(1) In this Act, unless the context otherwise requires,—
authorised savings institution means—
(c) a building society which is an approved society under section 56D of the Building Societies Act 1965, or deemed to be so approved, or any company deemed to be a society so approved pursuant to section 113O of that Act:
Commissioner means the Commissioner of Inland Revenue appointed under the State Sector Act 1988; and includes any person for the time being authorised (whether by delegation by him or otherwise) to exercise or perform any of his powers or functions
Corporation means The National Bank of New Zealand Limited
depositor means any individual or, in the case of a joint Account, any 2 individuals for whose benefit a Farm Ownership Account has been opened and maintained
farm, in relation to any depositor, means any agricultural, pastoral, or horticultural land or any acquacultural land or aquacultural area suitable, in the opinion of the Corporation, as an agricultural, pastoral, horticultural, or acquacultural holding for the depositor
Farm Ownership Account means an Ordinary Farm Ownership Account and a Special Farm Ownership Account
farm ownership requirements, in relation to a depositor, means the use for farming purposes of money withdrawn by him, pursuant to a withdrawal certificate, from his Special Farm Ownership Account and the compliance by him with section 14I
farming purposes, in relation to a depositor, means—
Home Ownership Account means a Home Ownership Account as defined in subsection (1) of section 2 of the Home Ownership Savings Act 1974
Minister means the Minister of Finance
Ordinary Farm Ownership Account means a savings account under that name with an authorised savings institution
Ordinary Fishing Vessel Ownership Account means an Ordinary Fishing Vessel Ownership Account as defined in section 2 of the Fishing Vessel Ownership Savings Act 1977
Ordinary Home Ownership Account means an Ordinary Home Ownership Account as defined in section 2(1) of the Home Ownership Savings Act 1974
qualifying date, in relation to the Farm Ownership Account of any depositor, means the date on which the balance of the Account (including interest) reaches $250 or if, by reason of withdrawals from the Account, the balance reaches $250 more than once, the latest date on which the balance reaches $250
qualifying year, in relation to the Farm Ownership Account of any depositor, means a period of 12 months ending on any anniversary of the qualifying date in respect of that Account
sharefarmer means any person who has, by an agreement with the proprietor of any agricultural, pastoral, or horticultural land or any aquacultural land or aquacultural area, undertaken to perform, as his sole or principal occupation, in whole or in part the work of the land or area (otherwise than under a contract of service) including, but not exclusively, farming livestock, the growing, tending, and harvesting of crops, and aquaculture, and who, in the opinion of the Corporation, owns suitable and sufficient livestock or farming or aquacultural plant or machinery; and sharefarming has a corresponding meaning
Special Farm Ownership Account means a savings account under that name with an authorised savings institution
Special Fishing Vessel Ownership Account means a Special Fishing Vessel Ownership Account as defined in section 2 of the Fishing Vessel Ownership Savings Act 1977
Special Home Ownership Account means a Special Home Ownership Account as defined in section 2(1) of the Home Ownership Savings Act 1974
terminating date, in relation to any depositor, means the date of payment of a purchase grant to the depositor
withdrawal certificate means a certificate issued by the Corporation under section 14F.
(2) For the purposes of this Act, a farm may be acquired by a depositor—
Section 2(1) authorised savings institution paragraph (a): replaced (with effect on 1 April 1987), on 1 July 1987, by section 11(1) of the State-Owned Enterprises Amendment Act 1987 (1987 No 117).
Section 2(1) authorised savings institution paragraph (c): replaced, on 1 September 1987, by section 41(3) of the Building Societies Amendment Act 1987 (1987 No 175).
Section 2(1) authorised savings institution paragraph (d): repealed, on 22 May 1998, by section 22(1) of the Private Savings Banks (Transfer of Undertakings) Act 1992 (1992 No 21).
Section 2(1) authorised savings institution paragraph (e): inserted, on 2 April 1985, by section 2 of the Farm Ownership Savings Amendment Act 1985 (1985 No 73).
Section 2(1) Commissioner: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) Commissioner: amended, on 1 April 1988, pursuant to section 90(a) of the State Sector Act 1988 (1988 No 20).
Section 2(1) Corporation: replaced, on 1 July 1994, by section 14 of the National Bank of New Zealand Limited Act 1994 (1994 No 3 (P)).
Section 2(1) farm: replaced, on 22 October 1981, by section 2(1) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).
Section 2(1) Farm Ownership Account: replaced, on 25 November 1976, by section 2(2) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) farm ownership requirements: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) farming purposes: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) Ordinary Farm Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) Ordinary Fishing Vessel Ownership Account: inserted, on 25 November 1977, by section 29 of the Fishing Vessel Ownership Savings Act 1977 (1977 No 62).
Section 2(1) Ordinary Home Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) purchase grant: amended, on 25 November 1976, by section 2(3) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) sharefarmer: replaced, on 22 October 1981, by section 2(2) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).
Section 2(1) Special Farm Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) Special Fishing Vessel Ownership Account: inserted, on 25 November 1977, by section 29 of the Fishing Vessel Ownership Savings Act 1977 (1977 No 62).
Section 2(1) Special Home Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(1) withdrawal certificate: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).
Section 2(2)(b): amended, on 22 October 1981, by section 2(3) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).
Section 2(2)(c): inserted, on 22 October 1981, by section 2(4) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).