as at 1 April 1978

Coat of Arms of New Zealand

Finance Act 1960

Public Act1960 No 114
Date of assent27 October 1960
Commencement27 October 1960


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.

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 1960.

2 Validating general increase of salaries of Government servants
  • (1) Notwithstanding anything to the contrary in the Public Service Act 1912 or in any other enactment, and without limiting any other powers in that behalf, it is hereby declared that there may be paid from money appropriated by Parliament for the payment of salaries and of allowances in the nature of salaries to persons employed by the Crown amounts by way of increase of salary from 11 October 1959, which shall not exceed in any case the sum of 40 pounds a year.

    (2) This section shall be deemed to have come into force on 12 October 1959.

3 Issue of Development Bonds free of income tax
  • [Repealed]

    Section 3: repealed, on 1 April 1978, by section 163(1) of the Public Finance Act 1977 (1977 No 65).

4 Minister of Finance may acquire shares in certain societies
  • The Minister of Finance may from time to time on behalf of Her Majesty the Queen subscribe for or otherwise acquire, without further appropriation than this section, shares or interests in Producers Meats (North Island) Limited and in Primary Producers Co-operative Society Limited (being societies registered under the Industrial and Provident Societies Act 1908), 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 or interests or as a member of either of those societies.

5 Accounts of New Zealand Steel Investigating Company Limited
  • (1) Notwithstanding anything in the Companies Act 1955, the accounts of the New Zealand Steel Investigating Company Limited (a company incorporated under that Act) shall be kept in such form as the Minister of Finance approves, and shall be audited by the Audit Office, which for that purpose shall have and may exercise all such powers as it has under the Public Revenues Act 1953 in respect of public money and public stores and the audit of local authorities' accounts.

    (2) Nothing in sections 151 to 153 or in sections 163 to 166 of the Companies Act 1955 shall apply with respect to the said company.

6 Validating grants made by the National Roads Board
  • Notwithstanding anything to the contrary in the National Roads Act 1953, it shall be lawful and be deemed to have been lawful for the National Roads Board to grant and pay to any local authority in the financial year ending 31 March 1961 the amount by which any subsidies payable to that local authority in that financial year are required to be reduced in accordance with subsection (3) of section 17 of the National Roads Amendment Act 1959.

7 Saving of member of Parliament from disqualification
  • The provisions of the Electoral Act 1956 as to the disqualification of members of Parliament or of candidates for election as members of Parliament shall not apply with respect to any payment that has been received out of public money by Reginald Alfred Keeling, Esquire, Member of Parliament, in respect of his attendance at a Conference of the International Labour Organisation which convened in Geneva on 1 June 1960.

8 Repeal of Products Export Act 1908
  • (1) The Products Export Act 1908, the Products Export Amendment Act 1929, and the Products Export Amendment Act 1935 are hereby repealed.

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

9 Limit of interest-bearing deposits and investment accounts with trustee savings banks
  • [Repealed]

    Section 9: repealed, on 1 October 1964, by section 7(2) of the Trustee Savings Banks Amendment Act 1964 (1964 No 10).


  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

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

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

1 General
  • This is a reprint of the Finance Act 1960. The reprint incorporates all the amendments to the Act as at 1 April 1978, 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 .

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 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)
  • Public Finance Act 1977 (1977 No 65): section 163(1)

    Trustee Savings Banks Amendment Act 1964 (1964 No 10): section 7(2)