Finance Act 1945

  • This version was reprinted on 25 May 2016 to make a correction to section 18(b) under section 25(1)(i) of the Legislation Act 2012.

Reprint as at 1 April 1957

Coat of Arms of New Zealand

Finance Act 1945

Public Act
 
1945 No 2
Date of assent
 
26 July 1945
Commencement
 
26 July 1945
Note

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 Treasury.

Contents

Title
1Short Title
2Authorising payments from accounts under Marketing Act 1936 for purposes of stabilisation
3Authorising investment of Public Account cash balance in Government securities
4Increasing limits of amounts chargeable against General Imprest and General Services [Repealed]
5General salary increase not to be taken into account in fixing maximum remuneration of retired public servants and teachers who are temporarily re-employed [Repealed]
[Repealed]
6This Part to be read with Stamp Duties Act 1923 [Repealed]
7Authorising Assistant Commissioners to reduce or remit penalty for late presentation for stamping [Repealed]
8Increasing duty on certain deeds not chargeable with ad valorem duty [Repealed]
9Transfers of shares to be chargeable with duty as deeds if exempt from conveyance duty [Repealed]
10Annual license duty payable by agents of foreign insurers [Repealed]
11Exemption from duty of guarantees for less than £20 [Repealed]
12Assistant Commissioners may determine adequacy of consideration on transfers of land [Repealed]
13Authorising and validating successive securities under Local Bodies’ Loans Act 1926 [Repealed]
14Requiring consent of Local Government Loans Board to extensions of loans for more than 1 year [Repealed]
15Authorising local authorities to make grants to dependants of deceased employees
16Duration and termination of the war defined [Repealed]
17Members of General Assembly not to be disqualified by receipt of remuneration as members of the Royal Commission on Licensing
18Moneys owing by trading companies and bearing interest deemed to be borrowed under contracts of deposit
Reprint notes

An Act to make provision with respect to public finance and other matters

 
1 Short Title

This Act may be cited as the Finance Act 1945.

Part 1 Public revenues

2 Authorising payments from accounts under Marketing Act 1936 for purposes of stabilisation

There may from time to time, without further appropriation than this section, be paid out of any account established under the Marketing Act 1936 such sums as the Minister of Marketing may, in accordance with agreements entered into with representatives of the industry concerned, approve as payment of or contributions towards any expenditure incurred or required to be incurred for the purpose of subsidising the costs of the production or marketing of any goods of the class or classes in relation to which the account has been established, or for the purpose of equalising as far as possible the net returns received or payable in respect of any such goods.

3 Authorising investment of Public Account cash balance in Government securities

Amendment(s) incorporated in the Act(s).

4 Increasing limits of amounts chargeable against General Imprest and General Services
[Repealed]

Section 4: repealed, on 16 October 1952, by section 8(4) of the Public Revenues Amendment Act 1952 (1952 No 26).

5 General salary increase not to be taken into account in fixing maximum remuneration of retired public servants and teachers who are temporarily re-employed
[Repealed]

Section 5: repealed, on 1 April 1948, by section 91(1) of the Superannuation Act 1947 (1947 No 57).

Part 2 Stamp duties

[Repealed]

Part 2: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

6 This Part to be read with Stamp Duties Act 1923
[Repealed]

Section 6: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

7 Authorising Assistant Commissioners to reduce or remit penalty for late presentation for stamping
[Repealed]

Section 7: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

8 Increasing duty on certain deeds not chargeable with ad valorem duty
[Repealed]

Section 8: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

9 Transfers of shares to be chargeable with duty as deeds if exempt from conveyance duty
[Repealed]

Section 9: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

10 Annual license duty payable by agents of foreign insurers
[Repealed]

Section 10: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

11 Exemption from duty of guarantees for less than £20
[Repealed]

Section 11: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

12 Assistant Commissioners may determine adequacy of consideration on transfers of land
[Repealed]

Section 12: repealed, on 1 January 1955, by section 175(1) of the Stamp Duties Act 1954 (1954 No 52).

Part 3 Local authorities

13 Authorising and validating successive securities under Local Bodies’ Loans Act 1926
[Repealed]

Section 13: repealed, on 1 April 1957, by section 135(1) of the Local Authorities Loans Act 1956 (1956 No 63).

14 Requiring consent of Local Government Loans Board to extensions of loans for more than 1 year
[Repealed]

Section 14: repealed, on 1 April 1957, by section 135(1) of the Local Authorities Loans Act 1956 (1956 No 63).

15 Authorising local authorities to make grants to dependants of deceased employees

Amendment(s) incorporated in the Act(s).

Part 4 Miscellaneous

16 Duration and termination of the war defined
[Repealed]

Section 16: repealed, on 1 December 1950, by section 41(5) of the Finance Act 1950 (1950 No 93).

17 Members of General Assembly not to be disqualified by receipt of remuneration as members of the Royal Commission on Licensing

The provisions of the Legislature Act 1908, or of the Electoral Act 1927, or of any other Act, as to the disqualification of members of the General Assembly or of candidates for election as members of Parliament, shall not apply with respect to any payment that has been or may hereafter be received out of public moneys by any such member or candidate by way of remuneration or travelling allowance or reimbursement of travelling expenses in respect of services as a member of the Commission appointed by the Governor-General on 31 January 1945 to inquire into and report upon licensing matters.

18 Moneys owing by trading companies and bearing interest deemed to be borrowed under contracts of deposit

Where any moneys are owing by a trading company within the meaning of Part 6 of the National Expenditure Adjustment Act 1932 (whether on account of goods supplied or services rendered or otherwise), and under any contract or agreement, written or verbal, express or implied, those moneys bear interest until repayment at an agreed rate, the moneys shall be deemed for the purposes of the said Part 6 to have been borrowed by the company under a contract of deposit on the date on which they commenced to bear interest or on the date of the passing of this Act (whichever date is the later), unless—

(a)

the contract or agreement is expressed in a mortgage or other instrument by way of security; or

(b)

the contract or agreement is expressed in debentures issued in a series by an incorporated company; or

(c)

the moneys became owing in the course of a bona fide mercantile current account, either on account of goods sold by the trading company as an agent or on account of goods supplied to the company.

Section 18(c): inserted, on 7 December 1945, by section 50(1) of the Finance Act (No 2) 1945 (1945 No 45).

Contents
  • 1

    General

  • 2

    Status of reprints

  • 3

    How reprints are prepared

  • 4

    Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5

    List of amendments incorporated in this reprint (most recent first)

Notes
1 General

This is a reprint of the Finance Act 1945. The reprint incorporates all the amendments to the Act as at 1 April 1957, as specified in the list of amendments at the end of these notes.

Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/.

2 Status of reprints

Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared

A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989

Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

  • omission of unnecessary referential words (such as “of this section” and “of this Act”)

  • typeface and type size (Times Roman, generally in 11.5 point)

  • layout of provisions, including:

    • indentation

    • position of section headings (eg, the number and heading now appear above the section)

  • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

  • format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)

  • position of the date of assent (it now appears on the front page of each Act)

  • punctuation (eg, colons are not used after definitions)

  • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

  • case and appearance of letters and words, including:

    • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

    • small capital letters in section and subsection references are now capital letters

  • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

  • running heads (the information that appears at the top of each page)

  • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)

Local Authorities Loans Act 1956 (1956 No 63): section 135(1)

Stamp Duties Act 1954 (1954 No 52): section 175(1)

Public Revenues Amendment Act 1952 (1952 No 26): section 8(4)

Finance Act 1950 (1950 No 93): section 41(5)

Superannuation Act 1947 (1947 No 57): section 91(1)

Finance Act (No 2) 1945 (1945 No 45)