New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The Governor-General shall, on the advice of the Minister of Finance, by Order in Council determine the capital of the Corporation at the commencement of this Act.
(2) Any amount owing to the Crown by the Corporation at the commencement of this Act and specified in the Order in Council made under subsection (1) shall be deemed to have been paid to the Corporation by the Minister of Finance as part of the capital of the Corporation, and the liability of the Corporation to repay advances of that amount shall be extinguished.
(3) The Corporation may from time to time, by resolution, recommend to the Minister of Finance that the capital of the Corporation be increased, and in any such case the Minister of Finance may, by notice in the Gazette, increase the capital of the Corporation to the amount specified in the notice. The amount of any such increase shall be paid to the Corporation by the Minister of Finance.
(4) The Corporation may from time to time, by resolution, recommend to the Minister of Finance that the capital of the Corporation be reduced, and in any such case, the Minister of Finance may, by notice in the Gazette, decrease the capital of the Corporation to the amount specified in the notice.
Section 36(3): amended, on 6 August 2010, by section 10(1) of the New Zealand Railways Corporation Amendment Act 2010 (2010 No 100).
Section 36(4): added, on 28 August 1990, by section 34 of the New Zealand Railways Corporation Restructuring Act 1990 (1990 No 105).
Section 36(4): amended, on 6 August 2010, by section 10(2) of the New Zealand Railways Corporation Amendment Act 2010 (2010 No 100).
