(1) The Minister of Finance may from time to time, on behalf of Her Majesty the Queen, subscribe for or otherwise acquire shares in the Tasman Pulp and Paper Company Limited, a company incorporated under the Companies Act 1955, and may from time to time exercise on behalf of Her Majesty all Her Majesty's rights and powers as the holder of any such shares.
(2) The Minister of Finance may from time to time, on behalf of Her Majesty the Queen,—
(b) Give in respect of any advances made to the company by any other person any guarantee, indemnity, or security, pursuant to section 86 of the Public Finance Act 1977—
upon or subject to such terms and conditions as the Minister thinks fit.
(3) All money required to be paid by the Minister of Finance under subsection (1) or subsection (2)(a) of this section shall be paid out of the Loans Account from money appropriated by Parliament for the purpose.
(4) The Minister of Finance may from time to time, on behalf of Her Majesty the Queen, enter into agreements with the Tasman Pulp and Paper Company Limited for the purpose of giving full effect to the provisions of this section.
In subsection (1) the “Companies Act 1955”
has been substituted for the repealed “Companies Act 1933”
.
In subsection (2)(b) the words “pursuant to section 86 of the Public Finance Act 1977”
were added by section 127(a) of the Public Finance Act 1977.
Subsection (3) was substituted for the original subsection (3) by section 127(b) Public Finance Act 1977.