(1) The Minister of Finance and the Minister of Industries and Commerce, acting jointly on behalf of Her Majesty the Queen, may from time to time, on such terms and conditions as they think fit, enter into any agreement with the New Zealand Sugar Company Limited whereby the company agrees not to increase during such period of time as may be agreed the prices at which it sells sugar and sugar products. Every such agreement shall, notwithstanding anything in the Control of Prices Act 1947 or the Economic Stabilisation Act 1948, or in any regulations made under either of those Acts, have effect according to its tenor.
(2) The Minister of Finance on behalf of Her Majesty the Queen may, pursuant to section 86 of the Public Finance Act 1977, give to the bankers to the company a guarantee in respect of the repayment by the company to the bank of the amount of any overdraft account opened by the company pursuant to any agreement made under this section.
(3) All money payable by the Minister of Finance on behalf of Her Majesty the Queen pursuant to any agreement made or guarantee given under this section shall, without further appropriation than this section, be paid out of the Crown Bank Account.
Subsection (2) was amended, as from 1 April 1978, by section 160(1) Finance Act 1977 (1977 No 65) by substituting the words “pursuant to section 86 of the Public Finance Act 1977”
for the words “on or subject to such terms and conditions as he thinks fit”
.
The reference to the Crown Bank Account was substituted for a reference to the Consolidated Account pursuant to section 83(7) Public Finance Act 1989 (1989 No 44). The reference to the Consolidated Account replaced an earlier reference to the Consolidated Revenue Account.