding enactment in force, has been substituted for the repealed Mortgagors Relief Act 1931.

    The words “High Court” were substituted, as from 1 April 1980, for the words the “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).

    The words “District Court Judge” were substituted, as from 1 April 1980, for the word “Magistrate” pursuant to section 18(1) District Courts Amendment Act 1979 (1979 No 125).

40

  • [Repealed]

    Section 40 was repealed by section 50 of the Statutes Amendment Act 1939.

41

  • [Repealed]

    Section 41 was repealed by section 2(1)(a) of the National Expenditure Adjustment Amendment Act 1963.

42 High Court may authorise reduction of annuities or other periodical payments derived from proceeds of rent or interest

  • (1) The High Court, on application in that behalf by any trustee, or by any person taking benefit or incurring obligation under any deed, will, or settlement, may by order modify the provisions of such deed, will, or settlement in so far as they provide for payment of any annuity or other periodical payment, if in any such case the Court is satisfied that the terms of the deed, will, or settlement cannot be complied with, or cannot be complied with without causing undue hardship to any person taking benefit or incurring obligation under such deed, will, or settlement.

    (2) Any such order may provide for the reduction of the rate of any annuity or other periodical payment as aforesaid, or may authorise the trustee or trustees to make such provision in relation to the trust estate as may be necessary for payment being made at the rate provided for in the deed, will, or settlement or at any reduced rate fixed by the order of the Court.

    (3) The powers conferred on the Court by the foregoing provisions of this section shall extend to authorise the Court to modify—

    • (b) Any order for the payment of alimony or maintenance made by it, with or without the consent of the parties, in the exercise of its jurisdiction in divorce and matrimonial causes; or

    • (c) Any deed or agreement providing for the payment of alimony or maintenance to any husband or wife, or providing for maintenance in respect of the children of any marriage; or

    • (d) Any order made by the Court of Appeal under the Family Protection Act 1955, or any order made by that Court for the payment of alimony or maintenance.

    Subs (3)(a) and (d): The Family Protection Act 1908 was repealed, as from 26 October 1955, by the Family Protection Act 1955 (1955 No 88).

    Subs (3)(a) and (b): The word “heretofore” was substituted, as from 22 December 1933, by section 5(3)(a) of the Finance Act 1933 (1933 No 33).

    Subs (3)(c): The words “heretobefore executed” were omitted, as from 22 December 1933, by section 5(3)(a) of the Finance Act 1933 (1933 No 33).

    Subs (3)(d) was inserted, as from 22 December 1933, by section 5(3)(b) of the Finance Act 1933 (1933 No 33).; and in this reprint the word “or” has been added at the end of paragraph (c) in order to correct an apparent omission.

    The words “High Court” were substituted, as from 1 April 1980, for the words the “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).

43 Regulations

  • The Governor-General may from time to time, by Order in Council, make all such regulations as may be deemed necessary for the purpose of giving full effect to the provisions of this Part of this Act.

Part 4
Stamp duty on receipts of interest from government and local bodies securities

44

  • [Repealed]

    Sections 44 to 49 were repealed by section 101(1) of the Stamp and Cheque Duties Act 1971.

45

  • [Repealed]

    Sections 44 to 49 were repealed by section 101(1) of the Stamp and Cheque Duties Act 1971.

46

  • [Repealed]

    Sections 44 to 49 were repealed by section 101(1) of the Stamp and Cheque Duties Act 1971.

47

  • [Repealed]

    Sections 44 to 49 were repealed by section 101(1) of the Stamp and Cheque Duties Act 1971.

48

  • [Repealed]

    Sections 44 to 49 were repealed by section 101(1) of the Stamp and Cheque Duties Act 1971.

49

  • [Repealed]

    Sections 44 to 49 were repealed by section 101(1) of the Stamp and Cheque Duties Act 1971.

Part 5
Rates of interest on deposits payable by investment societies

50

  • [Repealed]

    Section 50 was repealed by section 39(1) of the Trustee Savings Bank Act 1948.

51 As to rates of interest payable by investment societies

  • (1) The Governor-General may from time to time, by Order in Council, fix the maximum rates of interest that may be paid—

    • (a) [Repealed]

    • (b) By any investment society, being any company, society or association, whether incorporated or not, formed for the purpose of investing borrowed money (including any person who holds himself out as carrying on the business of accepting money on deposit), and not being a trading company within the meaning of Part 6 of this Act.

    (2) Any such order may fix different rates with respect to different classes of deposits to be therein defined or according to the amount of any deposit.

    (3) Every such order shall, according to the tenor thereof, take effect on the date of its publication in the Gazette or on such later date as may be specified therein.

    (4) Any such order may apply to future deposits only or may apply both to such deposits and to deposits existing at the date of such notice.

    Section 51(1)(a) was repealed by section 139(1) of the Building Societies Act 1965.

    In subsection (1)(b) the words “(including any person who holds himself out as carrying on the business of accepting money on deposit” were inserted, as from 9 December 1932, by section 11 of the National Expenditure Adjustment Amendment Act 1932 (1932 No 18).

    The proviso to subsection (1) was repealed, as from 31 July 1934, by section 16(1) Finance Act 1934 (1934 No 2).

51A Exemption of investment societies

  • The Governor-General may from time to time, by Order in Council, exempt any investment society or any class of investment societies from the operation of this Part of this Act, either generally or in respect of any deposits or class of deposits and either unconditionally or upon or subject to such conditions as may be specified in the Order in Council. Any such Order in Council may be at any time amended or revoked.

    This section was inserted, as from 25 October 1960, by section 2 of the National Expenditure Adjustment Amendment Act 1960 (1960 No 74).

    The words “building society or” and “building societies or” were omitted, as from 1 January 1966, by section 139(2) Building Societies Act 1965 (1965 No 22).

52

  • [Repealed]

    Section 52 was repealed by section 139(1) of the Building Societies Act 1965.

53

  • [Repealed]

    Sections 53 to 56 were repealed by section 36(1) of the Finance Act 1951.

54

  • [Repealed]

    Sections 53 to 56 were repealed by section 36(1) of the Finance Act 1951.

55

  • [Repealed]

    Sections 53 to 56 were repealed by section 36(1) of the Finance Act 1951.

56

  • [Repealed]

    Sections 53 to 56 were repealed by section 36(1) of the Finance Act 1951.

Part 6
Trading companies deposits

57 Interpretation

  • (1) In this Part of this Act, unless the context otherwise requires,—

    Contract of deposit means any contract or agreement, written or verbal, express or implied, relating to the receipt of money by a borrower upon the terms that the same shall be repaid either at a fixed date, or by instalments, or at call, and bearing interest until repayment at an agreed rate, except that no contract or agreement shall be a contract of deposit for the purposes of this Part of this Act if—

    • (a) Such contract or agreement is expressed in a mortgage or other instrument by way of security; or

    • (b) Such contract or agreement is expressed in debentures issued in a series by an incorporated company; or

    • (c) If the money was received in the course of a mercantile current account:

    Trading company means any person, firm, or company engaged in any profession or in any trade or business and whose principal business is not the acceptance of money on deposit and the investment of such money.

    Trading company: The words in square brackets were substituted for the words “other than” by section 13(1) of the National Expenditure Adjustment Amendment Act 1932 (1932 No 18).

    (2) The Governor-General may from time to time, by Order in Council, exempt any trading company or class of trading companies from the operation of this Part of this Act either generally or in respect of any deposits or class of deposits and either unconditionally or upon or subject to such conditions as may be specified in the Order in Council. Any such Order in Council may in like manner be at any time amended or revoked.

    Subsection (2) was substituted, as from 7 December 1945, by section 50(2) Finance Act (No 2) 1945 (1945 No 45).

58 Governor-General may fix maximum rates of interest payable by trading companies on deposits held by them

  • (1) The Governor-General may from time to time, by Order in Council, fix the maximum rates of interest that may be paid by any trading company on money for the time being deposited with it.

    (2) Any such Order may relate to any specified trading company, or to all such companies and may fix different rates of interest with respect to different classes of deposits to be therein defined, or according to the amount of any deposit.

    (3) Every such Order shall, according to the tenor thereof, take effect on the date of its publication in the Gazette or on such later date as may be specified therein.

    (4) Any such Order may apply to future deposits only or may apply both to such deposits and to deposits existing at the date of the notice.

    The proviso to subsection (1) was repealed by section 46(2) of the Finance Act 1936 (1936 No 16).

59

  • [Repealed]

    Sections 59 to 62 were repealed by section 36(1) of the Finance Act 1951.

60

  • [Repealed]

    Sections 59 to 62 were repealed by section 36(1) of the Finance Act 1951.

61

  • [Repealed]

    Sections 59 to 62 were repealed by section 36(1) of the Finance Act 1951.

62

  • [Repealed]

    Sections 59 to 62 were repealed by section 36(1) of the Finance Act 1951.

63 Restricted application of this Part

  • Nothing in this Part of this Act shall apply to—

    • (a) Any person carrying on in New Zealand the business of banking; or

    • (b) The Post Office Bank Limited; or

    • (c) Any trustee bank's successor company registered in accordance with section 4 of the Trustee Banks Restructuring Act 1988; or

    • (d) Any local authority or public body.

    In paragraph (a) the words “person carrying on in New Zealand the business of banking” were substituted, as from 30 June 1995, for the words “bank carrying on business under the [Banking Act 1982]” by section 2(2) Banking Act Repeal Act 1995 (1995 No 32).

    In paragraph (b) the words “Post Office Bank Limited” were substituted, as from 1 April 1987, for the words “Post Office Savings Bank” by section 65 (1) Administration Act 1969 (1969 No 52).

    In paragraph (c) the words “trustee bank's successor company registered in accordance with section 4 of the Trustee Banks Restructuring Act 1988” were substituted, as from 23 September 1988, for the disestablished “trustee bank” and repealed “Trustee Banks Act 1983” by section 40(1) Trustees Bank Restructuring Act 1988 (1988 No 90).