Farm Ownership Savings Act 1974

  • This version was reprinted on 24 May 2016 to make a correction to the definition of the term farm in section 2(1) under section 25(1)(j)(ii) of the Legislation Act 2012.

Reprint as at 1 July 2013

Coat of Arms of New Zealand

Farm Ownership Savings Act 1974

Public Act
 
1974 No 45
Date of assent
 
31 August 1974
Commencement
 
31 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
1Short Title and application
2Interpretation
2ACessation of opening of new Farm Ownership Accounts
3Eligible savings
4Notice of conditions
5Persons eligible to open accounts
6Persons ineligible to receive grants
7Purchase grants
7APurchase grants to sharefarmers
7BAdditional grants to sharefarmers on purchase of farm
8Preservation of rights
9Disposition of farm within 5 years of payment of purchase grant [Repealed]
10Aggregation of grants
11Joint accounts
12Transferability
13Payment to Corporation
14Exemption from income tax
14ASpecial Farm Ownership Accounts
14BExisting Ordinary Farm Ownership Accounts
14CTransferability
14DWithdrawal and transfers from Special Farm Ownership Account
14EReopening of Special Farm Ownership Accounts
14FWithdrawal certificates
14GIneligible depositors
14HBreach of farm ownership requirements
14IRestrictions on dispositions
14JEffect of dispositions within restriction period
14KEffect of cessation of sharefarming
14LCharges and caveats
14MRemoval of criteria for payment of purchase grant or issue of withdrawal certificate
15Information to be supplied to Minister or Corporation
16Offences and penalties
17Regulations
18Consequential amendment [Repealed]
19All existing accounts to be closed as at 30 June 2001
20Unrestricted withdrawals may be made by persons making no further deposits after 30 June 1998
21Parts 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