State Advances Corporation Act 1965

Reprint
as at 14 October 1974

Coat of Arms of New Zealand

State Advances Corporation Act 1965

Public Act1965 No 47
Date of assent19 October 1965
Commencement19 October 1965

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 Ministry of Justice.


Contents

Title

1 Short Title

2 Interpretation [Repealed]

Part 1
Establishment of the State Advances Corporation of New Zealand

[Repealed]

3 State Advances Corporation of New Zealand [Repealed]

4 Constitution of Corporation [Repealed]

5 Disqualification of directors and removal from office [Repealed]

6 Meetings of Corporation [Repealed]

7 Associate directors [Repealed]

8 Managing Director and Deputy Managing Director [Repealed]

9 Remuneration of directors [Repealed]

10 General Manager [Repealed]

11 Appointment of officers and employees [Repealed]

12 Contracts of Corporation [Repealed]

13 Execution of documents on behalf of Corporation [Repealed]

14 Delegation of powers of Corporation [Repealed]

Part 2
Business and functions of the Corporation

[Repealed]

15 Business and functions [Repealed]

16 Power to deal in and manage property [Repealed]

17 Corporation to implement policy of the Government [Repealed]

18 Loans to local authorities for housing purposes [Repealed]

19 Loans for industry and other purposes [Repealed]

20 Guarantees by Corporation of portions of loans granted for certain commercial purposes [Repealed]

21 Guarantees by Corporation of portions of mortgages granted for housing purposes [Repealed]

22 Corporation may act as agent [Repealed]

Part 3
Securities for loans

[Repealed]

23 Security for money lent by Corporation [Repealed]

24 Mortgages of leasehold interests [Repealed]

25 Special provisions as to mortgages of leasehold interests in Crown land or certain classes of Maori land [Repealed]

26 Repayment of loans [Repealed]

27 Mortgagors required to contribute to General Reserve Fund [Repealed]

Part 4
Financial provisions

[Repealed]

28 Corporation may issue bonds or stock [Repealed]

29 Securities issued by Corporation to be State guaranteed [Repealed]

30 Authorising investments in securities issued by Corporation [Repealed]

31 Corporation may borrow money on hypothecation of its own securities [Repealed]

32 Corporation stock may be inscribed by Reserve Bank [Repealed]

33 Advances from the National Development Loans Account [Repealed]

34 General Reserve Fund [Repealed]

35 Corporation to maintain approved securities on account of General Reserve Fund [Repealed]

36 Financial year [Repealed]

37 Distribution of profits of Corporation [Repealed]

38 Corporation to furnish report and copy of annual accounts [Repealed]

39 Audit of accounts [Repealed]

Part 5
Miscellaneous provisions

[Repealed]

40 No other corporation to be formed with similar name

41 Procuration fees not chargeable in respect of loans from Corporation [Repealed]

42 Composition of stamp duty in respect of cheques by Corporation [Repealed]

43 Corporation's liability for taxes and rates [Repealed]

44 Regulations [Repealed]

45 Repeals, amendments, and revocations [Repealed]

46 Savings

Schedule 1
Enactments repealed

[Repealed]

Schedule 2
Enactments amended

[Repealed]


An Act to consolidate and amend the State Advances Corporation Act 1934–35 and its amendments

1 Short Title
  • This Act may be cited as the State Advances Corporation Act 1965.

2 Interpretation
  • [Repealed]

    Section 2: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

Part 1
Establishment of the State Advances Corporation of New Zealand

[Repealed]

  • Part 1: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

3 State Advances Corporation of New Zealand
  • [Repealed]

    Section 3: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

4 Constitution of Corporation
  • [Repealed]

    Section 4: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

5 Disqualification of directors and removal from office
  • [Repealed]

    Section 5: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

6 Meetings of Corporation
  • [Repealed]

    Section 6: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

7 Associate directors
  • [Repealed]

    Section 7: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

8 Managing Director and Deputy Managing Director
  • [Repealed]

    Section 8: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

9 Remuneration of directors
  • [Repealed]

    Section 9: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

10 General Manager
  • [Repealed]

    Section 10: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

11 Appointment of officers and employees
  • [Repealed]

    Section 11: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

12 Contracts of Corporation
  • [Repealed]

    Section 12: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

13 Execution of documents on behalf of Corporation
  • [Repealed]

    Section 13: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

14 Delegation of powers of Corporation
  • [Repealed]

    Section 14: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

Part 2
Business and functions of the Corporation

[Repealed]

  • Part 2: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

15 Business and functions
  • [Repealed]

    Section 15: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

16 Power to deal in and manage property
  • [Repealed]

    Section 16: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

17 Corporation to implement policy of the Government
  • [Repealed]

    Section 17: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

18 Loans to local authorities for housing purposes
  • [Repealed]

    Section 18: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

19 Loans for industry and other purposes
  • [Repealed]

    Section 19: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

20 Guarantees by Corporation of portions of loans granted for certain commercial purposes
  • [Repealed]

    Section 20: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

21 Guarantees by Corporation of portions of mortgages granted for housing purposes
  • [Repealed]

    Section 21: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

22 Corporation may act as agent
  • [Repealed]

    Section 22: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

Part 3
Securities for loans

[Repealed]

  • Part 3: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

23 Security for money lent by Corporation
  • [Repealed]

    Section 23: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

24 Mortgages of leasehold interests
  • [Repealed]

    Section 24: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

25 Special provisions as to mortgages of leasehold interests in Crown land or certain classes of Maori land
  • [Repealed]

    Section 25: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

26 Repayment of loans
  • [Repealed]

    Section 26: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

27 Mortgagors required to contribute to General Reserve Fund
  • [Repealed]

    Section 27: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

Part 4
Financial provisions

[Repealed]

  • Part 4: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

28 Corporation may issue bonds or stock
  • [Repealed]

    Section 28: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

29 Securities issued by Corporation to be State guaranteed
  • [Repealed]

    Section 29: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

30 Authorising investments in securities issued by Corporation
  • [Repealed]

    Section 30: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

31 Corporation may borrow money on hypothecation of its own securities
  • [Repealed]

    Section 31: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

32 Corporation stock may be inscribed by Reserve Bank
  • [Repealed]

    Section 32: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

33 Advances from the National Development Loans Account
  • [Repealed]

    Section 33: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

34 General Reserve Fund
  • [Repealed]

    Section 34: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

35 Corporation to maintain approved securities on account of General Reserve Fund
  • [Repealed]

    Section 35: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

36 Financial year
  • [Repealed]

    Section 36: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

37 Distribution of profits of Corporation
  • [Repealed]

    Section 37: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

38 Corporation to furnish report and copy of annual accounts
  • [Repealed]

    Section 38: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

39 Audit of accounts
  • [Repealed]

    Section 39: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

Part 5
Miscellaneous provisions

[Repealed]

  • Part 5: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

40 No other corporation to be formed with similar name
  • No company or other corporation shall be formed in New Zealand or registered under any Act with a name identical with the name of the Corporation established under this Act or with a name that so resembles that name as to be calculated to deceive.

    Compare: 1934–35 No 42 s 10; 1936 No 12 s 3(3)

41 Procuration fees not chargeable in respect of loans from Corporation
  • [Repealed]

    Section 41: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

42 Composition of stamp duty in respect of cheques by Corporation
  • [Repealed]

    Section 42: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

43 Corporation's liability for taxes and rates
  • [Repealed]

    Section 43: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

44 Regulations
  • [Repealed]

    Section 44: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

45 Repeals, amendments, and revocations
  • [Repealed]

    Section 45: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).

46 Savings
  • (1) Notwithstanding the provisions of subsection (1) of section 45 of this Act the provisions of subsections (2) to (4) of section 3, subsection (3) of section 4, subsection (2) of section 5, and section 9 of the Finance Act 1937 which were consequential on and incidental to the abolition of the office of the State Advances Superintendent and to the abolition of the State Advances Account on 31 March 1938 shall continue to have effect as if they were still in force.

    (2) Notwithstanding the provisions of subsection (1) of section 45 of this Act, the securities transferred to the Corporation under Part 5 of the State Advances Corporation Act 1934–35 and all stock issued by the Corporation under section 38 of that Act and in force immediately before the passing of this Act shall continue in force and all persons who have rights under or in respect of those securities or that stock shall, subject to subsection (3) of section 45 of this Act, have the same rights as they would have had if this Act had not been passed.


Schedule 1
Enactments repealed

s 45(1)

[Repealed]

  • Schedule 1: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).


Schedule 2
Enactments amended

s 45(2)

[Repealed]

  • Schedule 2: repealed, on 14 October 1974, by section 50(2) of the Housing Corporation Act 1974 (1974 No 19).


Contents

  • 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)


Notes
1 General
  • This is a reprint of the State Advances Corporation Act 1965. The reprint incorporates all the amendments to the Act as at 14 October 1974, 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)