1 Short Title

• This Act may be cited as the Finance Act 1945.

2 Authorising payments 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 responsible Minister 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.

  The reference to the “Minister of Agriculture and Fisheries” was substituted for a reference to the “Minister of Agriculture” (as substituted for a reference to the Minister of Marketing by section 3(3) of the Marketing Amendment Act 1953) by section 3(6)(a) of the Ministry of Agriculture and Fisheries Amendment Act 1972. The words “responsible Minister” were substituted, as from 1 July 1995, for the words “Minister of Agriculture and Fisheries” pursuant to sections 2 and 6 Ministry of Agriculture and Fisheries (Restructuring) Act 1995 (1995 No 31).

3

• [Repealed]

4

• [Repealed]

5

• [Repealed]

6

• [Repealed]

7

• [Repealed]

8

• [Repealed]

9

• [Repealed]

10

• [Repealed]

11

• [Repealed]

12

• [Repealed]

13

• [Repealed]

14

• [Repealed]

15

16

• [Repealed]

17

• [Repealed]

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

• Where any money is 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, that money bears interest until repayment at an agreed rate, the money 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 it 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 money 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.

  Paragraph (c) was inserted by section 50(1) Finance Act (No 2) 1945 (1945 No 45).