Whereas by the Harbours Development and Loan Authorisation Act 1964 of the Parliament of Western Samoa the Government of Western Samoa is authorised to borrow money on the security of stock issued by that government for harbour development purposes in Western Samoa:
And whereas pursuant to that authority the Government of Western Samoa intends to borrow in New Zealand an amount not exceeding £1 million in New Zealand currency on the security of stock issued by that government and registered in New Zealand by the Reserve Bank of New Zealand on behalf of that government:
And whereas it is expedient that the repayment of the principal secured by that stock and the payment of the interest payable in respect thereof should be guaranteed by the Minister of Finance on behalf of Her Majesty the Queen:
Now, therefore, be it enacted as follows:
(1) The Minister of Finance may from time to time, on behalf of Her Majesty the Queen, give in respect of any money, not exceeding £1 million in New Zealand currency, borrowed in New Zealand by the Government of Western Samoa as aforesaid by the issue of stock registered in New Zealand by the Reserve Bank of New Zealand on behalf of that government, and in respect of any interest thereon, any guarantee, indemnity, or security upon or subject to such terms and conditions as the Minister thinks fit.
(2) Any amount required to be paid by the Minister of Finance on behalf of Her Majesty the Queen by virtue of any guarantee, indemnity, or security given by him under this section may, without further appropriation than this section, be paid out of a Crown Bank Account or out of such other account as the Minister directs.
(3) It shall be lawful for a trustee, unless expressly forbidden by the instrument (if any) creating the trust, to invest any trust funds in his hands in any stock in respect of which the Minister of Finance has given a guarantee or indemnity or security under this section.
Section 2(2): amended, on 25 January 2005, pursuant to section 83(7) of the Public Finance Act 1989 (1989 No 44).
Section 2(4): repealed, on 1 January 1972, by section 101(1) of the Stamp and Cheque Duties Act 1971 (1971 No 51).