Farm Ownership Savings Act 1974

Public Act	1974 No 45
Date of assent	31 August 1974

Note

This Act is administered in the Rural Banking and Finance Corporation of New Zealand. The undertakings of the Rural Bank were transferred to the National Bank of New Zealand by s 5(1)(a) National Bank of New Zealand Act 1994 (1994 No 3 (Private)).

Title

1 Short Title

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9 Disposition of farm within 5 years of payment of purchase grant [Repealed]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18 Consequential amendment [Repealed]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

An Act to encourage saving for farm ownership

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

New Zealand Legislation: Acts

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Farm Ownership Savings Act 1974 No 45 (as at 03 September 2007), Public Act

Farm Ownership Savings Act 1974

Note

Contents

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