Finance Act (No 2) 1981

Reprint
as at 31 July 1989

Coat of Arms of New Zealand

Finance Act (No 2) 1981

Public Act1981 No 110
Date of assent22 October 1981
Commencementsee section 1(2)
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.

An Act to make provision with respect to public finances and other matters

1 Short Title and commencement

  • (1) This Act may be cited as the Finance Act (No 2) 1981.

    (2) Subject to section 3(2), this Act shall come into force on the day on which it receives the Governor-General's assent.

Part 1
Substantive provisions

2 Christmas Island phosphates

  • (1) The Minister of Foreign Affairs may, on behalf of the Government of New Zealand, enter into agreements with the Government of Australia providing for or relating to all or any of the following matters:

    • (a) the winding-up of the Christmas Island Phosphate Commission, set up pursuant to an agreement made under section 2 of the Finance Act (No 2) 1948, the disposal of its assets, and the settlement of any or all of its outstanding liabilities:

    • (b) the disposal of any right to mine phosphate on Christmas Island vested in the Government of New Zealand, the Government of Australia, or both of them:

    • (c) the disposal of any property employed, directly or indirectly, in the mining of phosphate on Christmas Island or the storage or distribution of any phosphate mined there, and vested in the Government of New Zealand, the Government of Australia, or both of them:

    • (d) any rights to purchase supplies of phosphate mined on Christmas Island:

    • (e) the termination or modification of any existing agreement made under section 2 of the Finance Act (No 2) 1948.

    (2) The Minister of Finance may, on behalf of Her Majesty the Queen, from the Consolidated Account or the Loans Account, out of money appropriated by Parliament for the purpose, make any payments provided for or required by any agreement made under subsection (1).

    (3) The following enactments are hereby repealed:

    • (a), (b) Amendment(s) incorporated in the Act(s):

    • (c) the Finance Act 1966.

3 New Zealand Meat Producers Board to be exempt from land tax

  • [Repealed]

    Section 3: repealed, on 31 July 1989 (applying with respect to the land tax for the year of assessment commencing on 1 April 1990 and for every subsequent year), by section 10 of the Land Tax Amendment Act 1989 (1989 No 50).

4 Sections to be read with Trustee Savings Bank Act 1948

  • [Repealed]

    Section 4: repealed, on 1 April 1984, by section 53(1) of the Trustee Banks Act 1983 (1983 No 116).

5 Power to invest money

  • [Repealed]

    Section 5: repealed, on 1 April 1984, by section 53(1) of the Trustee Banks Act 1983 (1983 No 116).

6 Premiums on shares issued in respect of mergers

  • (1) In this section,—

    Act means the Companies Act 1955

    company means a company within the meaning of the Act

    equity share capital, in relation to any company, means its issued capital excluding any part thereof which, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution

    holding company means a company formed for the purpose (among others) of acquiring control of 2 or more other companies

    merged company, in relation to any holding company, means a company—

    • (a) for the purpose (among others) of acquiring control of which that holding company was formed; and

    • (b) control of 90% or more of the equity share capital of which has, before 1 January 1983, been acquired by that holding company by virtue of the issue to members or former members of the merged company of shares in the holding company.

    (2) For the purposes of this section, a company shall be deemed to have acquired control of 90% or more of the equity share capital of any other company if it and any of its subsidiary companies (within the meaning of the Act) together hold 90% or more of the equity share capital of that other company.

    (3) Except to the extent that the transfer of any amount into a share premium account is, or was,—

    • (a) a term of any scheme sanctioned by the High Court pursuant to section 205 of the Act, under which a holding company acquires, or acquired, control of 90% or more of the equity share capital of a merged company; or

    • (b) a condition subject to which the sanction of the High Court to any such scheme is, or was, obtained; or

    • (c) a condition subject to which a holding company, pursuant to any scheme, arrangement, or agreement, under which it acquires, or acquired, control of 90% or more of the equity share capital of a merged company, issues, or issued, to members or former members of the merged company shares in the holding company,—

    section 64(1) of the Act shall not apply, and shall be deemed never to have applied, to the amount or value of the premium on any share in the holding company issued by the holding company to a shareholder or former shareholder of the merged company pursuant to that scheme, arrangement, or agreement.

    (4) Notwithstanding section 64(1) of, and paragraph 16(5) of Schedule 8 of, the Act, but subject to subsection (3), to the extent that any amount received by a holding company by way of dividend paid by a merged company has been paid by that merged company out of profits made by it before it became a merged company in relation to that holding company, that amount shall be available for distribution to the shareholders of the holding company.

    (5) Nothing in this section shall derogate from section 153(1) of the Act.

7 Amendments to Income Tax Act 1976 consequential on section 6

  • [Repealed]

    Section 7: repealed, on 16 December 1988 (applying with respect to the tax on income derived in the income year commencing on 1 April 1988 and in every subsequent year), by section 31(3)(d) of the Income Tax Amendment Act (No 5) 1988 (1988 No 225).

8 Authorising Government Life Insurance Office to purchase stamp collection

  • [Repealed]

    Section 8: repealed on 1 October 1983, by section 33(1) of the Government Life Insurance Corporation Act 1983 (1983 No 15).

Part 2
Validation, repeals, and savings

[Repealed]

  • Part 2: repealed, on 4 December 1982, by section 3(1) of the Finance Act 1982 (1982 No 122).

9 New Zealand Apple and Pear Marketing Board: validating excessive distribution of profit

  • [Repealed]

    Section 9: repealed, on 4 December 1982, by section 3(1) of the Finance Act 1982 (1982 No 122).

10 Repeals and savings

  • [Repealed]

    Section 10: repealed, on 4 December 1982, by section 3(1) of the Finance Act 1982 (1982 No 122).

Schedule
Enactments repealed

s 10(1)

[Repealed]

  • Schedule: repealed, on 4 December 1982, by section 3(1) of the Finance Act 1982 (1982 No 122).

Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)

Notes
1 General

  • This is a reprint of the Finance Act (No 2) 1981. The reprint incorporates all the amendments to the Act as at 31 July 1989, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints

  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared

  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • •omission of unnecessary referential words (such as “of this section” and “of this Act”)

    • •typeface and type size (Times Roman, generally in 11.5 point)

    • •layout of provisions, including:

      • •indentation

      • •position of section headings (eg, the number and heading now appear above the section)

    • •format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • •format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)

    • •position of the date of assent (it now appears on the front page of each Act)

    • •punctuation (eg, colons are not used after definitions)

    • •Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • •case and appearance of letters and words, including:

      • •format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • •small capital letters in section and subsection references are now capital letters

    • •schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • •running heads (the information that appears at the top of each page)

    • •format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)

  • Land Tax Amendment Act 1989 (1989 No 50): section 10

    Income Tax Amendment Act (No 5) 1988 (1988 No 225): section 31(3)(d)

    Trustee Banks Act 1983 (1983 No 116): section 53(1)

    Government Life Insurance Corporation Act 1983 (1983 No 15): section 33(1)

    Finance Act 1982 (1982 No 122): section 3(1)