(1) The provisions of this section shall have effect in the event of the Government of New Zealand becoming a member of the Association.
(2) The Reserve Bank of New Zealand is hereby designated as the depository in New Zealand for all the holdings of New Zealand currency and of other assets of the Association.
(3) There shall be paid out of such account of the Crown Bank Account as the Minister may direct, without further appropriation than this section, all payments required to be made from time to time to the Association under the terms approved by the Association, in accordance with the Association Agreement, for the admission of the Government of New Zealand to membership, and under the provisions of the Association Agreement by reason of New Zealand's membership.
(4) The Minister may from time to time borrow on the security of and charged upon the public revenues of New Zealand such sums of money as are required to be paid by the Government of New Zealand under subsection (3) of this section. The provisions of subsections (2) and (3) of section 6 of the principal Act shall extend and apply to all money borrowed under the authority of this subsection.
(5) The Minister is hereby authorised to create and issue securities, notes, or obligations, which shall be non-negotiable, non-interest bearing, and payable on demand, to the Association in conformity with subsection (e) of Section 2 of Article II of the Association Agreement.
(6) Sections 2 to 9 of Article VIII of the Association Agreement (which relate to status, immunities, and privileges) shall have the force of law in New Zealand, Niue, and Tokelau.
“Crown Bank Account” in subsection (3) were substituted, as from 1 July 1989, for the words
“Public Account” by section 83(1) Public Finance Act 1989 (1989 No 44).
Subsections (3) to (5) were amended, as from 25 June 1997, by section 2 Treasurer (Statutory References) Act 1997 (1997 No 20) by substituting the word
“Minister” for the words
“Minister of Finance”.
“Tokelau” in subsection (6) was substituted, as from 9 December 1976, for the words
“the Tokelau Islands” pursuant to section 3(8) Tokelau Amendment Act 1976 (1976 No 122).