Farm Ownership Savings Act 1974

Reprint as at 1 July 2013

Farm Ownership Savings Act 1974

Public Act1974 No 45
Date of assent31 August 1974
Commencement31 August 1974

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 Treasury.


Contents

Title

1 Short Title and application

2 Interpretation

2A Cessation of opening of new Farm Ownership Accounts

Part 1
Ordinary Farm Ownership Accounts

3 Eligible savings

4 Notice of conditions

5 Persons eligible to open accounts

6 Persons ineligible to receive grants

7 Purchase grants

7A Purchase grants to sharefarmers

7B Additional grants to sharefarmers on purchase of farm

8 Preservation of rights

9 Disposition of farm within 5 years of payment of purchase grant [Repealed]

10 Aggregation of grants

11 Joint accounts

12 Transferability

13 Payment to Corporation

14 Exemption from income tax

Part 2
Special Farm Ownership Accounts

14A Special Farm Ownership Accounts

14B Existing Ordinary Farm Ownership Accounts

14C Transferability

14D Withdrawal and transfers from Special Farm Ownership Account

14E Reopening of Special Farm Ownership Accounts

14F Withdrawal certificates

14G Ineligible depositors

14H Breach of farm ownership requirements

Part 3
General provisions

14I Restrictions on dispositions

14J Effect of dispositions within restriction period

14K Effect of cessation of sharefarming

14L Charges and caveats

14M Removal of criteria for payment of purchase grant or issue of withdrawal certificate

15 Information to be supplied to Minister or Corporation

16 Offences and penalties

17 Regulations

18 Consequential amendment [Repealed]

Part 4
Closure of Farm Ownership Accounts by 30 June 2001

19 All existing accounts to be closed as at 30 June 2001

20 Unrestricted withdrawals may be made by persons making no further deposits after 30 June 1998

21 Parts 1 to 3 to continue to apply to persons making deposits after 30 June 1998

Reprint notes


An Act to encourage saving for farm ownership